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| Everything from the center of the earth upward. It includes the subsurface, surface, and the air above the earth. It does not include anything man-made. |
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| Land plus the improvement made by man including buildings, highways, and utilities. |
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| land plus the improvements made by man plus the legal rights to the land. THIS INCLUDES THE RIGHTS TO SALE, EXCHANGE, AND MORTGAGE, GIVE IT AWAY, AND LEAVE IT IN YOUR WILL TO ANOTHER. |
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| the description of all rights held by a property owner of real property. However no owner ever enjoys full bundle of rights. There is always restrictions placed on these rights by governments that have juristiction over the property. |
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| To occupy the property and/or use as your own |
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| Subject to the rights of taxation, police power, eminent domain, etc. - All property is subject to taxation, the right of the government to "take" the property at a fair price for the betterment of the general public population (eminent doamin), and the right to control the use of the property for legal purposes |
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| That no one has a superior claim on the property |
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| Sell it, lease it, vacate it, mortgage it, cultivate it, gift it, etc. |
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| Exclusion (make it private) |
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| The right to privacy, to stop others from entering your property without your permission |
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| Is used in the US to descript real property ownership. The owner has complete and absolute control of the real estate. The government has no claim to any ownership rights of privately owned real estate and the owner has no obligations to the government. |
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Term
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Definition
| ownership of land can be literally served into SUBSURFACE RIGHTS, SURFACE RIGHTS, AND AIR RIGHTS. The owner of the surface rightd does not alwyas control the subsurface or air rights to the property. The two broad characteristics of land are physical and econimic charactersitics. |
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| Land is IMMOMBILE (geographic location is fixed- can never change), INDESTRUCTIBLE, and UNIQUE or NONHOMGENOUS (all parcels differr geographically and each has its own location), no two parcels are identical. |
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Definition
| SCARCITY (although there is a substantial amount of unused land, supply in a given location can be limited)- such as downtown area; IMPROVEMENTS (placement of an improvement affects value and use)- a property with a view may be worth more than a property with no view; PERMANENCE OF INVESTMENT (improvements represent a large fixed investiment)- a property with a large custom home will be more valuable than a prooperty with a mobile home. See SITUS as the most important. |
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| This also referres to as area prefernece, people's choice and prefernece for a given area. location, as areas change, people's desires to be given location can change. THIS IS THE MOST IMPRTANT ECONOMIC CHARACTERISTIC OF LAND! |
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| Reffered to as personal property. Its basically movable, EX: furniture, appliances, and ECT. |
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Term
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| Used to transfer PERSONAL PROPERTY |
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| Personal property, which has been converted to real property by method of attachment, character, and adaptation, or cotractual intent of the parties. EX: blinds, celeing fans, and curtain rods. |
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| To land is anything used with the land for the benefit of its owners. EX: roadways, easements and condominium parking areas. |
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| Cultivated crops. They are considered part of the land until the time that they have harvested and then they become personal property. |
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| Articles installed by a tenant and removable by the tenant before the lease term expires. If not removed, they become the real property of the building owner by accession. EX: store shelves, bowling alleys, resturant equipment. |
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Term
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Definition
| Any claim, lien, charge, or liability attached to and binding on real property. They limit or affect the use and/or title but do not prevent alienation (transfer of ownership). There are two general classifcations of encumberances (1) LIENS THAT AFFECT THE TITLE, such as judgements, mortgages, mechanics' liens, and other liens which are charges on the property used to secure debt or obilgation; or (2) ENCUMBERANCES THAT AFFECT THE PHYSICAL CONDITION OF THE PROPERTY such as restrictions, enroachemtns, and easements. |
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Term
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Definition
| Non-possessory interest in land. Is classified as an interst in real estate but is NOT and estate in land. The party that owns the property still has full ownership; the party that uses the easement only has the right to pass over or use the other party's land. They are classified as either appurtenant or in gross. |
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Term
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Definition
| An easement that is annexed to the ownership of anothers parcel of land and runs with the land. When land is transsferred from one owner to another, the new owner takes ownership subject to the easement. There must be two adjacent tracts of land owned by different parties. The tract that benefits from the easement is the DOMINANT ESTATE (tenement). The tract on which the easement exists and is burdened by it is the SERVIANT ESTATE or tenemant. The party that benefits from the easement (dominat) must maintain the easement. |
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Term
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Definition
| is created when an owner selld a property that has no access to a street or public right-of-way except over the seller's remaining parcel of land. All owners have right to ingress to an egress from their land and cannot be LANDLOCKED. it would be necessary for the seller to provide an easement whereby the buyer can ingress and egress from the land. |
