Chapter 7 - Estates and Interests Flashcards Preview

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Flashcards in Chapter 7 - Estates and Interests Deck (30)
1

Appurtenance

Rights with legal property. Access, air rights, water rights, mineral/subsurface rights. Almost always sold with property, but buyer's attorney will order title and survey to check while contract of sale is being drawn.

2

Beneficiary

Person receiving benefits from a certain act.

3

Bundle of Legal Rights

1. Right of possession - physically occupy land and use in any legal way.
2. Right of quiet enjoyment - possess and use without interference from other people or society.
3. Right of disposition - transfer all or part of rights to others
4. Right of exclusion - stop others from entering or using property.
5. Right of control - physically change or alter property.

4

Chattel

Personal property.

5

Emblements

Fructus naturales, fruits of industry. Anything planted or cultivated annually - traditionally real property but can be removed (personal property). The product (like the apples picked from an apple tree) is personal property.

6

Fee on Condition

Grantor puts condition in deed giving them right of reentry if condition isn't met. Must go to court to reclaim title. Also possible where grantor retains title until condition is met - age, marital status, etc.

7

Fee Simple Estate

Fullest freehold estate - uncertain duration, you own everything. AKA fee title, fee simple absolute.

8

Fixture

Personal property that has been permanently attached to land or improvements - built in bookcases, furnaces, ceiling fans, kitchen appliances. Complicated process of annexation (attachment to land) and severance (removal from land) means it's best to have everything spelled out in listing agreement.

9

Joint Tenancy

Co-ownership. Each co-owner has equal and undivided interest in property and right of survivorship (all four unities). In NY, survivorship must be explicitly stated in the deed.

10

Land

Legally, the surface of the earth, subsurface to the center of the earth, and the air above the land within reasonable limits to permit air travel.

11

Leasehold Estate

Gives holder a temporary but exclusive right to possession and occupancy without conveying title.

12

Life Estate/Life Estate Pur Autre Vie

Freehold estate lasting as long as a specified person ("measuring life") lives. Conventionally, the tenant and measuring life are the same. In Life Estate Pur Autre Vie (another life), they are different. EX: measuring life is grantor's sick relative, tenant/rights are for their caretaker.

13

Littorial Rights

Remember Littoral = Lakes and other stationary bodies of the water as well as those controlled by tides - lakes, oceans, seas.

14

Parcel

Specific pieces of land or lots

15

Partition

Joint tenancy/tenancy in common - individual co-owner can end co-ownership. Co-owners can divide property so each owners a portion in severalty, or one can sue others to divide property or sell all and divide proceeds.

16

Personal Property

Property that is not attached to the land and can be moved.

17

Possessory Interest

Interest giving holder the right to possess and occupy property - either leasehold or freehold estate.

18

Qualified Fee

Grantor puts condition/requirement in deed that terminates estate automatically if condition/requirement isn't met, and title reverts back too grantor or heirs.

19

Real Property

Land, attachments, and the rights associated with the property - air, surface, subsurface/mineral, water.

20

Right of Survivorship

When one owner dies the other co-owners absorb their rights.

21

Riparian Rights

Remember Riparian = Rivers and other flowing water.

22

Severalty

Ownership on one's own, severed from interests of others.

23

Tenancy by the Entirety

Co-ownership. Spouses - fifth unity + other four (possession, title, interest, and time). Assumed with married couples unless specified otherwise.

24

Tenancy in Common

Co-ownership. Requires only unity of possession - two or more owners have undivided interest in entire property, but may be in unequal portions. Interest passes to heirs.

25

Trade Fixture

Equipment and other personal property installed by commercial tenants for business purposes. Remains personal property of tenants.

26

Undivided Interest

In co-onwership, each co-owner has right to possess the whole property, not just a portion of it.

27

Unities of Possession, Interest, Time, and Title

One or more is required for all types of co-ownership.
1) unity of possession - same undivided right to possess the shoe property.
2) unity of interest - equal ownership interests
3) unity of time - all acquired interests at same time
4) unity of title - acquired by the same deed/will

28

Trespassing

Invasion of land by person

29

Encroachment

Invasion of land by object

30

Nuisance

Interferes with quiet enjoyment of property - noise, order, light, unsightliness.