6 D certificate
Refer to section of MGL 183A which verifies owners payment status of fees and assessments .
Accession
Additions to a property due to alluvion
Accretion
Addition of real estate gradually by deposits of soil through natural causes such as water flow
Aeolin Soil
Sand dunes that form at the shoreline due to the action of wind
Air rights
Ownership or lease of your space above realestate example sheraton hotel over mass turnpike, billboards top of building
Allodial System
A system of land ownership in which land is held free and clear of any rent or service due to the government commonly contrasted to the feudal system land is held under the Allodial system in the United States
Alluvium/ Alluvion
Soil that is deposited by accretion
Annexation
Personal property that becomes permanently attached
Appurtenance
Is a right that accompanies a property. An example would be a right of way through a neighbor's property.the rights benefits and improvements that go with the land
Avulsion
The sudden loss of land that occurs to a sudden act of nature such as wind or water
Bill of sale
An agreement which transfers personal property from one party to another
Bundle of rights
The rights that the owner receives when they purchase real estate. Use slime c
Bylaws
Rules and regulations put in place by organizations such as a condominium association to established guidelines, policies and practices to be adhered to by the association members
Chattel
Personal property
Common elements
The common or shared areas in a condominium building
Concurrent / co-ownership
Ownership by two or more people can take form in a variety of ways
Condo super lean bill
Gives condo associations the authority to impose a "priority lien" (taking precedence over the first mortgage on the condo unit)on owners will feel to make required common area payments signed into law in 1992 the most sweeping revision of the Mass Condo
Condominium
Multi unit developments consisting of individually owned units for shared ownership of common areas. The buyer receives a unit deed when they purchase
Condominium budget
A budget created by a condominium association to conduct the operations of a condominium
Condominium documents
A master deed known as the enabling declaration and bye laws, rules and regulations that govern the condominium association. These documents are recorded at the local registry of deeds
Condominium fee
A fee paid by condominium unit owners toward the costs associated with the operations of a condominium development
Conversion
When the property is changed to a different use or type of ownership example condo conversion from apartments to condominiums
Cooperative
A cooperative is a corporation that acquires a building for the purpose of providing housing. When you purchase a cooperative you receive stock certificates for the cooperative and a proprietary lease
Corporation
The legal entity created to allow separate interest between the individuals associated with the corporation and their private personal situations
Corporeal property
Tangible property example. Building garages trees. Physical in nature
Curtesy rights
Upon the death of a wife who owned property in her own name only, the surviving husband is entitled to one third life interest in the deceased spouse's property
Datum
A reference for measuring. Such as a line, surface or. Used to measure land elevation. Also known as the mean sea level from New York Harbor
Declaration of Trust
A section of a condominium document
Dower rights
The right of the wife to share in the real estate of her husband if he died without a will and owned the property in his own name only. She is entitled to 1 /3 interest
Emblement
Annual or semi annual plantings such as corn crops are considered implements and personal property.
Example: a tenant red farm land and plants a corn crop. Properties sold in late summer. Because the planting is an annual plant thing the tenant could retu
Erosion
Gradual wearing away of land
fee simple
Highest form of ownership one can have in real estate, there are no limitations. Indefeasible estate. It is also known as the least limited form of ownership
Fixture
An item that is permanently attached to real estate. Light fixtures, built-in bookcases, sink a fixture is an item that was once personal property but is now real property because it is attached to the property.
Foreclosure
A formal legal procedure by the lender to sell a property that was utilized as collateral because the borrower did not make the payments on schedule.
Freehold estate
An estate that runs for an indefinite time period . Known as fee, fee simple or fee simple absolute. it is the highest form of ownership one could hold. Least Limited. Ownership
Incorporeal property
Intangible property. Property that does not have physical being. Easements, a right of way, trademarks, copyrights.
Intangible property
Property that does not have any physical being, property rights.
Interval ownership
Ownership in a timeshare. Ownership for a particular period of time
Joint tenancy
Ownership of reality by two or more persons, each of whom has an undivided interest with the right of survivorship typically used by related persons
Life Estate
An estate or interest that someone has during their lifetime or the lifetime of another person. These are not inheritable estates and are the lowest form of freehold estates.
Littoral rights
The rights of a property owner who borders in Lake, pond or seashore
LLC
Limited liability company. A company that liability is limited to the value of that company. The owners do not have personal liability in use
Master deed
A legal document that creates a condominium it describes the individual units and the common areas. It is reviewed by the lender when providing a loan. This document is recorded at the County Registry of Deeds. Units are conveyed in Fee simple
Master insurance policy
A policy obtain by a condominium association that covers replacement for repairs of the building and liability. The policy generally covers the 4 walls outside of an individual condominium.
Mineral rights
The rights one has within the enrichments offered in their soil. Example: gas, oil
Non freehold
Possession of a property via a leasehold
Ownership
Means title, conveyed property.