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Term
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Definition
| Also called prescriptive easemtn, is when someone has used another's land for a certain time. the use must be OPEN (NOT SECERTIVE), VISIBLE, NOTRIOUS, AND WITHOUT THE OWNER'S APPROVAL but where the owner readily could learn of it. |
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Term
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Definition
| A personal privilege to enter land can be given orally or informally. Usually they are given rather than a persoanl easement in gross. It is permission and can be given and can be canceled by the property owner. EX: permission to park in a neighbors driveway. |
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Term
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Definition
| Personal in nature and DOES NOT PASS with the land. Common examples are power line easements, billboard site easements, and the like. Commerical easements in gross may be assigned or conveyed and may be inherited. However, personal easement in gross usually are not assignable and terminate on the death of the easement owner. |
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Term
| How may an easement be created? |
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Definition
| By express grant (written document) or in a deed, necessity, express reservation, implied grant, implied reservation (implied is created when actions and conduct demonstrate intent), prescription condemnation, by the sale of land with reference to a plat, or by estoppel (the owner of the servant tenement orally promises passage then subsuquently changes his mind and refuses access, thereby damaging the owner of the dominant tenement). |
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Term
| How may an easement be terminated? |
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Definition
| when the purpose for which they were created ceases, by merger, by release (dominant tenement releases serviant tenement), or by abandoment (discontinued use coupled with the intent to never use again). |
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| Limits the use of the property such as deed restrictions or restrictive covenants. Deed restrictions and restrictive covenants have basically the same meaning. |
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Term
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Definition
| A fixture or structure which invades a portion of a property belonging to another. To determine an encroachemnt, a survey should be done. |
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Term
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Definition
| The public is to have perpetual right (granted through prescription, dedication or presumption) to use public beaches. Even though fee simple title to a lot to an individual. |
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Term
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Definition
| permits owner of land adjacent to a non-navigable stream, ownership of the land under the stream or river to the exact center of the waterway. You also have the unrestricted right to the water for limited domestic purposes. Owners of land adjacent to navigable streams or rivers own only up to the mean vegetation line and the remainder belongs to the public. |
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Term
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Definition
| Permits the owner of the land on lakes and bays ownership to the mean vegetation line. You have the unrestricted right to enjoy the avaliable water for domestic purposes but own the landadjacent to the water only up to the mean vegetation line. All land below this point is owned by the government or othe rpublc authority. |
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| Appropritation water rights |
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Definition
| Water use is decided by the state rather than the adjacent owner. |
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Term
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Definition
| Owners have a right of correlative use of eater under their land. They may retrieve only the water for which thay have benefical use for their own property. |
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Term
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Definition
| A charge or claim which one person had upon the property of another as security for a debt or obligation. A lien is created by agreement of the parties, like a mortgage, or by opertation of law, like a tax lien. They may be GENERAL or SPECIFIC. A lien may be VOLUNTARY or INVOLUNTARY. A voluntary lien is created when someone takr out a mortgage loan. They are apputenant and stay with the properry and can bind successive buyers if not cleared at closing. Title insurance will not protect against unrecorded liens as part of the standard coverage. |
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Term
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Definition
| Takes no action on the part of the lienee and is created by statute, an operation of law, or the decision of courts of equity. Can either be stutory of equitable. |
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Term
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Definition
| Created by state law such as the right of assessing entity (local municipalitites, counties, and school districts) to charge tax to property owners to pay for the costs of operating the governments and public schools |
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Term
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Definition
| Arise out of fairness or what is equitable and is based on common law. |
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Term
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Definition
| Attach all property not expemt from forced sale (homestead is expemt). Usually effects ALL of the debtor's property, both real and personal, to include judgments, estate and inheritance taxes, debts of a deceased person, IRS taxes and federal judgment liens. |
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Term
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Definition
| Attach to one or more listed properties. In other words, usually are secured by a PARTICULAR parcel of real estate and affect only that property. These include mechanic's liens, mortgages, taxes, special assessments, vendors' liens, vendees' liens, surety bail bond liens, and attachments. |
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Term
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Definition
| A statutory lien imposed against real property for nonpayment of texas. Remains on the property, until paid, even if the real estate is conveyed to another. |
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Term
