Unit 2: Real Property Key Terms

Accession

Air rights

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

Attachment

1. The act of taking a person’s property into legal custody by writ or other judicial order to hold it available to that person’s debt to a creditor. 2. A process of converting personal property to real estate.

Bundle of legal rights

The concept of land ownership that means ownership of all legal land — for example, possession, control within the law, and enjoyment — rather than ownership of the land itself.

Chattel

Personal property; personalty

Emblements

Growing crops, such as grapes corn, that are produced annually through labor and industry; deemed to be personal property.

Exception

As used in the conveyance of real estate, the exclusion of some part of the property conveyed, such as a mineral interest held by a previous owner; a deficiency in the grantor’s title; contrast with reservation.

Fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty.

Fructus Industrials

Fruits of industry; annual plantings or crops considered personal property.

Fructus Naturales

Fruits of nature; trees and perennial shrubbery and grasses considered real estate.

Improvement

1. An improvement on land is any structure, usually privately owned, erected on site to enhance the value of the property; for example, buildings, fences, and driveways. 2. An improvement to land is usually a publicly owned structure, such a curb, sidewalk, street, sewer.

Land

The earth’s surface, extending downwards to the center of the earth and upward infinitely into space.

Personal Property

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

Personalty

Items of personal property; chattel

Real Estate

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 thereto, whether by nature or by a person.

Real Property

The earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in real estate ownership.

Reservation

Something retained by the seller; for example, minerals, a life estate, or an access easement.

Serverance

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

Subsurface Rights

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

Surface rights

Ownership rights in parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surfaces (subsurface rights)

Trade fixture

Article installed by the tenant before the lease expires. These remain personal property and are not true fixtures.