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