Land & all things attached to land; both natural and man-made Show Land & its attachments; including the bundle of rights The interests, benefits, & rights inherent in real estate ownership, land & anything permanently attached to land. In other words Real estate plus the bundle of rights! Land & anything permanently attached to it. Define: Personal Property Any property that is not Real Property. It is moveable Also known as chattel Property that is not fixed to land Earths surface, extending downward to the center of the earth & all air space above/updward into space & Includes all things permanently attached by nature. Man-made attachments that are artificially attached to the land What are some examples of improvements? Buildings Items of personal property that have been permanently attached to the land or its improvements An item/article that was once personal property that has been affixed to land or a building in such a way it becomes real estate An item of P.P converted to real estate by attaching it to the real estate - may not be removed by tenant What are some examples of a fixture? Ceiling fans Define: Leasehold Improvement A fixture that’s been installed by a landlord for the use of a tenant Belongs to the landlord What are the bundle of rights Rights included in Real Property: **Mind your P&Q’s or I’ll DEC(k) you** -Possession Right to possession: Quiet Enjoyment: Disposition: Example - Landowners have the right to sell, lease, give away, divide, & retain part of the land or to dispose of it completely. Exclusion: Control: Example - A property owner can build a garage, tear down a fence, put in a swimming pool, etc. Define: Fructus Naturales These are part of the natural attachments. Plants growing on the land. Trees Fructus Naturales aka Fruits of nature They can either be naturally occurring or planted. What is Severance & describe an example? When an item of real property can become personal property. For example: If you plant an apple tree next to your house it becomes real property. Once you pick an apple from that tree, the apple becomes personal property. What are the 3 activities that interfere with a owners bundle of rights? Describe. Trespassing Trespassing: This interferes with an owners right of use or enjoyment. Encroachment: Nuisance:r/>Noisy neighbors; interferes with quiet enjoyment. What is the process of Annexation? When changing personal property into real property. **This is one of the legal tests to determine a fixture ** How permanent is the method of attachment. When an object is trespassing on your property. Examples: Example: Note: When buying real property, can the new owner take immediate advantage of the entire bundle of rights? No. Example: • A right that belongs to the land and is conveyed with the land •(surface, subsurface, air, & water) •Surface water rights can be handled differently in different states & are often determined as a result of climate & topographical issues. •There can be •States that have an abundance of water tend to have statutes that follow riparian/littoral right’s. •States where water is more scarce tend to have statutes that follow appropriative rights. •Water right’s of landowners whose land touches a natural body of FLOWING water Example: •The right to enjoy the water for recreational
purposes: •If waterway is NAVIGABLE, ownership rights extend ONLY to the EDGE of the water •If waterway is NOT NAVIGABLE, such as a small creek, then right’s extend to the CENTER of the waterway. •Owners whose rights extend to the CENTER of the waterway cannot stop other people from enjoying the water simply because they own the land underneath the water. •Can take water for domestic uses such as drinking or washing •Can use for recreational purposes •You have subsurface rights •Surface water rights of landowners •Land touches a NAVIGABLE, NON-FLOWING body of water Example: •Owners of littoral Rights own up to the mean high-water mark; the government owns the land beyond that point. •Can take water for domestic uses such as drinking or washing •Can use for recreational purposes •Does not own the land under the water •Can’t keep people from walking along the beach Riparian rights are for Flowing bodies of water •River •You one the land under the river •You have subsurface rights •You can stop people from standing in the water by your house since you own the land underneath the water •You cannot stop people from boating in front of your home since you share recreational water use & don’t own the water Littoral Rights are for Non-Flowing bodies of water •Lakes Notes: To remember Appropriative rights Think: Appro-River goes with water; this word Appropriative is linked with riparian/littoral Rights Notes: To remember Appurtenance Think: Appur-Tennis; you can play tennis in your home bc it’s your right; this word appurtenance is linked with bundle of rights. Define: Appropriative Rights •Water Rights granted by the government permit; independent of land ownership •Government permits allow the holder to take water from a particular body of water for a SPECIFIED USE; such as crop irrigation •Water usage need to be for a beneficial project •This water right requires a permit for usage bc Water is more scarce in these areas Changes in Land: What are the 4 common forces that can cause changes in land? Forces of nature can affect our ownership of land. Land itself can move or change shape by natural forces, which can result in a transfer of title. •Erosion •The gradual loss of soil due to the action of wind, water, & other forces. This can include rain or flowing water •The gradual addition to dry land by forces of nature •When the tide deposits water-borne sediment on shoreline property. •Deposits are called alluvion or allivium. •The opposite of erosion •This is what happens when your neighbors soil gets deposited on your land •Depositing means adding •When someone receives the title of something that is added to a piece of real property either by annexation or the forces of nature •The acquisition of title to land by its addition to real estate already owned through human actions or natural processes •A sudden process where land is torn away by flowing water. Example: •This doesn’t transfer title if the severed land is identified and reclaimed by the original owner. •The gradual receding of water from a