Section 2: Land, Real Property, Real Estate

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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


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