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Definition
| Document used to convey the rights of real property from one party to another. |
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Definition
| Document used to convey the rights of use and possession of real property from the owner to the tenant. Ownership is NOT transferred. |
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Definition
| Personal property that becomes a part of the real property when it is attached to the land or a building. |
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Term
| 4 critical tests for determining if personal property has become a fixture. |
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Definition
- Removal will affect value of real property
- Whether or not real estate transaction includes the item.
- Whether the item is part of the security given to mortgagee (lender)
- Whether item remains with the landlord or can be removed by the tenant when the lease terminates.
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| Test of intent of the parties |
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Definition
| Written agreement clearly states which items are to be considered part of the real estate and which are personal property. |
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Term
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Definition
| Personal property used for trade or business. (machinery, office equipment, counter to the building) Never become part of the real estate. |
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Definition
| If the object's removal will result in some damage to the real estate, it should be considered a fixture and not personal property. |
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Definition
| if removal of the object alter the usefulness of the remaining real estate. Example would be kitchen cabinets or a built-in entertainment system. |
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Definition
| Owner whose property meets a navigable body of water. Property line goes to the high water mark. |
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Term
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Definition
| Doctrine used primarily in the Eastern U.S. States that owners have equal rights to the nonnavigable body of water as long as the use doesn't deprive others of its use. |
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Term
| Prior Appropriation Doctrine |
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Definition
| Used in the West and where water is more scarce. 1st person to use the nonnavigable body of water for some economic purpose can use all the water needed, even if others find a need and are deprived. "first-come, first-served" |
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Term
| Owner has three fundamental rights with free simple absolute estate |
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Definition
1- The right of exclusive possession. (The right to control entry and use property for collateral on loans.
2- The right of quiet enjoyment. (Right to hold title w/o unfounded claims on the title)
3- The right of disposition. (Right to transfer the property to others however they want)
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Term
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Definition
| Joint tenancy where neither party can sell their share of interest in the property without the consent of the other or by division of the court in the case of divorce. |
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Definition
| Any property acquired during marriage, whether real or personal. Ownership must be divided equally between the two. |
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Term
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Definition
| Granted to the association of a condominium complex to screen potential purchasers. If one owner seeks to sell his unit, the association can screen the potential purchaser. They can approve of the purchaser or buy the unit by the same terms. |
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