Chapter 28 Real Property

What Is Real Property Land- Includes not only that surface of the earth, but also the airspace above it and whatever is beneath it. Buildings- Structures that are permanently attached to the land Fixtures-Personal Property so closely associated with realty that it becomes part of the real estate.

Annexation-An item’s becoming annexed by permanent attachment to land or a building: it cannot be removed without material damages to the realty. Adaptation-Things that are essential for the purpose for which the rea; estate is used. Test of Intent- A test used by that law to determine whether an item associated with real property is personal or real: this test considers whether persons intended something to become part of the realty. Trade Fixtures-Business appliances attached to rented real property used in a business.

4. Rights in the Real Property of Others License - Temporary right to be on another’s land because the consent. Easement - The right to a specific use of another’s real property even though the other party retains possession. Profit - The right to extract something from someone else’s land.

How is Real Property Acquired? By Deed as Evidence of a Sale of a Gift By Will of by Inheritance By Adverse Possession By Dedication or by Eminent Domain

Deed - Written document used when an individual transfers ownership and other rights to real property. Grantor - Individual who conveys the ownership rights. Grantee - Individual who receives the rights. Quitclaim Deed - Transfers any interest the grantor may have in the real property. Adverse Possession - Occurs when you “adversely” and exclusively possess in an “open and notorious” way the land of another private person “continuously” for a state’s statutory period under claim of right. Easement by Prescription - The acquisition of an easement to interest in land, through uninterrupted adverse use of another’s land without the owner’s consent for a statutory period.

Dedication - Giving of real property to the government. Eminent Domain - The power of the government to take private property for public use if exchange for the fair market price. Condemnation Proceeding - Hearing to determine fair compensation for the owner and acquire ownership for the government. Surveying - Process of carefully measuring the exact boundaries of real property Abstract of title - Condensed history of the ownership of a particular parcel of land. Title insurance - A policy in which the insurance company guarantees, in exchange for a premium, that the title is good.

Mortgage - Written document made out by the mortgagor. Mortgagor - The debtor who makes out the mortgage and allows the mortgagee the right of foreclosure. Mortgagee - Lender who receives the right of foreclosure I the mortgage. Right of Foreclosure - the right to have property that is subject to a mortgage sold to satisfy the debt. Deed trust - handled by the trustee who has the power to cause the sale of the property at a public auction if the debt is not paid as promised. Escrow Agent - A neutral third party in the business of conducting closing. Escrow - Money or papers delivered to a third party to hold until certain conditions are fulfilled. Recording - Makes a document available to the public at the county recorder’s office.

How Do We Buy Real Property? Negotiating the Contract of Sale Surveying the Property Protecting the Title Securing Financing Closing the Transaction Recording the Deed