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32 Cards in this Set
- Front
- Back
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Property |
The Rights or interest a person has in a thing owned |
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Real Property |
That which is immovable by law Ex: Land, Fixtures, Easements, Stock in Mutual Water Company |
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Riparian Rights |
Moving water (a brook, stream, river or watercourse) -Riparian owners owns the land to the midpoint of the river or stream. If it a navigable waterway, then the owner only owns the land up to the waters edge. *Real Property |
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Fixtures - M.A.R.I.A |
Something incorporated into real property. M-Method of Attachment or Annexation A-Agreement between parties R-Relationship of parties I-Intention of the parties A-and/or Adaptability of the object Ex: Swimming pools, load bearing walls) |
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Appurtenances |
Things used with the land for its benefit. They run with the land. Stock in a mutual water company is appurtenant to the land. *Is considered Real Property |
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Personal Property |
-Generally movable Ex: Leases, trade fixtures, business opportunities, and most mobile-homes. -Most personal property is transferred with bill of sale. |
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Severance |
The act of moving something attached to the land. It changes the status from real property to personal property. |
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Encumbrances |
Burdens on property, including money burdens Ex: Liens, trust deeds, mortgage, taxes, judgments) -Buyers commonly purchase encumbered property -Homestead is not an encumbrance |
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Money Encumbrances (Liens) |
Are placed against the property either voluntarily or involuntarily. -A lien is a charge against property |
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Types of Liens |
Specific Liens- burdens a particular parcel (mechanic lien, trust deed, mortgage, attachment, property tax, lis purdens) General Lien- burdens on any and all real property of the owner in the county where they are recorded (judgement lien & income tax lien) |
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Voluntary Lien |
Mortgages and trust deeds |
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Involuntary Liens |
-Mechanics Lien -Lis Pendens -Attachment Lien -Judgement Lien |
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Lis Pendens |
Notice of pending litigation concerning title or possession of real property. All must be recorded. -It clouds the titles pending outcome of lawsuit. -Lis Penden is effective as long as litigation is pending. |
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Attachment Lien |
Legally holds real property to ensure it will be available to satisfy a judgement lawsuit. |
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Mechanics Lien |
When they weren't paid for their work. -Limited period of time in which to file. -Has 90 days to file. |
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Judgement Lien |
Court ordered general involuntary lien upon real property of the debtor located in the county of redecoration. -Valid for 10 years. -The court orders the sale of the property by a sheriff's sale to satisfy judgement with a writ of execution |
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Non-Money Encumbrances |
Include: Easements, Encroachments and Restrictions) Affect the physical condition or use of the property. Do not include liens. |
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Easement |
The right to enter or use another persons land within definable limits. -It may be created for any length of time and it is irrevocable during the time limit specified. *All easements are real property |
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Dominant Tenement |
The land that gets the benefit of the easement |
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Servient Tenement |
The land that is crossed by an easement, the land is encumbered (burden) by the easement. Every easement must have a servient tenement. |
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Appurtenant Easement |
Benefits the land of the dominant tenement. A buyer of a dominant tenement automatically receives the easement and has the same easement rights as the seller. -The dominant and servant tenements of an appurtenant easement need not abut touch each other. |
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Easement in Gross |
-Benefits a person or corporation (like a utility easement for power lines). -An easement in gross will involve at least one parcel of land. |
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Enroachment |
-Wrongful placement of an improvement on the property of another, a type of trespass. -An owner is allowed 3 years in which to sue his neighbor to have encroachment removed. |
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Restrictions |
-Restrict the free use of land by an owner. -All restrictions are either private or public. |
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Private Restrictions |
-Created by the grantor or developer in a deed or by written agreement (CC&R's). -Private restrictions do not include zoning laws. |
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CC&R's |
-Covenants -Conditions -Restrictions =usually placed in a "declaration of restrictions" created by a developer to restrict land use in subdivisions. |
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Injuction |
A court order saying "Stop That" |
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Covenant |
A promise to either to do or not to do a certain thing. A breach of a covenant merely results in in a court action for damages or an injuction |
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Condition |
-Is a qualification of an estate held by a grantee. -A breach of condition affects the estate created. -Failure to comply may result in forfeiture of title. The remedy for the breach of condition is to be MORE serious that a breach of covenant. |
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Public Restrictions |
-Zoning Laws -are justified for safety, health and general welfare of the public. -Retroactive zoning laws are illegal. -"grandfather clause" allows an owner to continue to use structures which do not conform to new zoning laws a "nonconforming use" |
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Variance |
The owner must show that unique circumstances exist which do not injure the public. |
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Downzoning |
changing zoning from a high density use to a lower density use. Ex: when a city changes from zoning C-1 or R-3 to R-1 the property is downsized. No compensation is paid when down zoning lowers value of the property. |