shoreline, exposing more of the water bed. •This exposes land mass becomes more of your property. •A cause for reflection is the gradual evaporation of the water. •Receding: when the water is going back back back giving you more sand/land area •Things that are attached to the land •Appurtenances run with the land •Appurtenances include: air, water, and mineral rights!! •When Land is sold, the transaction typically includes the land, its improvements, and the bundle of rights •The most typical land sales transaction involves the conveyance of real property only Personal Property is also called? List some examples of personal property. What can personal property be further classified as? Examples: •Can be classified as tangible or intangible •Tangible: Can be touched or held •Intangible: Cannot be held or touched How is personal property conveyed? •When someone sells personal property, it’s ownership is conveyed by a BILL OF SALE •When personal property is part of a will, it is conveyed by BEQUEST, sometimes referred to as a LEGACY. Emblements are considered? •Personal property •A crop that is planted and cultivated through someone’s labor and industry. •Also called Fructus industriales Notes: Real Property Vs. Personal Property •Irises planted in a flower box on your deck is considered personal property. -Irises are perennial •Magnolia trees are natural attachments •Trees & tulips are natural attachments •BlackBerry bush is naturally occurring •Tulips planted in a backyard which bloom every year are Real Property •Zucchini picked from a garden is personal property Fructus Industriales is considered to be? Fructus Naturales is considered to be ? True or False: Harvested corn is an emblement? •An item/article that was once personal property that has been affixed to land or a building in such a way it becomes real estate •An item of P.P converted to real estate by attaching it to the real estate - may not be removed by tenant •Personal property that becomes permanently attached to real property. •Starts our as personal property •Legally becomes part of Real Property •Becomes part of Real Property through a process called annexation •Can be detached from land and revert back to personal property through severance What is the process of annexation? When changing personal property into real property. **This is one of the legal tests to determine a fixture ** How permanent is the method of attachment. How are keys to a house considered a fixture? Keys are attached conceptually due to it’s close association with real property. A fixture attached to a rented space or building that is used for business & is allowed to be removed by the tenant. It is legally removable by the tenant. Equipment of personal property a tenant installs for business purposes. Example: •Although it’s attached to the property, it is sill considered personal property. •This applies only to commercial leases •Trade fixtures should be removed by the tenant before the lease ends, unless forbidden to do so by contract •If a trade fixture is not removed at the end of the lease, it becomes the landlords property. In a residential lease, if a tenant leaves personal property behind at the end of the lease, it is still the property of the tenant. What is a leasehold improvement? This is an improvement installed by the landlord for the use of the tenant. Notes: Fixture or Personal Property •It is important to know the differences between these types of property. •The distinction becomes important when land ownership or possession is transferred. •Since fixtures and improvements are affixed to land, they don’t normally need to be stated in purchase contracts; they’re included by implication in the description of real estate. •Unless otherwise established, all real property is included in the transfer, but personal property that happens to be on the premise is not included. Notes: Resolving Disputes with Personal/Real Property. •Sometimes confusion arises between whether an item is personal property or real property bc one person thinks an item is real while another person thinks an item is personal property. •Real Estate agents deal with these issues all the time. •To avoid trouble, a real estate agent should ensure that the purchase offer or contract contains questionable items to make sure everyone knows what is and isn’t part of the sale. •Sometimes these types of disputes end up in court. Notes: What are some legal questions necessary to determine if an object is a fixture? 1. Can the object be removed without damaging the property? 2. What was the intent of the person installing the item? 3. Was the item custom made or designed specifically to fit or be used in the property? •The manner Notes: Resolving Disputes - Manner of Annexation - What are the two classifications for annexation? •Actual •Actual Annexation- a fixture is physically attached to real property. Example: Adding a two-car garage •Constructive Annexation - Personal property is associated with real property in such a way that the law treats it as a fixture because it is important to the use of the real property, even though its not attached to the real property. Example: A key When a property is listed, the seller & listing agent should discuss the items included in sale. & written sale contract with buyer & seller should specifically list all articles included in the sale also. What are the legal tests to determine if an item is a fixture? The method of annexation: how permanent is the attachments...is it removable without causing damage. Adaptation to real estate: is the item being used as RP or PP Written Agreement: did the parties agree to treat item as RP or PP Notes: If you turn a house upside down...whatever falls out of personal property! Notes: DOCUMENT EVERYTHING!!! Notes: Real property goes with real estate! Personal property goes with the person! Notes to remember: Never Assume!! Scenario: Dave buys a sculpture to put in a niche in his backyard garden wall. It weighs 250 pounds, but Dave is still worried someone might steal it. So he sets the base in concrete. Do you think Dave intends for the statue to be permanent? Answer: Setting a statue in concert may show intent to make it permanent, but perhaps Dave always intended to take it with him if he sells the property. It’s important to never assume, even if it seems obvious.
