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| The increase or addition of land by deposit of sand or soil, washed up naturally from a river, lake or sea. |
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| In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner's real property by a tenant farmer is considered the landowner's real property rather than the tenant's personal property. |
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| The right to use the open space above a property, usually allowing the surface to be used for another purpose. |
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| A right, privilege, or an improvement belonging to, and passing with, the land. |
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| The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. the loss of land may not result in loss of tittle. |
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| The concept of land ownership that includes ownership of all legal rights to the land - i.e. Disposition, Exclusion, Enjoyment, Possession and Control. |
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| Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condo owner had an undivided interest in the common elements |
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| The absolute ownership of a unit in a multiunit building based on a legal description of the air-space the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condo unit owners. |
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| A residential muti-unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial wonders of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building. |
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| Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructose industrials. Usually considered to be personal property. |
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| The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership. |
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| A necessity allowed by law; for example, the right of a life tenant to use some of the property's resources to provide for needed repair. |
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| The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable. |
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| An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurence of a specified event. Two categories include: Determinable and Condition Subsequent. |
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| An estate in real estate that continues, "so long as" a prescribed land use continues. Estate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion. |
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| Fee Simple with Condition Subsequent |
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| An estate in real estate that prohibits a specific condition not he property. Grantor has the right to re-enter the property and re-claim ownership through legal proceedings. |
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| An item or personal property that has been converted to real property by being permanently affixed to the realty. |
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| Land at the coast between average high tide and average low tied this is owned by the state of NC. |
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| An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. |
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| Plants that do not require annual cultivation and are considered real property. |
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| A person's present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry. |
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| Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected for exempt from judgements for debts. |
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| A concurrent form of ownership or real estate between two or more parties who have been named in one conveyance as joint tenants. ownership interest may be unequal. Right of Survivorship is not automatic in NC but can be added by an attorney. |
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| The support a parcel of land receives from adjacent land; a neighbor's duty to support adjoining land in its natural state. |
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| An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. |
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| A person is possession of a Life Estate |
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| Common elements of a condo project reserved for the exclusive use of one or more unites, such as parking spaces or storage areas. |
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| A landowner's claim to use water in large navigable lakes and oceans adjacent to the property. The ownership rights to land bordering these bodies of water up to the average hight-water mark. |
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| A dwelling, also known as a mobile home or house trailer; built under HUD regulations with a permanent chassis. It is considered personal property until the moving hitch, wheels and axles are removed, the unit is attached to a permanent foundation on land owned by the owner of the manufactured home, and an affidavit attesting to these actions has been filed with the Dept of Motor Vehicles. |
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| A dwelling consisting of a series of rooms or units built off site according to the NC State Building Code; is considered real property as soon as it is assembled on the land. May be multi-storied. |
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| Non-freehold (leasehold) Estates |
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| A tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest. |
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| NC Condominium Act or 1986 |
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Definition
| State fair housing law containing similar prohibitions to those of the federal fair housing law. Unlike the federal law, however, the NC law does not exempt the rental of a unit in a one-unit to four-unit residential building if the owner or one of the owner's family members lives in one of the units. |
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| NC Uniform Commercial Code |
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| A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattels mortgages and bulk transfers. When chattels are purchased on credit, security interests are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. |
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| PUD-Planned Unit Development |
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| A planned combination of diverse land uses, such as housing, recreation, and shipping, in one contained development or subdivision. |
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| A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment. |
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| For the life of another. A life estate that is measured by the life of a person other than the grantee. |
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| Gradual recession of water which uncovers land that usually belongs to the riparian owner. |
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| One entitled to receive a remainder interest in some estate sometime in the future. |
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| A future estate that the grantor holds while granting a life estate to another person. |
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| Tenancy by the entirety-A concurrent form of ownership reserved for property owned by husband and wife. Mandatory; making the surviving spouse wonder in severalty immediately upon the death of the spouse. |
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| An owner's right in land that borders on or includes a stream, river, or lake. |
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| The ownership or real property by only one person or entity; also called sole ownership. |
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| The support of the surface of land by the land's subsurface; duty of the owner of subsurface rights to support the surface of the land. |
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| Ownership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property. |
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| Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it or the minerals below it. |
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| A concurrent form of ownership reserved for property owned by husband and wife. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse. |
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| A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interests can be unequal and the right of survivorship in not allowed. |
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| Any right to occupy a unit of real property during five or more separated time periods over a period of at lease 5 years. |
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| A hybrid form of ownership where the owner holds a fee title to their unity and the ground beneath; horizontal ownership. Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through a homeowners' association. |
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| An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires. |
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| An improper use use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights. |
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