Modern Real Estate In North Carolina Chapter 2

Front 1

Bundle of Legal Rights

Back 1

-Legal relationship between buyer and seller;

-Purchaser of real estate is buying the rights of ownership

-Includes DEEPC (rights of ownership)

Front 2

Legal Rights of Real Estate Ownership

Back 2

-Right of Disposition

-Right of Enjoyment

-Right of Exclusion

-Right of Possession

-Right of Control

Front 3

Appurtenance

Back 3

-A right, privilege or improvement belonging to and passing with the land.

Front 4

Livery of Seisin

Back 4

-Delivery of ownership;

-symbolized by the transfer of a bundle of sticks taken from a tree on the property;

-Came from Old English Law for people who could not read / write.

Front 5

Subsurface Rights

Back 5

-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.

Front 6

Air Rights

Back 6

-The right to use the open space above a property, usually allowing the surface to be used for another purpose.

Front 7

Caissons

Back 7

-Small portions of real estate under which air rights have been purchased where foundation supports are built for above ground buildings.

-Examples: Pan-Am Building in NYC and Merchandise Mart in Chicago

Front 8

Riparian Rights

Back 8

-An owner's rights in land that borders on or includes a stream, river or lake that include access to and use of the water.

-Unrestricted right to use the water provided that such use does not harm upstream or downstream owners by altering water flow or by contaminating it.

Front 9

Littoral Rights

Back 9

-A landowner's claim to use water in large navigable lakes and oceans adjacent to the property.

-Ownership rights to land bordering these bodies of water up to the average high-water mark.

-Owners of land adjacent to the water only own up to the mean high water mark.

Front 10

Lateral Support Rights

Back 10

-The support a parcel of land receives from adjacent land;

-a neighbor's duty to support adjoining land in its natural state.

Front 11

Subjacent Support Rights

Back 11

-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.

Front 12

Real Property

Back 12

-Land,

-Everything attached to the land,

-Everything appurtenant to the land.

Front 13

Personal Property

Back 13

-Everything that's not real property;

-Movable items (chattels, fixtures)

-Furniture, clothing, jewelry, etc

Front 14

Manufactured Home

Back 14

-Built according to HUD regulations;

-Mobile Home, House trailer;

-Considered Real Property when the hitch, wheels and axles are removed and it is attached to a permanent foundation on land owned by the owner of the unit and an affidavit is filed with the DMV.

Front 15

Modular Home

Back 15

-Built according to NC Building Codes;

-Built off site;

-Considered Real Property when it is assembled on the land.

Front 16

Fructus Naturales

Back 16

-Fruits of nature;

-Trees, perennial bushes and grasses that do not require annual cultivation;

-Considered Real Property

Front 17

Emblements

Back 17

-Fructus Industriales = fruits of industry;

-Annual crops such as wheat, corn, vegetables and fruit;

-Considered Personal Property;

-Tenants may generally re-enter land after lease termination to harvest

Front 18

The Total Circumstances Test

(legal tests of a fixture)

Back 18

-A four part legal test applied by the courts to determine whether an item is a fixture or personal property:

-Intention of the Annexor

-Relationship of the Annexor

-Method of Annexation

-Adaptation to Real Estate

Front 19

Trade Fixture

Back 19

-An article owned by a tenant and attached to a rented space or building for use in conducting a business.

-Also called a chattel fixture

Front 20

Agricultural Fixture

Back 20

-In North Carolina, a fixture attached to leased property by a tenant farmer;

-Considered to be the landowner's real property, not the tenant;s personal property

Front 21

Estate in Land (Estate)

Back 21

-The degree, quantity, nature and extent of interest one has in real property;

Front 22

2 Classifications of Estates in Land

Back 22

-Nonfreehold or Leasehold Estates (tenant rights)

-Freehold Estates (owner rights)

Front 23

Types of Freehold Estates that can be Transferred

Back 23

-Fee Simple Estate (can pass by inheritance)

-Defeasible Fee Estate (can pass by inheritance)

-Pur Autre Vie Estate with Remainder or Reversion (can pass by inheritance)

-Ordinary Conventional Life Estate with Remainder or Reversion (does not pass by inheritance)

Front 24

Types of Nonfreehold (Leasehold) Estates

Back 24

-Estate for Years

-Estate from Year to Year

-Estate at Will

-Estate at Sufferance