A seller can take real property with him if it’s EXCLUDED in the agreement of sale. Example: A house is real property; in the agreement of sale, buyer and seller agree that the house is NOT included in the sale and purchase price. The seller can now take the house with him. A document used to transfer title to personal property from one person to another. What is the purpose of a deed? It transfers title to real property. Notes to remember: Avoiding Disputes One of the best suggestions that an agent can make to a seller is to simply “remove or replace any items before showing the property.” This makes it impossible for a buyer to expect a particular item to be included in the sale and resolves all issues regarding whether the buyer saw the item and assumed it would transfer. Notes to remember: Removing fixtures example Scenario: Let’s say the buyer and seller agree and understand that the chandelier is not part of the purchase. Well what if the agreement of sale does not stipulate that the seller will replace the chandelier with some other light fixture? The seller could? Under the terms of the agreement, remove the chandelier and leave two bare wires hanging down. Still no problem? Now the day before settlement, the buyer goes to the house for inspection. Buyer hits the light switch in the dining room and a fire happens! What kindled in that fire? Your commission check! If you put a clause like this in the agreement of sale, it should say: “Buyer and seller agree and understand that the dining room chandelier is not included in the sale and purchase price. Seller will, at Seller’s expense, prior to settlement, replace the dining room chandelier with a properly functioning light fixture or seller’s choice.” Notes: Financed Personal Property If an item of personal property is financed, the lender could require a security agreement in the event that the purchaser defaulted on the loan. The security agreement could be reflected in the public records if a financing statement is recorded. When such a statement is in the public records, any personal property is considered to be SEPARATE of the real property, even if the item were attached to the real property. Example: But if the homeowner doesn’t keep up with the payments, the company who sold the unit could remove it, leaving the homeowner with a hole in the wall. Why? Because as long as the homeowner owes money toward the financing costs, it’s personal property. Had the owner paid cash, it would clearly be real property. As an agent, when you list a property for sale, to have to ask if there is anything in the house that is being leased, or anything that the seller is making payments on, because even though it may look like real property, it could be personal property (belonging to the company of who the item is being financed through). Example: Then the buyer would know that the satellite dish is not part of the deal, and you the agent would get your commission check. To transfer personal property to another by a will. A person who owns personal property and brings it onto real property, making it part of the real property. A display case; it’s moveable and it’s personal property, not a fixture. Which 3 documents is the legal description of a specific parcel of land required on? •Deed •An instrument that conveys ownership of real property from the grantor to the grantee •The legal description provides an exact explanation of what the grantee is receiving from the grantor. •An instrument that creates a voluntary lien in real property to secure repayment of a debt. •The patties to a mortgage are: - the mortgagor (borrower) •The mortgage needs the legal description of the property because the property is the collateral for the loan that they have made. Title insurance indemnifies the property owner against losses resulting from undisclosed title defects and encumbrances on the property. •The legal description defines exactly what is insured. Indemnifies: What is the metes & bounds system? •It is a complex legal description hat is used to define the location, size, and shape of a specific plot of land. •One of the oldest methods of describing a specific plot of land •Most typically used in states along the eastern seaboard •Starts at the point of beginning •It continues by indicating a compass direction and the distance to define the boundaries of the parcel •Moving clockwise around each side of the entire parcel until you return back to the POB What does “Metes” indicate? Distance Think metes = meters to remember distance What does bounds indicate? •Direction •Also called a course •Expressed in degrees What is the permanent reference mark? Today permanent reference marks are physical objects; usually rods that have been driven into the ground; used as reference points •Also called monuments or pins •In the earlier days reference points were natural objects like trees, a rock, or a specific bend in a river. The bounds (direction) part of the description is based on a circle. There are 360 degrees in a circle 60 minutes in a degree 60 seconds in a minute Visualize a clock. How many degrees are represented when the hand is on the number 4? There are 360 degrees in a circle. There are 12 numbers on a clock. The position of each number in a clock represents 30 degrees of a circle Why? 30x12=360 So 30x4=120 The number 4 would represent 120 degrees. •When you have Metes n bounds questions think of that circle -Divide the circle in 4 •The north and south points are always 0 degrees •The east and west points are 90 degrees •So a quarter of the circle is 90 deg Example: •From due north to due east or west is 90 degrees. •From due south to due east or west is is 90 degrees •The angle of the direction can NEVER equal or exceed 90 degrees. •When determining direction, you may move clockwise or counter-clockwise When determining DIRECTION, you may move clockwise or counter-clockwise around the circle. Which are the primary directions for the Metes n bounds system? Which are the secondary directions for the Metes n Bounds system? Test Advice: Metes n Bounds •On the exam if you are