Real Estate Basics / Real Property Ownership

MARIA

Method of attachment

Adaptability

Relationship of the parties

Intent, or intentions of the annexing party

Agreement

Lands Unique Characteristics

Indestructibility (can't destroy)

Non-homogeneity (unique/not same)

Immobility (can’t move)

Close association

A conceptual linkage to real property

***linked by the concept of the use not by the physical attachment

Example: custom garage opener

Asphyxiation or Annexation

The process of converting personal property to real property

Fructus naturales

Trees, decorative plants, (including landscape plants) and uncultivated plants

(natural or nature)

Fructus Industrials

Annually cultivated crops, or embellishment

Industriales, personal property, working product or harvest

Real property

Land plus permanent improvements, plus the set or bundle of rights associated with the real property estate ownership

Real property really counts all three (land improvements, rights)

Bolted screwed or glued

Personal property

Not attached to the land and can be moved

Also known as personality or Chattel (chattel can be cattle)

Land

Surface all permanently, attached natural features existing downwards to the center of the Earth and upwards to infinity

Real estate

The land plus improvements

Improvements = any natural structure a fixed to the land (permanently attached)

Examples: garage fence house

Tenaments

Permanently attached both natural and non-natural

Example: tree and house

Real property

Land improvements, and bundle of rights associated with real estate estate ownership

Bill of Rights

Deep sea DEEP-CE

disposition transfer spent sale or will

Enjoyment quiet however you legally want do what you want

Exclusion, remove people from property if you please

Possession

Control - alter or chnages

Encumber- use as collateral for debt

“Bottle of rights” in “deep sea”

Property

Any item that may be owned, including the rights associated with ownership

Convey

When property changes hands

Equity

The value of property above what an owner owes their lender or other debt holders

Portion of a properties total value owned by the title holder.

(market value) - (outstanding debt) = equity

Legal title

Complete legal ownership of real estate estate property, and bundle of rights associated

Deed

Most basic level of ownership is the deed

A transfer of legal title used to transfer estate (can include restrictions)

Regulating bodies

The conveyance of real estate

(Conveyance: movement of estate regulation)

Federal gov- broad issues

State gov- primary regulation of estate

Local gov- land usage / taxes / zoning

Judicial government common law / rules of estate

Regulated body federal government

Regulate broad issues

Example: general land usage, natural disaster reaction, discrimination

Regulated body state government

Primary regulators of the real estate law

Example: specific environment,m control of flood zones and waste disposal

Regulated body local government

Covers real estate on an even smaller scale addressing land usage, control, taxation And zoning

Regulating body judicial government

Includes common law governance the rules of real estate

Common law

Is a side of law which arises from judgments and decisions made in the court rather than explicit litigation

Explicit litigation: Statutory law created by state or federal government

Types of property

Residential: home

Commercial: mall / store

Industrial: factory

Agricultural: farm

Special purpose: church/school/park