Real Estate All Terms

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Bundle of Rights

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The concept of land ownership, all legal rights such as possession, control & enjoyment

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Real Estate

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Land; A portion of the lands surface extending downwards to the center of the earth and up into space infinitely, including all this permanently attached to it, whether natural or artifical

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Land

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The earths surface, extending downwards to the center of the earth and upwards to space, including things permanently places there by nature such as trees and water

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Real Property

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The interests, benefits and rights inherit to real estate ownership

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Fixture

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Teams of personal property that have been converted into real property by being permanently placed there

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Area of Preference

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Peoples desire for one area over another based on history reputation scenic beauty or location

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Trade Fixtures

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An article installed by a tenant under terms of lease and removable by the tenant before lease expires

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Police Power

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Governments right to impose laws, status, and ordinance including zoning to protect the public health safety and welfare

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Non Conforming

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A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established

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Deed Restrictions

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A clause in the deed limiting the future use of the property may impose vast amounts of limitations. May limit things such as density of builinding, types of structures to be but and using it for specific reasons.

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Condition use permits

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These are special permits which allow people to use the property for things such as a day-care in a residential home

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Variance use permits

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These are special permits which allow relief to people such that if a zoning is changed the person is allowed to continue using their property from the previous zoning

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Building Codes

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A set of ordinances to specify construction such as materials, standards, sanitary equipment, electrical wiring and and fire prevention

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Certificate of occupancy

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This is received when an inspector has seen the building that is being built and has met all standards required by law

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Subdivider

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A person who buys undeveloped acreage and divides it into smaller lots for sale

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Developer

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A person who improves the land bought by a subdivider by building streets and constructing other buildings on the lot. Can also be a subdivider.

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Dedication

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It is a voluntary transfer of private property by its owner to the public for some public use, such as streets, schools or parks

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Plat

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A plat is a detailed map that illustrates the geographic boundaries of individual lots. It shows blocks, sections streets and monuments in prospective subdivision

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Impact fee's

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Are charges made in advance to cover anticipated expenses involving off site capital improvements such as expanding water and sewer facilities

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Density Zoning

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They are zoning ordinances which restrict the average maximum number of houses per acre that may be built

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Restrictive Covents, also known as Covents,conditions, and restrictions CC&R

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These are a declaration of conditions and restrictions that affect the use of all parcels of land within a specified development

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Interstate Land Sales Full Disclosure Act

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This is a law to prevent fraudulent marketing schemes that may arise when land is sold without being seen by the purchaser.

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Comprehensive Plan

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This is not a regular document, but rather a guide to planning for change rather than reacting to proposals. It is typically long term 20+ years

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Zoning Ordinances

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These implement the comparative plan and regulate and control the use of land and structures.

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Buffer Zones

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A buffer zone is typically a strip of land dedicated to one use from land dedicated to another use

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Taking

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Nor shall private property be taken for public use, without just compensation

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Inverse Condemnation

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This is an action brought by a property owner seeking compensation for land taken for public use where it appears that the taker of the property does not intend o bring eminent domain proceedings

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Appurtenance

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This is a right or privilege associated with the property, although not necessarily a part of it.

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Mine Subside

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This is the process of downward land shifts due to the collapse of underground mine shafts

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Coal Mining Notice

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This indicates that a structure on land may not be protected against damage caused by subside, caused by coal mining

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Chattles

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Items of personal property, such as chairs, tables, clothing, one bond and bank accounts

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Emblements

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Annual cultivated crops of fruit veggies and grain, and are generally considered person property

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Fructus Naturales

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Tree's bushes and grasses that do not require annual cultivation

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Fructus Industriales

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Tree's veggies, fruit that are annually cultivated

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Severance

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When an item of real property becomes personal property

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Annexation

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when an item of personal property becomes real property

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Economic characteristics of Real Estate

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Scarcity, Improvemtents, Permannce of Investment, and Area of Preference

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Physical Characteristics of Real Estate

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Immobility, Indestrcutbility, and Uniqueness

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Legal Description

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is a detailed way of describing a parcel of land for documents such as deeds and mortgages

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A Survey

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The process by which boundaries are measured by calculating the dimensions and area to determine the exact location of a piece of land

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Metes & bounds Description of Land

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Oldest type of legal description. This method relies on a properties physical features to determine the boundaries and measurement of the parcel (refer to direction and distance of the property) 23 degree's west

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Lot & Block description of land

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This type of legal description uses lot and block numbers referred to in a plat map, they contain map of town a section. They contain the number, name and subdivision as long as country and state. "Lots 2 & 3 in Block 5 of horse country"

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Rectangular Government Survey

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This type of legal description divides the land is rectangles. Uses principle median. Known for use in townships.

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Principle Median/Base Lines

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Principle medians run north and south, east and west.

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Air Lots

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The air above property to be sold

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Datum

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A point, line or surface from which elevations are measured or indicated.

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Benchmarks

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These are permanent reference points that have been established thoughout the United States. They are usually brass markers set into solid concrete or asphalt.

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How many Square Feet in an Acre

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43,560 sq ft.