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| Two other terms for real estate |
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| Shows who HAD the title and who HAS it now |
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| "Invisible" - owner possesses |
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| Three ways to transfer title |
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| Sale, will, adverse possession |
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| Others that may have rights in real property |
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| Govt, lenders (from borrowing $), public utilities (phone lines), and railroads |
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| minerals, surface, and are space above. All are sellable |
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| right, privilege or improvement permanently attached to the land - runs with land |
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| houses, barns, fences, drive-ways |
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| Mineral rights appurtenance |
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| extract minerals below surface |
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| when land abuts or touches flowing water or pond grants right to recreate in water diverge some water for personal use. |
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| Easily movable, chattel, bill of sale |
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| Personal property. Came from the word "cattle." Doesn't come with property. |
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| Shows who owns the personal property |
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| Relates to trees. Natural state of trees is real property. Chopped down trees are personal property. |
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| Started as a personal property (cabinets, light fixtures, fancs) but ended in personal property when installed. |
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| Tell difference between fixture and personal property (MIA) |
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| The method of attachment (how it was attached), intention (what party agrees to do - leave or take) ie frigerator. Adaption: if something is specifically designed to fit on property (keys to door) |
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| Personal property. Item attached to property by commercial tenant. (projector on ceiling, display cases) |
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| Personal property. Anually grown crops. Seller can havest after sale of land and first year can be taken. |
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| Govt has the right to tax real property to pay for govt services (schools fire dept) |
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| May order the use of property for zoning (residential area may not have gas pumps) |
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| Must get building permit to build anything. Must comply with guidelines of building. |
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| The right of the government to take private poroperty for public good. Have the right to "fair payment" by fair market value. |
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| The process used to take the property when the govt exercises right of eminent domain |
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| the right of the govt to take private property upon: intestate and no heirs. |
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| If known owner leaves property and doesnt pay taxes govt will sell property |
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| Estate "Right to possess" |
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| The degree, quanitity, natuer and extent of ownership interest in real property - possessory rights |
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| Freehold (ownership) Estates |
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| No definite ending date and it is for at least or life time. |
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| Renting or leasing. Definite period of time - a limited duration. Lesee does not own it. |
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| Biggest bundle of rights available in real estate. All possible rights. |
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| Conditional/defeasable fee |
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| Fee Simple, conditional fee |
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| non inheritable - reversion/remainr, dower - curtest, homestead |
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