anything that is NOT realty (Land)

Also known as chattel

Transferred by a bill of sale

Emblement

Land, real estate and real property

Transferred by a deed

From the core of the earth upward in the shape of a cone including subsurface, surface and airspace into infinity.

Including Fructus naturales (what grows naturally)

Land including:

Improvements or fixtures

Tangible or corporeal appurtenances

Fructus industriales (crops planted by humans)

Emblements (fruit from the annual crops)

Land and real estate including

intangible or incorporeal appurtenances known as

The Bundle of Rights

1.Possession

2.Control

3.Enjoyment

4.Exclude

5.Disposal

Transfer must be in writing to be valid

Recorded to give constructive notice to the world, but not required

Transfer of deed takes place only if the grantee accepts the deed

• Used in most states outside of the far West

• Considered the best deed

• Warrants seisen (grantor is the owner)

• Warrants against encumbrances unless stated

• Warrants enjoyment now and foreve

• Usually only transfers one’s interest on to or off of ownership of realty

• Considered least protective deed

• Used in the Far West U.S.

• Transfers title only to trustee

• Buyer retains ownership right of occupancy and bundle of rights

• Deed given by the court to effect the sale of property following a foreclosure in certain states or the outcome of a court hearing

• Less than general warranty deed

• More warranties than a quitclaim deed

• The word before or after deed gives the promise the deed warrants

• Should have title insurance

• Insurance policy protecting insured from financial loss caused by defect in title to real property

• California Land Title Association

• protects the grantee

• American Land Title Association

• protects the mortgagee or beneficiary

• Original conveyance of title from the government to an individual

• Beginning of ownership of realty by an individual

• Lists all the activity of title since the root of title

• Lists all grantors and grantees of the realty since the patent

• Any claim that may impair title

• An incomplete history in the chain of title

• A court order closing a gap or cloud in the chain of title

• Land contract

• Vendee

• In the deed

• Private citizen giving realty to the government

• Government giving realty back to the private citizen

• Person transferring realty, not necessarily the seller

• Person receiving realty, not necessarily the buyer

• Defines extent of estate granted, whether it be fee simple or some lesser
  interest

• States how grantee on deed holds title i.e. joint tenants, tenancy in common, etc.

• Money or other valuable things

• Defines any exceptions or restrictions on deed such as mortgage, lien,
  easement, etc.

Actual location of property described by:

• Lots and blocks or Rectangular (Governmental) Survey System

• Metes and bounds

• GRANTOR’S SIGNATURE

• Applies to river or stream rights

• Own to middle of river if you can’t navigate river

• Applies to lake or ocean rights
• Own to high water mark

• Government to administer the right of water within that state

• Right of tenant to use wood of owner in a lease situation for needs only

• Regarded as personal property

• The fruit of the crop

• Lessor or life estate holder fails to keep realty in the same condition they received

• Turning realty into Personal Property

• The basis of real property law whereby individuals can hold clear title to real property and have full ownership of rights - however, you must use it or lose it

• Acquisition of property by continuous, actual, open, and notorious use of the land of another without their permission for a specific period of time

• Combining successive periods of continuous use or occupation of real property to establish adverse possession or a prescriptive easement

• Privilege to be on someone’s property

• Can be canceled by licensor (owner) at anytime

• Privilege attaches to the person, not the realty

• Illegal physical extension on another’s property, such as a wall or fence

• Anything that affects value of realty including a lien

• An object that was once personal property and has been attached to realty in a permanent way

• A business related article installed by a tenant under terms of a lease and removable by tenant before lease expires, failure to do so, gives lessor ownership, called accession

• Visible value of realty, something you can touch e.g. a house

• Invisible value of realty, more of a right; something you can’t touch

• e.g. water or sun rights

• A horizontal plane from which heights above or below sea level are measured with original datum in New York City harbor

• Permanent metal plates throughout cities in U.S. to derive elevation heights

• A dormant spouse’s right in realty while both are alive in a non-community property state

• Addition of soil and rock

• An addition of land by receding water

FEE SIMPLE ABSOLUTE

• The highest, best form of ownership - can do everything except government restrictions

• Condition Subsequent

1. Condition Precedent
2. Condition Precedent

•    Characterized by the phrase “so long as”
• Continues until an event should or should not occur
• If the event occurs contrary to stated, the estate is lost
• Sometimes referred to as Base, Qualified, or Defeasible

• two (2) types – cannot will

REVERSIONARY INTEREST

• Grantor or heirs get realty back when grantee dies

PUR AUTRE VIE REVERSIONARY INTEREST

• Grantor or heirs get realty back if party named other than grantee dies

REMAINDER INTEREST

• When the grantee dies, the third party named receives a fee absolute or defeasible estate

PUR AUTRE VIE REMAINDER INTEREST

• When the person other than the grantee dies, the third party named other than the grantor gets a fee absolute or defeasible estate

DOWER

• Wife’s right to realty in a non-community property state

CURTESY

• Husband’s right to realty in a non-community property state

HOMESTEAD

• An owner of realty who is an owner occupant is protected from involuntary debts in some states

• POLICE POWERS

• ESCHEAT

• TAXATION

• EMINENT DOMAIN

• Zoning ordinances

• Agricultural, residential, commercial and industrial

• Used to pay for improvements

• Charged by amount of front footage of property owned by the individuals next to the improvement

• Property rezoned for greater use

• e.g. residential to commercial

• Property rezoned to a lesser use
• e.g. commercial to residential

• Right to continue use after change in zoning

• Grandfather clause—creates an exemption from application of a new law due to previously existing circumstances

• Allows a person to use property which is inconsistent with zoning in the area

• An exception or exemption for undue hardship on the current zoning

• Allowing a parcel of realty to be used for a different purpose, however, once use is gone it reverts to original zoning

• Realty reverts to the state if a person dies intestate and has no heirs

• Process of imposing monetary contribution on realty for support of the government and the people

• Constitutionally granted power to consider taking realty for public use

• Just compensation must be given to owner and must be for public good

Two (2) types:

1) ACTUAL CONDEMNATION - Actual taking of private person’s realty

2) INVERSE CONDEMNATION - Realty owner forcing the government to take property left because of government action

• CC& R’s (Conditions, Covenants, and Restrictions) e.g. homeowner’s associations rules on realty

• If government & social restrictions are different, the more severe applies

SEVEN (7) Ways to Take Title of realty:

SEVERALTY

• One person

SEVEN (7) Ways to Take Title of realty:

JOINT TENANTS

• Must be equal interest (2 or more)

• May or may not be married

• Right of survivorship (cannot will)

• Possession, Interest, Title, and Time (PITT); has to occur simultaneously

• Can convey title without other owner’s permission

• If only one joint tenant sells, new owner becomes tenant in common with remaining joint tenants