given a question that shows a line on a circle and asks you to determine the course, or direction, the easiest thing to do is to divide the circle into a pizza of 8 slices •It’s most likely that the options presented with the multiple choice questions will be within half of the one quarter of the circle. In other words, 45 degrees. Example: •You just need to determine the primary and secondary direction, and then decide whether the line is between 0 and 45 degrees or between 45 and 90 degrees, and look for the answer that matches. Degrees of deviation means: •How far from due north or due south did we deviate to the secondary direction; did we deviate to go east or west. When drawing the shape of the lot using the Metes n bounds system, which direction do you typically go? What is the Lot n Block System? •A legal description used for platted property •Subdivisions •It states only the property’s lot # and block # in a particular subdivision •It requires consultation of a plat map to find the exact location •A plat map is also called a plot plan or a recorded plat •A detailed survey map of a subdivision, that is recorded in the public records of the county where the land is located •Used mostly by developers Notes: Lot n Block System A legal description using this system might be: “Lot No. 105 as shown on said plan, as found in Plan Book Volume 88, page 23.” This legal description describes both the location of the Lot and the location of the plot plan in the public records. What is a Topographic Map? A map that shows the elevation of a particular section of land. • Also called a contour map • This map is required as part of a subdivision plan or if land needs to be re-contoured for some reason • The purpose of this map is primarily to show things such as water run-off. What are “Contour Lines” of a Topographic map? Lines that show point of equal elevation at set intervals as determined by the scale of the map. - the closer the contour lines are, the steeper the slope - when the lines are far apart, the slope is more gradual How many square feet in 1 square yard? How many square feet in 1 acre? Why is the calculation to determine the Area of a parcel of land? If you are give the Area and the length, how do you find the width ? Divide the Area by the length to find the width. Notes: Calculating Area for a trapezoid What if the Lot is not a perfect square or rectangle. How do you find the calculations? •A trapezoid Lot measures 80” across the back, is 50” deep, & 110” across the front. What is the total square footage? Step 1- you will need to find the average length of the lot. To do this, add the 2 parallel sides, then divide by 2: Example: Step 2- Then multiply that # by the depth of the lot: Example: Notes: Find the square footage There’s a lot that measures: 580 feet in the front 500+400=900 How many acres is 98,000 square feet? 98,000/43,560=2.24 acres Notes: Calculating Area measurements for a Triangle To figure out the square footage, you will need to find the area of a triangle. Step 1- Multiply half of the base measurement x the height Height = 125” 100/2 = 50 Notes: Calculating Area - Odd Shapes Length x width = sq. ft. When calculating the area of a specific room or a house, use the same strategy you would use to calculate a rectangle, trapezoid, and pie shapes (triangles) •Houses tends to be a collection of many rectangles •The total square footage can be determined by separating the house into multiple rectangles, figuring out the square footage for all rectangles, then adding them together. The portion of the lot that faces the street. •In a measurement, front feet is always the FRONT # Example: (65’x 150’) lot - 65 is the frontage This is the total length in feet around a perimeter Example: (20’x 30’) garden will take 100 linear feet of fencing See: 20+20=40 and 30+30=60 Length x Width x Depth = cubic feet Divide that # by 27 and you’ll have cubic yards Main east-west lines designated and names throughout the country for use with the government surgery system
An informal unit of measurement, usually 40,000 square feet that may be used by developers to describe lots for new construction. A builders acre is not a legal acre. Define: Government Survey System A legal description for land referencing principal meridians and base lines designated throughout the country. •Not used in PA Define: Monuments or Markers Fixed physical objects used a reference points in the Metes and bounds system of property description Rods driven into the ground used to help mark property boundaries. A detailed survey map of a subdivision recorded in the country where the land is located. •Generally used by developers •Also called plot plan, recorded plat A measure of length equal to 16 1/2 feet. Also called perch How do you find cubic yards? Example of government survey system: “N 1/2 NE 1/4 of NW 1/4 of section 15...” In whose office would you find a plan book showing lots and blocks? What are the two types of personal property?Tangible personal property includes physical objects such as vehicles, furniture and household goods, while intangible personal property includes things like stocks and bonds, as well as intellectual property such as patents and copyrights.
Which of the following is an example of tangible property?Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.
What type of property is ownership of anything?In legal terms, all property will be classified as either personal property or real property. Personal property is movable property. It's anything that can be subject to ownership, except land. It's helpful to note that personal property includes both tangible and intangible items.
What is personal property quizlet?Personal Property. The legal definition of personal property is "anything besides land that may be subject to ownership". Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate.
|
What term describes a personal property item that has been converted to real property by attachment to real estate a feature a component a fixture a fitment?
zusammenhängende Posts
Urheberrechte © © 2024 ihoctot Inc.
