Annexation
Process by which personal property becomes real property (i.e. Taking building materials (personal property) and building a house (real property).
Economic Characteristics of Real Property (4)
Appurtenance
Right associated with ownership of a property, usually pertains to using another property. (i.e. right to a parking space by owning a condo).
Property Management
Business of managing another's property for consideration.
Emblements
Annual crops. Considered to be personal property. The fruit of our labor.
Bundle of Legal Rights
Legal rights of ownership:
Fixture
Personal property permanently annexed to real property, such as plumbing and lighting fixtures.
Improvement
Man made additions or alterations to real estate. (i.e. Building a house or site work such as drainage lines.)
Land
Surface of the earth down to the core and air space above, includes trees & water.
Real Property
Land + Improvements + Rights of ownership = Bundle of rights.
Personal Property
All that is not real property or human beings. Generally can be picked up and moved.
Severance
Process by which real property becomes personal property. (i.e. Cutting down a tree.)
Physical Characteristics of Real Property (3)
Subsurface Rights
Rights to the natural resources lying below the earth's surface.
Real Estate
Land, plus all things attached to it, whether natural or artificial.
Trade Fixture
Personal property used in trade attached by tenant. Tenant may remove them prior to lease expiration, but if left, landlord acquires them through accession.