CE Shop Section 2: Real Property Ownership

Bill of sale

A document used to transfer ownership of personal property

Personal property

Belongs to the seller and can be removed

Yes

Can intentions change over time?

Rectangular government survey system

Divides the land surveyed into 6-mile square townships, which are further subdivided

Adapted

Garage door openers, custom curtains, and other built-in features are considered:

Real property

If an item's annexation causes damage to the property, it's considered:

Metes and bounds

In what method of land description are monuments sometimes used?

Monument system

Less common method of land description, but uses permanent land markers as its point of beginning (can be physical, man-made, or natural feature)

Fixture

Part of the real property being conveyed in a real estate transaction and SHOULD STAY

Lot and block

Provides plat references

Agreement

Refers to if the parties have agreed that an item will stay or go

Intention

Refers to the intention of the party who installed the item

Relationship of the parties

Refers to when there is a dispute between the person who added the item and the person who removed it

Method of annexation

Refers to whether the item is attached to the property and how permanent the attachment is

Adaptation

Related to how the item is situated or adapted to the real property

Trade fixtures

Removable personal property that a tenant attaches to leased commercial premises in order to conduct business

It is essential to their business operations, detachable without causing damage, and moved out within a certain time period

Tenants are allowed to remove their trade fixtures when their lease ends and they move out IF:

Metes and bounds

Uses compass headings and directions

Method of annexation, adaptability of item to land's use, relationship of the parties, intention in placing item on land, agreement of the parties

What does MARIA stand for?

Spell out what happens to all trade fixtures once the tenant leaves

What is a critical aspect of a business lease?

Free-standing outdoor fireplace

What is an example of something that can be easily annexed?

A cemented outdoor fireplace

What is an example of something that cannot be easily annexed?

Intention

What is the most important consideration in determining whether an item should stay or go?

Agreement of the parties

What is the simplest and first test for fixture/real property disputes?

If you remove the items before you list the property or if you negotiate them in the contract

When are you entitled to take fixtures?

If the items were on the property when the contract was signed and they weren't negotiated

When are you not entitled to take fixtures?

13 original colonies

Where is the government survey system not used?

Sales contract and bill of sale

Where should it be conveyed if items are staying or going? *2 places*

The tenant or the buyer

Which party does the court tend to rule in favor of in real property/fixture disputes?