Real Estate Practive

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Real property is defined as

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The land, everything that is permanently attached to the land and everything that is appurtenant to the land.

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Personal property or Personalty is considered

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To be all property that deos not fit the definition of real property.

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Chattels

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Items of personal property tat include such tangibles as furniture clothing, money, bonds and banck accounts

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Land is defined as

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as the earth's surface extendibg downwar to the enter of the earth and upward to infinity, including things permanently attached by nature.

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Real estate is defined as

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the land and at, above, and below the earth's surface, iincluding all things permanently attached to it whether natural or artificial.

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Physical characteristics

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immobility
indestructibility
uniqueness

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Economic characteristics

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scarcity
location
improvements
permanence of investment

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Uniqueness also known as

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heterogeneity or nonhomogeneity

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The uniqueness of each parcel of land that gives rise to the remedy under

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specific performance

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Improvements on the land are

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house, fencing and so on

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Improvements to the land are

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sidewalks, sewer systems, curbing and so on

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Highest and best concept is used that will give the owners

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the greatest actual return on their investment

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When demand goes up

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Prices go up

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Supply goes down
Supply goes up

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Prices go up
Prices go down

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Factors affecting supply

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Labor force, constuction costs, government controls and monetary or financial policies.

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Factors affecting demand

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population, demographics, employment and wage levels.

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The upward and downward of business activity is called

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business cycles

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Bundle of legal rights gives you the right

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right of possession
right to control the property
right of enjoyment
right of exclusion
right of disposition

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Riparian rights

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are granted to owners of land located along the course of river, stream, or lake. In addition owns the land under the water to the exact center of the waterway.

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Littorial rights

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are granted to owners of land located along the course of an ocean and large navigable lakes that have tides.

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Riperian and Littorial rights are

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appurtenant to the land and cannot be ratained when the property is sold.

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Fructus naturales are

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Trees, perennial bushes, and grasses that do not require annual cultivation and are considered real property.

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Fructus industriales are

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Annual crops, such as wheat, corn vegetables, and fruit also known as emblements and are generally considered real property

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Fixtures

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An item that was once personal property but has been so affixed to the land or building like, readiators, kitchen cabinets, ight fixtures and plumbing fixtures

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Legal test for fixtures

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Intention
Relationship
Method of annexation
Adaptation to real estate

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Trade Fixtures

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An article owned by tenant and attached to a a rented space or building for use in conducting a business is a trade fixture or a chattel fixture. However, the law gives a tenant the right to remove trade fixtures, provided the removal is completed before the term of the lease

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Agricultural fixtures

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In NC agricultural fixtures are considered real property rather than personal property.

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Freehold estates

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are estates of indepterminagle length, such as those existing for a lifetime or forever.

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Fee simple estate

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A holder of an estate in fee simple is entititled to all rights in the property. It is the highest type of interest in real estate recognized by law. It is an estate of inheritance and is always legally transferable, but not always free of emcumbrances.

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Fee simple absolute

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The owner of a this type of state can do whatever he or she wishes with the property as long as the use does not violate public land use regulations, deed restrictions, or the right of others.

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Fee simple defeasible

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Also know as a qualified fee estate, the owner must stay quialified to own the estate by obveying deed restrictions imposed on the estate by a previous owner.

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Fee simple determinable

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It requires that a specific activity or land use continue. In a fee simple determinable estate, the ownhership is held "so long as" or "during the period" the condition or limitation is maintained.

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Conventional life estate

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The owner retains a reverionary interest in the property or names a remainderman that will ultimately receive fee simple absolute title. It's limited to the lifetime of the owner of the life estate.

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Remainder interest

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The grantor names someone other than himself or herself to receive title to the property when the life estate terminates.

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Reversionary interest

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The grantor does not name a reminderman then ownership returns to the grantor when the life estate terminates, the property goes to the grantor's heirs or devisees.

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Dower
(abolished in NC in 1959)

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is the form of legal estate currently used in some estates. Dower is a wife's right to a life estate in her husband's property after his death.

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Curtesy
(abolished in NC in 1959)

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is the husband's right to a life estate in his wife's property after her death.

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Ownership in severalty

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when the title to a real estate is vested in one person or a single entity, such as a partnership, corporation, or limited liability company, that person or entity is said to own the property in severalty. This person or entity is also referred as sole owner.

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Co-Owner

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When the title of one parcel of real estate is vested in two or more person or entities, those parties are said to be co-owners, or concurrent owners, of the property.

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Tenancy in common

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A parcel of real estate owned by two or more people in what is know as tenancy in common. The ownership interest of a tenant in common is an undivided interest.

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Characteristics of tenancy in common

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each owner holds his or her undivided interest in serveralty and can sell, convery, mortgage, or transfer that interest throught the right of partition. On the death of a co-owner, that tenant's undevided interest passes to his or her heirs through provate proceedings.

