Section 2: Land, Real Property, Real Estate
MARIA
-Method of Annexation -Adaptability of item to Land's use -Relationship of the parties -Intention in placing item on land -Agreement of the parties
Location/Area Preference
A property's value is in large part dependent on its situs (location).
Legal Description
A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.)
Personal Property
All property not classified as real property
Agreement of Parties
If the parties have agreed whether an item will stay or go, this is the simplest and first test.
Physical characteristics that impact land
Immobility, Indestructibility and Uniqueness
Relationship to the Parties
In general, the courts tend to favor a tenant's take on an item over the landlord's and a buyer over a seller.
Method of Annexation
Item is attached to the property and permanent is the attachment
Real Property
Land and everything permanently attached to it/ land, tenements, and hereditaments
Indestructibility
Land itself cannot be destroyed
Improvements
Man's additions to the land such as buildings and landscaping.
Survey
On-site measurement of the lot lines and dimensions of a property, including the location of any improvements, encroachments, an/or easements of public record
Uniqueness
One parcel (piece of land) will not be exactly like another. This is the concept of nonhomogeneity.
Adaptation of Item to Land
Related to how the item is situated or adapted to the real property
Control
Right to determine how the property will be used owner or by OTHERS
Disposition
Right to dispose (sale, lien, easement, lease, etc.) any interest in the property
Economic characteristics that impact the Value of Land
Scarcity, Improvements, Permanence of Investments, Location of area preference
Permanence of Investment
The capital and labor used to build an improvement represent a large fixed investment
Immobility
The geographic location of a piece of land is fixed; it can never be changed.
Possession
The right to occupy the property
Exclusion
The right to refuse others entry to, or use of, the property
Enjoyment
The right to use the property in any legal way the owner desires
Bill of Sale
a document of conveyance which provides written evidence of one's title to tangible personal property (Appliances, or removable fixtures)
Real Estate
land and anything that is attached to it
Trade Fixtures
removable personal property that a tenant attaches to leased land for business purposes
Intention in Placing Item on Land
the party who installed the item is regarded as the most important consideration in determining whether the item should stay or go
