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

• It is possible to change personal property into real property. Example, If the landowner buys cement, stones, and sand and mixes them into concerted to construct a sidewalk across the 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

• If erosion is a slow natural process, avulsion is its opposite. Avulsion is the sudden removal of soil by an act of nature. It’s an event that causes the loss of land in a much less subtle manner than erosion.

Bundle of legal rights

• If erosion is a slow natural process, avulsion is its opposite. Avulsion is the sudden removal of soil by an act of nature. It’s an event that causes the loss of land in a much less subtle manner than erosion.

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 of chattels 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. Erosion usually takes hundreds or even thousands of years to have any noticeable effect on a persons property. Flash floods or heavy winds, however can increase the speed of erosion.

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 of fixtures are heating systems, elevator equipment in high rise buildings, radiators, kitchens cabinets, light fixtures, and plumbing. Almost any item that’s been added as a permanent part of building is considered a fixture.

Improvement

• permanent, valuable or alternation to land or buildings that increases the property’s value, utility, or functionality. Common improvements 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). Most states have agencies that administer and enforce the federal regulations for manufactured housing.

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. Personal property is movable, personal property is transferred by a bill of sale. Items of personal property is chattels. Include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts.

Prior appropriation

• In states where water is scarce, ownership and use of water are often determined by the belief of prior appropriation. First person to take a quantity of water from a water source for beneficial use

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

• Interests, benefits, and rights that are automatically included in the ownership of real estate. Traditionally ownership rights of real property are described as a bundle of legal rights of possession, right of control the property within the framework of the law, right of enjoyment(to use the property in any legal manner). Right of exclusion(to keep others from entering or using the property) and, right of disposition(to sell, will, transfer, or others wise dispose of or encumber the property).

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 by the process of relict-ion.

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

• Natural resources below the earth’s surface. An owner may transfer subsurface rights without transferring surface rights, and vice versa

Surface rights

• Natural resources below the earth’s surface. An owner may transfer subsurface rights without transferring surface rights, and vice versa

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