Real Estate notes

Accession

Real estate is a legal principle where a property owner acquires ownership of added value, improvements, or natural land increases, such as accretion soil deposit, or renovation

Accretion

• Gradual, natural increase of land along a body of water(river, lake, sea) caused by the accumulation of sediment, soil, or sand deposits

Air rights

• The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law. Interests in the vertical space above a piece of land. Allowing owner to control, occupy for purposes like building, leasing, or selling.

Annexation

• The legal process of adding land or property to a municipality’s jurisdiction, often extending city services and taxes to a new area. It can be voluntary or involuntary. It could also describe attaching personal property fixtures to land

Appurtenance

• a right, privilege, or improvement that is permanently attached to a property and automatically transfers with it, such as a fence, a driveway, or a water heater.

Area preference

Buyer preference for a specific location over another, example residential choosing a home near specific schools, high end shopping, or a home with a desirable view

Avulsion

The sudden loss or addition of land caused by natural forces, such as floods, hurricanes, or a river rapidly changing course, its sudden change, it is violent or rapid shift

Bundle of legal rights

the set of privileges, possession, control, exclusion, enjoyment, and disposition acquired by a property owner with the title, a landlord transferring possession to a tenant while retaining ownership rights

Chattel

refers to movable personal property that is not permanently attached to a building or land, unlike a fixture, which is a permanent part of the property. Examples include appliances like a freestanding microwave or washer and dryer, while a fixture would be a built-in microwave or a chandelier screwed into the ceiling.

Covenants

dictates how a property can be used or restricts certain actions. They are designed to maintain community standards and protect property values, covering aspects like aesthics, maintenance, or usage limitations

Emblements

Annually cultivated crops such as fruit, vegetables and grain. Also fructus industrial's, and are generally considered personal property.

Erosion

It’s the gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water. Usually takes hundreds or even thousands of years to have any noticeable effect on a persons property. Flash floods or heavy winds

Fixture

It’s personal property that has been so attached to land or a building that, by law, it becomes part of the real property. Examples are heating systems, elevator equipment in high rise buildings, radiators, kitchens cabinets and plumbing. Almost any item that’s been added as a permanent part of building

Improvement

permanent, valuable or alternation to land or buildings that increases the property’s value, utility, or functionality. Common things include building garages, finishing basements, installing swimming pools, upgrading HVAC systems, and landscaping

Manufactured housing

is built specifically to the standards of the department of Housing and Urban Development (HUD). Homes built entirely in a factory controlled environment, transported to a site, and installed on a permanent chassis

Non homogeneity

This term refers to is the principle that no two parcels of land are exactly alike, making each property unique. This lack of uniformity means that real estate markets are not perfectly uniform like those for commodities, and factors like location, size, and features create unique values and demands for each property

Scarcity

limited availability of properties in a desirable location which drives up their value due to high demand.

Personal property

The property that can be owned and that does not fit the definition of real property. Is movable, is transferred by a bill of sale. Include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts.

Prior appropriation

Water rights used primarily in the western US, where the first person  to divert water from source and apply it to beneficial use for example, (farming, mining), gains the superior right(first in time, first in right) to continue using that water

Real Estate

Land plus all human-made improvements to the land that are permanently attached, an improvement to land that are permanently attached to it. Trees, perennial shrubbery, and grasses.

Real Property

the physical land, its natural resources, and all permanent man-made improvements(buildings, fences) attached to it.

Reliction

• Is the result of a shift in the course of a river or stream. The body of water may permanently recede, uncovering land that was once under the water, which then becomes the property of the adjoining landowner

Riparian rights

• Its legal rights of landowners whose property borders a natural flowing body of water, like a river or stream. It includes unrestricted right to use the water.

Severance

• An item of real property can become personal property, which is the act of separating it from the land. For example, a growing tree is part of the land until the owner cuts it down, literally severing it from the property. Similarity, an apple becomes personal property once it is picked from a tree.

Situs

• real estate refers to the legal, physical, or economic location of a property, determine which jurisdictions laws, taxes, and regulations apply, Location, site, position, location of property, area

Subsurface rights

• The legal ownership rights to. Explore, extract, and use resources like oil, gas, coal, and minerals beneath a property’s surface

Surface rights

• The legal ownership rights to. Explore, extract, and use resources like oil, gas, coal, and minerals beneath a property’s surface

Trade fixtures

• its a piece of personal property installed by a commercial tenant for their business that they can legally remove at the end of the lease. Example, dentist chair, a restaurants built-in booths, or specialized machinery.

