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PROPERTY OWNERSHIP (REAL PROPERTY (PROPERTY DESCRIPTIONS (METES &…
PROPERTY OWNERSHIP
PERSONAL PROPERTY
Goods and intangible interests
TRADE Fixtures
Necessary to a tenant's trade or business
Installing a car lift, can remove when leave
Replacing any item would be considered property of the landlord
Fructus Industriales
- Fruits and crops of labor even after a lease expires are property of farmer.
REAL PROPERTY
LAND AND IMPROVEMENTS
Real Estate-
Physical Land Characteristics
Uniqueness
Immobility
Indestructibility
Economical Land Characteristics
Scarcity
Assemblage
Area Preference /Situs
Improvements
Investments
FIXTURES
FENCES, TRESS, BUILDINGS, ANYTHING AFFIXED TO THE WALLS.
CAN BE REMOVED MY MARIA - Method of attachment, Adaptation, Agreement, Relationship of Parties
FRUCTUS NATURALES
PERMANENT PLANTINGS (FLOWERS, TREES, BUSHES)
Bundle of Legal Rights
-Posses
-Control
-Enjoy
-Exclude
-Encumber
-Dispose
Water Rights
Littoral - Lake(Non moving water)
Riparian - Rivers rights (moving water)
Uses of Real Property:
Zoning
Deed Restrictions
Residential, Commercial, Industrial, Agriculture, Recreational, Specific (churches, hospital, colleges, cemeteries) and public (state, federal, municipal land)
PROPERTY DESCRIPTIONS
METES & BOUNDS - used for irregularly shaped land
Metes --measured in inches, feet, yards, and miles
Bounds --artificial monuments (iron pipes, highways, road intersections and natural monuments (lake, boulders, trees)
Compass angles
GOVT SURVEY - large tracts of land
uses imaginary lines running north/south & east/west
Large Parcel
Principal Meridians...North/South
Base Lines - East/West
Rectangles.. Checks (24 miles) , Townships (6 miles within a check) and sections (640 acres) or 1 sq mile in township.
Section 16 is for schools in any Township
LOT, BLOCK, & SUBDIVISION (PLAT) - subdivision plats, blocks and lots...most homes are described like this
**GEODETIC SURVEYS
- mostly mountains and elevations**
uses monuments or benchmarks
datum markers using baselines for horiz & vert measures
TYPES OF OWNERSHIP
ESTATES
(INTEREST)
FREEHOLD ESTATE
FEE ESTATES (FEE SIMPLE)
HIGHEST AND MOST UNRESTRICTED OWNERSHIP INTEREST
Fee simple determinable--
special limitation and may end if there is noncompliance (so long as or while
)
LIFE ESTATES
LIFE TENANT
holds estate for duration of own life
must maintain
-must pay tax or mort fees
-may not encumber property beyond duration of his life
PUR AUTRE VIE
life estate based on the life of another person.
FUTURE ESTATES
REMAINDER ESTATE
-remainderman
estate (interest that arises
after an existing estate terminates
EX: life estate that is goes to another party after death.
REVERSION ESTATE
remaining estate that returns or reverts to the grantor (seller)
ex: life estate with no remainderman
NON FREEHOLD ESTATES
(LEASEHOLD ESTATES)
ONLY CONVEYS RIGHT OF POSSESSION W/O RIGHT OF OWNERSHIP
LEASES
- TRANSFERS RIGHT OF EXCLUSIVE USE & POSSESSION FOR A SPECIFIC PERIOD OF TIME FROM LESSOR (LANDLORD) TO LESSEE (TENANT)
CONTRACTS
MAY BE WRITTEN OR ORAL (IF 1 YR OR LESS)
ESTATE FOR YEARS
:check: TENANCY FOR YEARS - DEFINITE beginning and ending date
does not automatically renew
EX: 1 week, 1 day, 10 years.
