Unit 2

Accretion

A gradual increase in land resulting from the deposit of soil by the water.

Agricultural fixtures

Fixtures used in a farming operation and are considered real property.

Air rights

The rights to use the air above the land.

Appurtenance

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

Avulsion

A sudden act of nature such as a flood or avalanche that removes soil.

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.

Common elements

Parts of a property that are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.

Common interest Community (hybrid) ownership

Ownership that contains elements of both ownership in severalty and concurrent ownership.

Concurrent ownership

Ownership of one parcel of real estate by two or more persons at the same time.

Condominium ownership

The absolute ownership of a unit in a multi-unit building based on a legal description of the air space the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.

Cooperative ownership

A residential multi-unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.

Doctrine of prior appropriation

Followed by western states, doctrine states that water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water.

Emblements

Plants or crops that require annual cultivation aka fructus industriales (fruits of industry).

Erosion

The gradual wearing away of land caused by flowing water or other natural forces, which may cause an owner to lose land.

Fee simple absolute

A fee simple ownership on which there are no limitations (other than governmental restrictions). Highest form of land ownership.

Fee simple defeasible

An estate which may be lost on the occurrence or non-occurrence of a specified event ("on the condition that"). Owner must stay qualified to own the estate by obeying deed restrictions imposed by previous owner.

Fee simple determinable

Requires that a specified activity of land use continue. Ownership is held "so long as" or "during the period" the condition or limitation is maintained. Retains the right of reversion that automatically reacquires full ownership.

Fee simple with condition subsequent

Dictates some action or activity that the new owner must not perform. If condition is broken, the former owner can retake possession of the property through proper court proceedings (does not automatically revert to original owner).

Fixture

An item that was once personal property but has been attached to the land or a building that the law construes it to be part of the real estate.

Freehold estates

Estates of indeterminable length of ownership, such as those existing for a lifetime or forever.

Fructus industriales

Plants or crops that require annual cultivation aka emblements

Fructus naturales

Plants that do not require annual cultivation (such as trees and shrubbery (fruits of nature).

Future interests

A person's present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.

Homeowners association (HOA)

An organization of property owners in a subdivision, planned community, or condominium that makes and enforces rules for the properties within its jurisdiction.

Homestead

A legal life estate in real estate occupied as the family home.

Improvement

May refer to buildings, fences, sheds, or services as such, and these are often considered appurtenance rights.

Improved land

Usually refers to land that has a structure on it, for example a house.

Improved Lot

Usually means that certain basic required services necessary to utilize it are available, such as electricity, telephone, street access, or water access.

Joint tenancy

The joint ownership of property by two or more co-owners in which each co-owner usually owns an equal portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants.

Lateral support

The right to have adjacent property support the natural boundaries of the land.

Life estate

A freehold estate in land that is limited in duration to the life of the new owner or to the life or lives of some other designated person or persons.

Life tenant

A person in possession of a life estate.

Limited common elements

Common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas.

Littoral rights

Owners with littoral rights enjoy unrestricted use of navigable waters but own the land adjacent to the water only up to the mean high-water mark. All land below this point is owned by the government.

Manufactured home

A structure, transportable in one or more sections that is designed to be used as a dwelling with or without a permanent foundation.

Marital life estate

North Carolina law permits that when someone dies without a will, or dies with a will disinheriting a spouse or leaving him or her very little that the surviving spouse may choose an "elective share" of the estate instead.

Modular home

Homes whose components are manufactured in a factory, and are later assembled on site.

Nonfreehold (leasehold) estate

Any estate that is not a freehold estate.

North Carolina Condominium Act of 1986

Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the county where the property is located. The declaration must include any covenants, conditions, or restrictions on the use of the property. Other requirements include disclosure and other consumer protection measures in connection with new residential condominium unit sales.

North Carolina Uniform Commercial Code (UCC)

Per the code, an item bought on credit remains personal property until paid for and a creditor can repossess the item in event of default.

Probate

A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are.

Proprietary lease

A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.

Pur autre vie

"For the life of another." A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.

Reliction

When water gradually recedes or disappears permanently, resulting in new land acquired.

Remainder interest

Grantor names someone other than the grantor to receive title to the property when the life estate terminates. A nonpossessory estate - a future interest.

Remainderman

One entitled to receive a remainder interest in some estate sometime in the future.

Reversionary interest

If grantor does not name a remainderman, then ownership returns to the grantor when the life estate terminates.

Right of survivorship

Right of one joint tenant to ownership of property when the other joint tenant dies.

Riparian rights

Granted to owners of land located along the course of a river, stream, or lake. Such an owner has the unrestricted right to use the water.

Severalty

Ownership of real property by one person only, also called sole ownership.

Subjacent support

A property owner's right to have land supported by the earth below it.

Subsurface rights

These are the rights to use the space below ground level and to extract the natural resources lying below the earth's surface.

Surface rights

These are simply the rights to use the surface of the earth.

Tenancy by the entirety

A special form of tenancy used in many states in which the owners must be spouses.

Tenancy in common

A form of concurrent ownership where two or more persons hold titles in the same estate. May have equal or unequal shares.

Time-share ownership

Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years.

Total Circumstances Test

A legal test applied by the courts to determine whether and item is a fixture (and therefore part of the real property) or personal property. Intention, relationship, method of annexation, adaptation to real estate (IRMA).

Town house ownership

A hybrid form of ownership where the owner holds fee title to their unit and the ground beneath; horizontal ownership. Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through a HOA.

Trade fixture

An article owned by a tenant and attached to a rented space or building for use in conducting a business. aka chattel fixture.

Trust

A fiduciary arrangement whereby property is conveyed to a person or an institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.

Waste

Any act that would permanently injure the land or property.

Nonnavigable waterway

An owner of land that borders a nonnavigable waterway owns the land under the water to the exact center of the waterway.

Navigable waterway

Land adjoining navigable rivers/waterways is owned only to the banks of the river/waterway in North Carolina.