Unit 2 KW

Land

Includes the earth's surface, its's subsurface extending downward to the center of the earth, and the air space above the surface. Includes, things naturally attached to it, such as trees and crops that do not need cultivation (fructus naturales), and perennial crops, orchards, and vineyards (fructus industriales).

Physical Characteristics of Land

Include immobility, indestructibility, and non-homogeneity (uniqueness).

Subsurface Rights

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.

Air Rights

The right to use the open space above a property, usually allowing the surface to be used for another purpose.

Water Rights

Common law rights held by owners of land adjacent to rivers, lakes, or oceans. It includes restrictions on those rights and land ownership.

Real Estate

Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.

Real Property

The interests, benefits, and rights inherent in real estate ownership.

Title

(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land.

Bundle of Legal Rights

The concept of land ownership that includes ownership of all legal rights to the land—possession, control within the law, enjoyment, exclusion, and disposition.

Appurtenance

A right, privilege, or improvement belonging to, and passing with, the land.

Riparian Rights

An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

Littoral Rights

(1) A landowner's claim to use water in large navigable lakes and oceans adjacent to her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.

Prior Appropriation

A concept of water ownership in which the landowner's right to use available water is based on a government-administered permit system.

Personal Property - Chattels

Items, called chattels, that do not fit into the definition of real property; movable objects.

Economic Characteristics of Land

Include scarcity, improvements, permanence of the investment, and area preference.

Severance

Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.

Permanently Affixed

Something that is attached in a way that is difficult or impossible to remove.

Manufactured Homes

assembled in a factory and then moved to the living site

Personal Property (Chattel) includes

-Movable items such as a chair or sofa.

-Emblements (fructus Industriales), annual plantings or crops of grains, vegetables, and fruit.

-Item of real property that can become personal property by severance.

-items of personal property that can become real property by annexation (such as construction materials).

-Factory built homes, including manufactured homes, that can be personal property unless permanently affixed to land.

Annexation

Process of converting personal property into real property.

Fixture

Personal property that has become affixed to real estate

Legal test of a fixture (MARIA)

MARIA

-The Method of annexation.

-Adaptability of the thing for the lands ordinary use.

-Relationship of the parties.

-Intent in placing the item on the land.

Agreement of the parties.

Trade Fixture

An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.

Accession

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.

Avulsion

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.