Chapter 5- what is real estate ?

Bill of Sale

A written instrument given to pass title of personal property from vendor to vendee.

deeds

A written instrument that , when executed and delivered, conveys title to or an interest in real estate.

Fixture

An item that was once personal property but has been affixed to land or building.

real estate

Earths surface extended downward to the center of the earth, and upward into space. Including all things permanently attached by nature or by people

Riparian rights

Land bordered or traversed by a stream or waterway — river, stream.

Water rights

Littoral rights and riparian rights , erosion, accretion , alluvion , avulsion, reliction

improvement

Manmade improvements - includes both buildings erected on the land and streets, utilities, sewers and other manufactured additions to the property.

Personal Property

Movables, which are not annexed to or part of, the land; also referred to as chattels.

Mineral rights

Natural resources lying below the earths surface — may be owned separately.

Trade Fixtures

Personal property used in a business and can be removed by the lessee when the lease terminates.

Front Foot

Refers to the length of a parcel facing a street, pricing in bodies of water.

Bundle of Rights

Right of posession , use of property in a legal manner, enjoyment , exclusjon - keep ppl off, disposition - allienate , sell

Alluvion (Alluvium)

Soil deposited by accretion; increase of earth on a shore or bank of a river.

Parcel

Specific tract of land - can be of any size but has legally defined boundaries

Real estate bundle of rights

Subsurface rights, air, mineral , water ,

Land

Surface of the earth, including water and anything attached by nature - trees, bushes. Includes minerals and substance below the earths surface. Airspace above the earths surface.

Relicition

The creation of dry land by the gradual withdrawal of water from the land by lowering Its surface level

Avulsion

The property line would not move, would remain where it had always been- if the stream of water were to suddenly change its course

Air rights

The rights to use the air above the land may be sold or leased independently of the land itself. Over 500 feet is owned by FAA — must purchase land for the air above it

vegetation

all the plants and trees in an area

Chattel

an item of personal, movable property; slave

accretion

growth in size or increase in amount in land

Real Property

land and anything attached to it

Littoral Rights

land bordering bodies of water affected by tides — large lake or large body of water

Erosions

the process of eroding or being eroded by wind, water, or other natural agents. — loss of property