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Joint tenancy

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Property owned by two or more people. With joint tenancy, the ownership shares are always equal with individed possession. The name of all tenants most appear on the deed.

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Tenancy by entirety

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It's a special from of tenancy in wihci the owners must be husband and wife. each spouse has an equal, undivided interest in the property. each, in essence, owns he entire estate. On the death of one spouse full title automatically passes to the surviving spouse.

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Condominium ownership

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The occupant/owner of each unlit holds a fee simple title to the unit (which is often called title to airspace) and also a specidied share of the invisible parts of the building and land, known as the common elements.

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Condominium ownership commom elements

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The common elements include such items as the land, exterior structure, hallways, elevarors, starways and roof.

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Emcumbrances

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A claim, charge or liabiltiy that attaches to and is binding on real estate

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Liens

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A charge against property that provides security on a debt or an abligation of the property owner.

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Mechanic's lien

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The purpose of the mechanic's lien is to give security to those who perform labor or fursnih material in the improvement of real property.

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A person claiming a mechanic's lien

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must file the lien claim within 120 days after last furnishing the labro or matrerials;the lien takes eddect from the date that person first furnished the labor or materials. The action to enforce a properly filed mechanic's lien must be brought within 180 days after a worker last furnished labor or materials.

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Personal property tax liens

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If tax is unpaid, this tax vecomes ageneral incoluntary lien against all the property owned by the taxpayer and it has priority over any other liens.

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Deed restrictions

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Are encumbrances on ral property. Deed restrictions are private agreements paled in the public record that affect the use of land.

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Easements

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A right to use the land of another for a particular purpose.

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Easement Appurtenant

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An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land.

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Easement Dominant

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The tract that benefits from the easement.

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Easement servient

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The tract over which the easement runs

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Eminent domain

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Is the power of a government or quasi-government entity to take property for a public use, after paying the owner just compensation.

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Encroachments

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An enchroachment arises when and improvement, such as a building, a fence, or a driveway illegally extends beyond the land of its owner and covers some land of adjoining owner, a strret or an alley.

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Riparian Rights

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Are granted to owners of land located along the course of a river, strem or lake. The land it's only owned only to the exact center of the waterway

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Littoral Rights

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Are granted to owners whose land borders oceans, and large navigable waters and it owns the land adjacent to the water only up to the high water mark.

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Fructus Naturales

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Are considered real property. (trees, perennial bushes, and grasses that do not require annnual cultivation.

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Frustucs Industriales

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Annual crops and are emblements. These are personal properties.

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Fixtures

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Are permanent part of the building.

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Trade Fixtures

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Are usually owned and installed by a tennat for his or her use and are the tenant's personal property. They are not included in the sale or mortgate o real property except by special agreement.

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Fee Simple Estate

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A holder of an estate in fee simple is entitled to all right s in the property. It is the highest type of interest in real estate .

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Fee Simple Absolute

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It is used interchangeably with fee simple and fee simple absolute.

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Fee Simple Defeaseable

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This type of estate may be lost or (defeated). The owner must stay qualify to own the estate by obeying deed restrictions placed on the estate by previous owner. Prohibiting certain activities.

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Fee Simple with Condition Subsequent.

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Dictates some action or activity that the new owner must not perform. The former owner retains the reversionary right and can retake possession of property

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Fee Simple Determinable

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Requires that specific activity or land use continue. This ownership is held as long as the condition or limitation is maintained. No lawsuit is required for reversion.

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Life Estate or
Pur Autre Vie

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Ownership is limited indurationthe life of the owner or the life of some other designated person or persons.

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Severalty

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Means sole ownership and the title is held by one owner.

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Co Tenancy

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Means two or more owners.

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Tenancy in Common

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The ownership is of undivided interest. Each owner owns the property in severalty and can sell, convery, mortgae or transfer that interest throught the right of partition.

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Joint Tenancy

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Has the right of survivorship and as each succesive joint tenant dies, the surviving tenant will acquire the interest of the deceased tenant.

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Tenancy by the Entirety

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It's a special form of tenancy in which the owners, muct be husbna and wife. It takes only one to buy and two to sell; and there is not right to partitions.

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Condominium Ownership

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The occupant/owner of each unit holds a fee simple title to the unit which is called the air space. They all share a specified share of common elements.

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Comsumer Protection in NC for Purchase of Brand New Condominium

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Has 7 days right of rescission after the contract has been signed; during this period the buyer can change his/her mind and receive full refund of earnest money.

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Cooperative Ownership

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Under this type of ownership the title of the land is held by a corporation or trust.

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Mechanic's Liens

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Must be filed within 120 days after last funished the labor or materials. The action to enforce it must be brought within 180 days after a worker last furnished labor or materials.

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General Liens

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Are judgements placed against the owner of a property

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Tax Liens

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Are unvoluntary and have priority over any other lien.