Partition
A court action designed to separate ownership interest by persons who have property as joint tenants.
Partnership
An agreement between two or more parties. All partners are responsible for the taxes derived from the income. All partners are responsible for the liabilities.
Personalty
Personal property, items that are movable
Project broker
A broker designated to offer timeshares for sale. An office offering timeshares must be a separate real estate office. Residential sales and timeshare offerings can't be offered by the same office.
Proprietary lease
A lease utilized in association with a cooperative. The lease allows one to occupy space in the building in to use common areas.
Quarter ownership
A form of timeshare ownership. Your ownership rights extend for 3 months a year.
Real property
Land and anything associated with the land. Buildings, trees and property rights are part of the real property. Not moveable
REIT
Real Estate Investment Trus. Ownership in a real Estate held in a trust form for the beneficiaries by a trustee. In the event of a bankruptcy, an investor who puts money into a real estate investment trust only loses the money they invested. The organizin
Reliction
Land acquired by receding water
Remainder man
Person named to receive an interest in a property in the future.
Reversionary interest
A future interest one has any property. Could be via a life estate or the right to gain control of a leased property.
Right of first refusal
The right one party has to purchase a property being offered for sale by another property owner. There is a time frame to which this right can be exercised.
Right of survivorship
The right one party has to clean the interests of another property owner, if the owner died. Joint tenants have this right.
Riparian rights
Rights of a property owner who has land that borders a waterway.
Rod
Unit of measurement. One rod is 16.5 feet. Rods maybe used when measuring watermarks.
Severance
When a piece of real property becomes personal property. A tree is real property. When it is cut down and chopped into firewood, it has been severed from the property.
Special assessment
An assessment or charge levied by a condominium association or tone for improvements or enhancements to a condominium or somebody's particular home.
Syndication
A group of individuals who join together to accomplish a real estate investment trust . a common goal. Real estate investment trusts are established to purchase property. Syndicate.
Tangible property
A property that has physical existence, buildings, trees. Another term for corporal property .
Tenancy by the entirety
A form of ownership reserved for husbands and wives
Tenancy in common
Ownership of one property by different people with each person having equal rights. It is inheritable
tenancy in severalty
Property owned by one person.
Title water
Ocean front property
Timeshare
A form of ownership known as interval ownership. An individual can own a particular week for their life or a specific period of time. Utilized in vacation properties.
Trade fixtures
Personal property that is used in the ordinary course of business. Although attached, are removable and considered personal property belonging to the business owner.
Trust
A legal arrangement to transfer property ownership to a third party to hold for the benefit of another.
Uniform partnership act
A law that allows a partner of a company to purchase property utilizing partnerships funds while taking title under their own name. The lot indicates that the property does not have to be placed in the name of the partnership.
Unit deed
A document provided to a purchaser of a condominium. It outlines the person's interest they hold in the condominium and there proof of ownership.
Unities
A joint tenancy carries four unities possession, interest, time and title(PITT)
Water rights
The rights of the property owner who above the water. They have a right to use the water for swimming, boating and fishing. They are still bound by local regulations.
Use slime c
Use,sell,lease,inherit,mortgage,exclude,control
Actual land
When you purchase real estate you purchase the land and any improvements that are upon it
Improvements
Considered buildings, trees,garages,personal property permenantly attached
Physical characteristics
Immobility land. although it might be possible to remove parts of the real property tree back / house the land should always remain affixed.
Indestructibility although a building could be destroyed the land will remain.
Uniqueness or non homogeneity no tw
Economic characteristics
Scarcity the few are available parcels of real estate increase the value inventory driven
Improvements added improvements such as buildings roads and infrastructure will increase the value of a property
Permanence despite economic downturns your investmen
Elements of personal property
Personalty items that are movable. Tangible: tables, building
Intangible property: trademarks and copyrights
Corporeal property: visible or tangible property
Incorporeal: intangible: an easement Columbia right of way
Bailment: the loaning of personal prop
Test methods to determine if an item is a fixture
Intention: the most important test considered by a court did the parties intend that the item would become part of the property /original intention
Method of attachment/ annexation: can the items be removed without causing major damage? Was the method of
Adaptability / custom
What's this item custom made to fit into a particular space? Example: built in bookcases, and an opening in a wall designed to fit in air conditioner
Agreement
A written agreement between the parties outlining what items would stay and what items would go. Example: seller wishes to take a chandelier / buyer agrees in writing to the removal of the item
Pur Autre Vie
This is an estate that someone would have that is based on the life other than his or her own . For example John gave his sister a life estate. John sister can live in this property as long as their mother is alive. When john's mother passes the estate en
Fee determinable/fee condition Subsequent
Property can be reclaimed and reverts back to original owner for broken conditions.until but,if. (Springback)
Fee tail
Property remains in the bloodline. The heirs of the body