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

© 2010 by Cengage Learning

Chapter 2

________________ Nature and Description of Real Estate

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ImprovementsFixturesManner of Attachment

adaptation of objectexistence of an agreement relationship of the parties

Appurtenances

Land


Real Estate’s Dimensions

Land includes the surface of the earth, the sky above, and everything to the center of the earth.


Water RightsRiparian RightDoctrine of CapturePercolating Water


Land DescriptionsMetes & BoundsRectangular Survey SystemRecorded PlatReference to Documents other than

MapsInformal Reference - addressAssessor’s Parcel Number


Describing Land by Metes and Bounds


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


The public land survey system of the United States

Parallels and Meridians


Township Divided into Sections


One Section (640 Acres) Subdivided


Land Description by Recorded Plat


Lot Types


Assessor’s 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.


Physical Characteristics of Land ImmobilityIndestructibilityNonhomogeneity


ScarcityModificationFixitySitus

Economic Characteristics of Land


Key TermsFixtures

Improvements

Meridians

Metes & Bounds

Monument

Personal property

Real Estate

Recorded Plat

Riparian Rights