© 2010 by Cengage Learning Chapter 2 ________________ Nature and Description of Real Estate

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Text of © 2010 by Cengage Learning Chapter 2 ________________ Nature and Description of Real Estate

  • Slide 1
  • 2010 by Cengage Learning Chapter 2 ________________ Nature and Description of Real Estate
  • Slide 2
  • 2010 by Cengage Learning Improvements Fixtures Manner of Attachment adaptation of object existence of an agreement relationship of the parties Appurtenances Land
  • Slide 3
  • 2010 by Cengage Learning Real Estates Dimensions Land includes the surface of the earth, the sky above, and everything to the center of the earth.
  • Slide 4
  • 2010 by Cengage Learning Water Rights Riparian Right Doctrine of Capture Percolating Water
  • Slide 5
  • 2010 by Cengage Learning Land Descriptions Metes & Bounds Rectangular Survey System Recorded Plat Reference to Documents other than Maps Informal Reference - address Assessors Parcel Number
  • Slide 6
  • 2010 by Cengage Learning Describing Land by Metes and Bounds
  • Slide 7
  • 2010 by Cengage Learning Moving in a clockwise direction from the point of beginning, set the center of a circle compass on each corner of the parcel to find the direction of travel to the next corner. Naming Directions for a Metes and Bounds Survey
  • Slide 8
  • 2010 by Cengage Learning The public land survey system of the United States Parallels and Meridians
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  • 2010 by Cengage Learning Township Divided into Sections
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  • 2010 by Cengage Learning One Section (640 Acres) Subdivided
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  • 2010 by Cengage Learning Land Description by Recorded Plat
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  • 2010 by Cengage Learning Lot Types
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  • 2010 by Cengage Learning Assessors Map The tax assessor assigns every parcel of land in the county its own parcel number. For example, the westernmost parcel (lot 50) in the map would carry the number 34-18-8, meaning Book 34, Page 18, Parcel 8.
  • Slide 14
  • 2010 by Cengage Learning Physical Characteristics of Land Immobility Indestructibility Nonhomogeneity
  • Slide 15
  • 2010 by Cengage Learning Scarcity Modification Fixity Situs Economic Characteristics of Land
  • Slide 16
  • 2010 by Cengage Learning Key Terms Fixtures Improvements Meridians Metes & Bounds Monument Personal property Real Estate Recorded Plat Riparian Rights