Water rights

• Are legal entitlements for landowners to use, access, or divert water located on under, or adjacent to their property rivers, lakers, groundwater. These rights are typically regulated at the state level, can be severed from land ownership, and are crucial for agricultural, residential, or commercial property use

Appraisal rights

The rights of the shareholders of a corporation undergoing certain significant changes to vote as to whether to allow the transaction and or to ensue that fair market value is paid to the shareholders to compensate them for any loss that they may have suffered as a result of the transaction

Appurtenant

Something attached to a property that benefits it, transferring automatically with the land when sold, like shared driveway, fence, or even rights like water access

Condemnation

Legal process by which a government exercises when acquiring property

Chattel

Movable personal property that is not permanently attached to a property, such as furniture, appliances, or curtains

Claimant

Is an individual or entity who asserts a right or interest in a property, often in a dispute over title or ownership

Challengeable

The states power to regulate land use, but may be questioned by a legal action or appeal process

Covenants, conditions, and restrictions

A set of rules that govern how real estate in a specific community can be used, developed, and maintained. These rules are legally binding and are typically established by a developer or a homeowner’s association and are included in a property’s deed

Deed restrictions

Limits how the land and home can be used, maintained, or built upon, are private agreements written into a deed and are privately enforced. Examples of public restrictions include zoning and building codes

Defensible fee estates

Its a type of real estate ownership that is subject to specific conditions or restrictions set by the grantor

Decedent

Its real estate is any real estate that a person owned at the time of their death. It’s total collection of their property, assets, and possessions

Easement

Its the legal right to use another person’s land for a specific, limited purpose, without owning it, using the land of another for a particular purpose

Easement appurtenant

Its a real estate right that attaches to a property, benefiting one parcel while burdening another, it is a legal attachment that “runs with the land” meaning the right transfers to new owners whenever the properties are sold

Easement by necessity

Its a legal right that allows a property owner to use another person’s land for access when their own property is landlocked. Its created when an owner sells a parcel of land that has no legal access to a street or public way except over the sellers remaining land

Easement by prescription

Its the legal right to use another persons land for a specific purpose, acquired through continuous, open, and unauthorized use for a statutorily defined period

Easement in gross

a legal right allowing a specific person or organization rather than a neighboring landowner to use another persons property for a specific purpose

Eminent domain

Governments power to take private property for public use, such as for highways or schools, provided it pays the owner just compensation

Encroachment

When a property owner’s structure, like a fence, driveway, or tree, extends onto a neighbors land without permission. It’s usually disclosed by either a physical inspection of the property or a limited survey

Encumbrance

is any right to, claim, charge, or liability that attaches to real estate. Liens easements, and deed restrictions are all types of blank property held by someone other than the property owner

Escheat

Its a process by which the state may acquire privately owned real or personal property

Estate in land

ownership interest defined by the degree, quantity, nature, and extent of an owner’s interest in real property. It is everything that a person owns and includes even leasehold interests in property that the person does not own

Fee simple estates

Highest form of real estate ownership, granting the owner unlimited indefinite, and absolute rights to a property, right to possess, use, sell, and pass it on to heirs. Also recognized by the law

Fee simple owner

Its the most complete and highest form of real estate ownership granting the owner indefinite and absolute rights to a property, including the land and any structures on it

Fee simple absolute

Ownership entitles its owner to all rights to the property by law. This estate is intended to run forever. Upon the death of the owner of a free simple estates, the property interest passes to

Fee simple

Highest and most complete form of property ownership, granting the owner the most extensive rights to use, sell, lease, or give away the property

Fee simple determinable

a type of real estate ownership that automatically ends if a specific condition is violated, has a special limitation and may end automatically if there is noncompliance with that stipulation Its created with specific “durational” language such as “as long as”, while or during”, is the key creating this special limitation

Fee simple subject to a condition subsequent

with this fee to a type of land ownership that grants the holder full ownership, but a condition that, if violated, gibes the original grantor the option to terminate the ownership

Freehold estate

Lasts for an indeterminable length of time, such as for a lifetime or forever. It can be fee simple estate that continues for an indefinite period and may be passed along to the owners heirs.

Future interest

Its legal right to own property at a future date, without the present right to possess it. Interest arise when a property is transferred with conditions that trigger ownership later, such as when a life tenant dies or a specific event occurs.

Governmental powers

The four key powers in real estate are Police power, Eminent Domain, Taxation, and Escheat. PETE. Individual ownership rights are subject to certain, power, or rights, held by federal, state, and local governments.

Gross

Refers to total, most commonly referring too a gross lease where a tenant pays one flat rent, and the landlord covers property expenses

Homestead

Its primary dwelling and adjoining land owned and occupied by a person or family as their permanent home.

Heirs

Individuals who are legally entitled to inherit property from a deceased person, especially when there is no will

Inverse condemnation

It’s a legal action a property owner can file against a government entity for damaging or their property without a formal condemnation process, often due to a public project or regulations

Lis pen dens

A recorded notice that a lawsuit is pending which may affect a property’s title or ownership. The Latin term means ‘suit pending” and a filing a lis pendens serves as public notice to potential buyers, lenders, and others that the property is involved in a legal dispute.

