property ownership cheat sheet

Real Property

Land and anything permanently attached

Personal Property (Chattel)

Movable items (furniture, appliances, cars).

Fixture

Personal property turned into real property (attached shelving).

Trade Fixture

Used for business, removable by tenant (barber chairs).

Physical Land Characteristics

 Immobility: Land can't be moved.

 Indestructibility: Land can't be destroyed.

 Uniqueness (Non-homogeneity): No two parcels identical.

Immobility

Land can't be moved

Indestructibility

Land can't be destroyed.

Uniqueness (Non-homogeneity)

No two parcels identical.

Metes & Bounds

Boundary lines measured from a point of beginning (POB) using directions &

distances.

Tip :“Metes" = Measure, "Bounds" =Boundaries.”

Lot & Block

Uses subdivision plats and block numbers.

Tip:“neighborhoods/subdivisions.”

Government Survey

Uses principal meridians & base lines to create townships and sections.

Tip:”Grid system, rectangular parcels.”

A debt attached to property

(taxes, mortgage).