North Carolina Real Estate Chapter 2 Vocabulary

Lien

A claim one person has against property of another for some debt or charge which entitles lien holder to have claim satisfied from the debtor

Townhouse

A dwelling unit in a housing complex in which the owner of individual unit own the unit and the land under unit, HOA owns and maintains common areas

Tenancy by the entirety

A form of co-ownership limited to husband and wife with right to survivorship

Tenancy in common

A form of co-ownership that does not include the right to survivorship

Joint Tenancy

A form of co-ownership that includes the right of survivorship

Cooperative

A form of ownership where stockholders occupy property owned by the corporation under a lease

Life Estate

A freehold estate created for duration of a person's life or named person's. A noninheritable estate

Judgement Lien

A general lien resulting from a court decree

Curtesy

A husband's interest in the real property of his wife

Partition

A legal proceeding dividing of property of co-owners so that each holds title in severalty to a specified portion of property

Encumbrance

A lien, claim, charge, or liability attached to and binding upon real property

Prescription

A method of acquiring an easement by continuous and uninterrupted use without permission

Easement

A non possessory right of use in the land of another

Mineral Lease

A non-freehold estate in the area below the surface of land

Easements in Gross

A personal right of use in the land of another without the requirements that the holder of the right own adjoining land

Reversionary Interest

A return of title to the holder of a future interest

Appurtenant Easement

A right of use in adjoining land of another that moves with the title to property benefitting from the easement.

Uniform Commercial Code or UCC

A standardized and comprehensive set of commercial laws regulating security interests in personal property

Encroachment

A trespass on the land of another as a result of an intrusion by some structure or object

Severalty

A type of ownership where one person holds the title to a piece of real property

Dower

A wife's interest of real property of her husband

Hereditament

All corporeal and incorporeal attributes of real estate that can be inherited.

Appurtenance

All rights or privileges that result from ownership of a particular property and that move with the title

Fee Simple Absolute

An inheritable freehold estate in land that is the greatest form of real property ownership

Estate

An interest in the property sufficient to give the owner the right to possession of the property

Time Share

As defined by Article IV of the North Carolina Real Estate Law, the right to occupy one unit or one of several units, for at least five non-consecutive periods, over a span of at least 5 years, whether it is deemed a freehold or leasehold estate.

Marital Life Estates

Created by the exercise of the right of dower, curtesy, or statutory substitute

Intestate Succession

Distribution of property by descent as provided by statute.

Fruits of Industry or Fructus Industriales

Growing things on real estate that require planting each season and cultivation. These are typically considered personal property and not real property.

Fruits of the Soil or Fructus Naturales

Growing things that do not require planting or cultivation but growing naturally and are perennial. They are designed in law as real property as long as they are attached to the soil.

Tenements

Land and all corporeal and incorporeal rights in land

North Carolina Condominium Act

Legislation passed in 1986 that set requirements for sale or resale of condominiums, including disclosure, right to rescind contract for 7 days, special escrow rules, and timely provision of documents

Leasehold Estates

Non-freehold Estate of limited duration and provides the right to possession and control but not the title.

Emblements

Personal property growing in the soil that requires planting and cultivation. Annual crops. Also, the right of former owners to reenter property to cultivate and harvest annual crops that were planted by them.

Fixture

Personal property that has become real property by having been permanently attached to real property

Air Rights

Rights in the air space above the surface of land

Land

Surface of earth, area above and below the surface and everything that is attached naturally

Condemnation

The exercise of the power of eminent domain. The taking of private property for public use by paying just compensation

Declaration of Restrictions

The instrument used to record restrictive covenants on the public record

Foreshore

The land between the high and low watermark

Eminent Domain

The power of government to take private property for public use

Escheats

The power of government to take title to property left by a personal who has died without leaving a will or qualified heirs

Survivorship

The right of co-ownership where co-owners to receive automatically a deceased co-owner's title of property immediately without probate

Lateral Support

The right of land to be supported in its natural state by the adjoining land

Subjacent Support

The right to have ones land supported from below

Profit

The right to participate in the profits of the land of another

Bundle of Rights

The rights of an owner of a freehold estate to possession, quiet enjoyment, dispose of property as a gift; by sale or by will, control of use within laws

Riparian Rights

The rights of an owner of property adjoining a watercourse such as a river, including access to and use of the water

Co-Ownership

Title to real property held by two or more persons(co-owners) at the same time. There are many common forms of co-ownership, including tenancy in common, tenancy by the entirety, and joint tenancy. Also called concurrent ownership

Condominium

a form of ownership of real property in all states consist of individual ownership of aspects and co-ownership of others

Lis Pendens

a pending lawsuit, notice of pending litigation whose outcome potentially will affect title to all or part of a new owner's property

Defeasible Fee

a title that is subject to being lost if certain conditions occur

Nonfreehold Estate

an estate of less than lifetime ownership, i.e rental property

Party wall

common wall used by two adjoining structures

Pur Autre Vie

for the life of another; life estate measured by someone other than the life tenant

Levy

imposition of a tax executing a lien

Freehold Estate

interest in land of at least a lifetime and is therefore generally identified with the concept of title or ownership

Remainderman

one having a future interest in a life estate

Life Tenant

one holding a life estate

Littoral Rights

rights of land owners whose property border an ocean or lake

Police Power

the power of government to regulate the use of real property for the benefit of the public. Hold the responsibility to provide for the health, safety, and welfare of the public

Estovers

the right of a life tenant or lessee to cut timber on the property for fuel or use in making repairs

Alienation

transfer of title to real property