Legal life estate

This is created by state law rather than by a property owner. Becomes effective automatically when certain events occur. Dower, curtesy, and homestead are currently used in some states. It grants a person the right to use and live in a property for their lifetime, but not to own it permanently

Leasehold estates

Grants a tenant the right to possess and use a property for a specific, limited time under a lease agreement with the owner lessor

License

A state issued authorization that grants a person the legal right to represent others in real estate transactions, permission given to an individual is personal, nontransferable, and can be withdrawn

Life tenant

The holder of a life estate is a life tenant. They are entitled to the rights of ownership and can benefit from both possession and ordinary use, and money goes up from ownership, just as if the individual were a fee simple owner. Ownership be be sold, mortgaged, or leased, but it ends upon the death of the designated person. Has the right

Lien

Its a charge against property that provides security for a debt or legal claim against a property for an unpaid debt, mortgage, taxes, or a contractors fee.

Life estate

Is a freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons. Based on the life of the holder is not inheritable. It passes to the future owner according to the provisions

Police power

Every state has the power to enact legislation to preserve order, protect health and safety as well as promoting the general welfare of its citizens.

Life estate pur auger vie

(for the life of another) provides for inheritance of the property right by the life tenants heirs. Its a type of real estate interest that lasts for the duration of another persons life, not the holder’s. This French phrase translates to for another’s person’s life

License

such permission given to an individual is personal nontransferable, ands can be withdrawn

Successor

Its a person designated to follow another in a role or to receive an asset, handles wills

Servient tenement

Meaning it must allow another property owner to use a portion of land, driveway the easement runs

Parcel

a legally defined and identified piece of land with a specific boundary, separate from other properties and often used for taxation purposes.

Police power

Every state has the power to enact legislation to preserve order, protect the public health and safety as well as promote the general welfare of its citizens.

Provisions

Clauses within a contract that detail the rights, responsibilities, and conditions for a property transaction. These include contingencies for financing and inspection, details about closing costs

Remainder interest

The creator of the life estate may name a remainder an as a person to whom the property will pass when the life estate ends

Reversionary interest

The creator of the life estate. In that case, ownership returns to the original owner upon the end of the life estate

Taxation

A change on real estate to raise funds to finance the operation of government facilities and services. Taxes on real estate include

Uniform Probate Code(UPC)

gives a surviving spouse the right to an elective share on the death of the other spouse.

Common elements

Parts of a shared property( like condos, PUD’s) they aren’t individual units but are owned and used by all owners, including amenities( pools, gyms, lobbies structural parts( roofs, hallways, elevators) stairways, can also be referenced in what is called horizontal property acts

Community property

Specific U.S. states, any house or land purchased or acquired by either spouse during the marriage is owned equally 50/50, regardless of who paid or whose name is on the title, based on the idea that spouses, rather than merging into entity, are equal partners in marriage

Condominium

Single units are located in low rise and high rise complexes, as townhouses or stand-alone, in a unit become a separate parcel of real estate that is owned in fee simple. Detached structures

Cooperative

Single units are located in low rise and high rise complexes, real property interest that takes the form of personal property

Co-ownership

When two or more people hold title to the same property, sharing costs, responsibilities, and benefits often requiring a legal agreement to define ownership shares

Joint tenancy

When somebody dies it automatically goes to the owner of the house

Ownership in severalty

Ownership by one individual, who may be an artificial person, such as a corporation

Probate

the court supervised legal process of proving a will, appointing an executor, and transferring a deceased persons property, like house, from their name to their beneficiaries or heirs, involving paying debts, distributing assets

Partition

Its a legal process to divide jointly owned property into separate, individually owned parcels, or legal way to dissolve the relationship between co-owners of real estate when the parties Do not voluntarily agree to its termination

PITT

Possession, interest, time, title, this is creating a joint tenancy, four elements or unities are needed

Right of survivorship

Legal feature joint property ownership (like joint tenancy or tenancy by the entirely) where a deceased owner’s share automatically transfers to the surviving owner bypassing probate and their heirs

Separate property

A home or land owned by one spouse that is not considered marital/community property and isn’t divided in a divorce, its a property solely owned by either spouse before the marriage, acquired by gift or inheritance by one spouse during the marriage, or purchased with separate funds during the marriage

Severalty

A form of real estate ownership where a property is owned by a single individual or entity, such as a corporation, occurs when property is owned by one individual

Tenancy by the entirety

A special real estate ownership for married couples, treating them as one legal entity with automatic right of survivorship, meaning the survivor gets the whole property without probate

Tenancy by common

where multiple people own undivided interest, allowing for unequal shares, no right of survivorship, and the ability to sell or bequeath your portion independently

Time share

Multiple purchases buy interests in real estate, usually resort or hotel property. When a person holds an interest in property for a stated time each year, that person is sharing the property according to a time plan. Membership camping is an example of

Town house

a multi-level, single family dwelling that shares one or two side walls with adjacent properties but features its own private, direct to street entrance

Proprietary lease

Crucial document in a cooperative building, granting a shareholder the exclusive right to occupy a specific apartment within the corporation-owned building, defining their rights, responsibilities, and the cooperative boards power to enforce rules, often including eviction for non-payment or rule violations, unlike a traditional lease for real property.

Air lots

Defined volume of space above a parcel of land that can be owned, sold, or developed separately from the surface property, essentially granting rights to build vertically