ESTATE FROM YEAR TO YEAR (PERIODIC
) :explode:
SPECIFIED TIME PERIOD AND AUTOMATICALLY RENEWS UNLESS EITHER PARTY TERMINATES IT
-REQUIRES TERMINATION
ESTATE AT WILL
:
TENANCY AT WILL
/ NO DEFINITE TIME
ESTATE AT SUFFERANCE
: TENANT OCCUPIES REAL ESTATE AFTER LAWFUL RIGHTS HAVE EXPIRED
-SQUATTERS/ HOLDEROVER TENANT
STATUTORY ESTATE
DOWER AND CURTESY
DOWER: WIFE receives limited inheritence in wife's property.
-CURTESY: husband recieves limited inheritance in wife's property.
Community Property
EACH SPOUSE has an EQUAL interest in property acquired by efforts of either spouse during the marriage. (only certain number of states do this)
HOMESTEAD
STATE LAWS GUARANTEES THAT ARE intended to protect surviving spouses of homeownersfrom real estate taxes, creditors, and other
TRANSFER OF TITLE
TITLE INSURANCE
TITLE
MARKETABLE TITLE
TITLE THAT IS FREE FROM SIGNIFICANT TITLE DEFECTS.
EQUITABLE TITLE
:warning: THE RIGHT TO RECEIVE LEGAL TITLE AFTER COMPLETING SPECIFIED PERFORMANCE (PAYMENT IN FULL OF MORTGAGE)
TITLE
STATUS OF OWNING ALL 6 BUNDLE OF PROPERTY OWNERSHIP RIGHTS - DEEEP C
DEEDS
PHYSICAL EVIDENCE OF OWNERSHIP
USED TO CONVEY TITLE TO LAND
EVIDENCE THAT ONE HOLDS TITLE TO PROPERTY
RECORDING A DEED
DEED IS VALID EVEN IF IT IS NOT RECORDED
-- UN RECORDED DEED OFFERS LITTLE PROTECTION AGAINST 3RD PARTY CLAIMS OF OWNERSHIP
Types of DEEDS
GENERAL WARRANTY DEEDS
--
OFFERS THE BEST PROTECTION FOR A BUYER/GRANTEE
--GRANTOR/SELLER MAKES ONE OR MORE PROMISES ABOUT THE STATUS OF THE TITLE
SEISAN
- ASSURANCE/PROMISE MADE OF OWNERSHIP AND
CAN CONVEY.
QUIET ENJOYMENT
- (ensures against claims from 3rd parties) PROMISE THAT GRANTEE SHALL ENJOY POSSESSION OF THE PROPERTY IN PEACE &
WITHOUT DISTURBANCE BY
HOSTILE CLAIMANTS.
AGAINST ENCUMBRANCES
-- NO ENCUMBRANCES against property
FURTHER ASSURANCES
-- PROMISE for FUTURE to guarantee perfect title of the grantee
WARRANTY FOREVER
-- PROMISE FORVER ASSURES THE GRANTEE POSSESSION & CONTINUANCE OF TITLE
BARGAIN AND SALE DEEDS
-- DEED W/O NO PROMISES BY THE SELLER/GRANTOR ABOUT THE STATUS OF A TITLE.
--GRANTOR HAS AN INTEREST TO TRANSFER
SPECIAL WARRANTY DEEDS
--WARRANTS/GUARANTEE TITLE (remise, alienate, & convey) ONLY against defects during his ownership & not against previous defects in title
QUITCLAIM DEEDS
-- GRANTOR MAKES NO PROMISES ABOUT THE TITLE
-- GRANTOR(SELLER) DOES NOT WARRANTY, PROMISE, OR DEFEND THE TITLE IN ANY WAY.
-- WORSE DEED FOR A BUYER.
-- USED TO CLEAR CLOUDS OR RELEASE CLAIMS AGAINST TITLE
EXECUTION OF A DEED
GRANTOR/SELLER & GRANTEE/BUYER ID'd and both competent.
--GRANTOR MUST sign the deed --BUT GRANTEE DOES NOT Need to sign the deed.
DELIVERY AND ACCEPTANCE
AFTER ALL OTHER ELEMENTS HAVE BEEN SATISFIED, TITLE PASSES AFTER THE DEED HAS BEEN DELIVERED & ACCEPTED.
ESCROW OR CLOSING
STANDARD TITLE INSURANCE PROTECTS AGAINST
UNRECORDED RIGHTS OF PERSONS IN POSSESSION