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Definition
| Ownership by a third person for the benefit of another. The trustor covey's property to a trust, the trustee holds and manages the trust for the benefit of the beneficiary. The trustee is a fiduciary to the beneficary and must act in the beneficarys best interest. If the trusto coveys real property to a trust is a DEED IN TRUST. Dont confuse this term with a DEED OF TRUST |
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Term
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Definition
| One party (the general partner) organizes, operates and is responsible for the entire syndicate. the other members of the partnership are passive investors with no voice in the organization and direction of the orginization (limited partners). Each limited partner stands to lose only as much as he/she invested. The general partner is totally responsible for any excess losses incurred by the investment. |
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Term
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Definition
| All partners participate in the operation of the business and may be held personally liable for the business losses and obligations |
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Term
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Definition
| Not a corporation, partnership, or limited partnership. Neither, members or managers are liable for company debts, obligations, or liabilities. Regarding licensure, they must designate one of its managers to act for it. The designated manager must (as with the corporation) be licensed broker as shown in the records of the commission |
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Term
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Definition
| A life estate in a family home. Is protected from forced sale by general creditors. MAy be selected from seperate property of either spouse or from their community property. May be sold for liens against the property including: mortgages, taxes, mechanic/materialman liens, equity liens, refinance of purchase money lien, or failure to pay HOA mandatory assessments. May end upon death of the owners, sale of the property, or abandoment by the owners. Do not terminate on the death of the spouse and exted to minor children until they reach the age of 18. Both husband and wife must sign to sell the property. |
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Term
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Definition
| Estates of interminable length, existing for a lifetime or forver. These include: fee simple estate, life estate, defeasible fee estate, leasehold estate. |
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Term
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Definition
| Absolute ownership with all the rights associated with the ownership of real property. Best kind of ownership, but still subject to certain limitations. Highest type of owenership interst recoginized by law. |
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Term
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Definition
| The 3 parties to life estate are the GRANTOR (the fee simple owner who gives the life estate to the grantee). GRANTEE (life tenant), and the REMAINDERMAN (who recieves the reversionary or remainder interest when the life estate ends). Unlike freehold estates, a life estate IS NOT INHERITABLE. It passes to future owners according to the provisions of the life estate and always ends on the death of the party whose life is vested in. When the life tenant (or third party) dies, the estate ends and ownership passes to another individual or returns to the previous owner, regardless, the final owner, when the life estate comes to an end, is known as the remainderman. while the life tenant enjoys all the benefits of ownership he/she cannot waste the land or infringe on the remainderman's rights |
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Term
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Definition
| is a freehold estate limited in duration to the life of the grantee. The life tenant (grantee) enjoys just as a fee simple. They pay taxes, maintenance, and insurance and enjoy that ownership as land as they live. |
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Term
| Pur Autre Vie Life Estate |
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Definition
| is based on the life of a third party rather than the life of the grantee and therefore ends on the death of that party rather than on the death of the grantee. |
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Term
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Definition
| The holder of the estate has fee simple title that may be an event does or does not occur. When the deed conveyed the property from the grantor to the grantee, a condition was specified in the dees that would cause the estate to terminate and return to the original grantor or his heirs or devisees. There are two types of defeasible fee estate, determinable fee and fee simple subject to condition subsequent. |
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Term
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Definition
| A type of defeasible fee estate. Terminated when the event occurs; the property automatically reverts ownership back to the original grantor or his heirs or devisees. |
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Term
| Fee simple Subject to Condition Subsequent |
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Definition
| Defeasible fee estate. The only difference between the two is that when the condition is violated, it is necessary for the original fee simple owner or his heirs go to court to exercise his right to regain ownership. |
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Term
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Definition
| Conveys rightd of POSSESSION but not rights of ownership. A lease conveys possession for an amount of time for consideration (usually rent). There is always a lessor and a lessee (landlord/tenant). Leasholds are the other broad classification of estate in land. It is an interest in the property of another. Those who lease property for owners or help tenants secure property to lease must have a real estate license. |
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| Rule against Perpetuities |
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Definition
| Is designed to put a limit on the vesting of estates. It generally stops someone from willing away parts of an estate to future generation of unborn heirs. EX: Lets say the time limit is 15 years and you leave part of your estate to an unborn child. 15 years pass from your death and that child has not been born yet. The part of the estate will be declared void and the courts will decide how that part of the estate will vest. |
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