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