Land
the earth's surface where water rights are held by owners of land adjacent to rivers, lakes, or oceans; extends downward to center of the earth where subsurface rights (ie: mineral rights and other natural resources) can be transferred separately from sur
real estate
includes land AT, ABOVE, AND BELOW the earth's surface plus
all things permanently attached to the land- both natural and man made.
real property
includes: interests, benefits, and rights that are automatically included in the ownership of land and real estate
bundle of legal rights
includes:
right of possession, right to control, right to enjoyment, right of exclusion, and right of disposition
title
is the: right to ownership of the land, bundle of legal rights, and evidence of ownership provided by a written document, a deed, by which title is transferred.
Appurtenance
right or privilege associated with real property in some way such as a parking space at a condo unit, an easement, or water rights, and is normally conveyed to the new owner when the property is sold.
Personal Property (chattel)
includes moveable items: chair or sofa
emblements (fructus industriales) annual plantings, vegetables and fruits; grains; items of real property that can become personal property by severance; items of personal property that can become real property by at
Fixture
a fixture is personal property tht has been affixed to the and or to a building so that y law it becomes part of the real property.
Legal tests for a fixture
include: method of annexation: not easily removable
adaption to real estate- ordinarily considered a permanent addition
agreement of the parties: stated as part of real estate in the offer to purchase.
trade fixtures
include property attached to the structure but used in the course of business such as
personal property: if removed by tenant and the premises are returned to original condition before the lease expires; and
real preoperty if left behind by tenant. The la
Characteristics of real estate
include ECONOMIC factors (scarcity, improvements, permancence of investment, & location) and;
PHYSICAL (immobility, indestructibility, & nonhomogeneity (uniqueness)
nonhomogeneity
uniqueness of real property