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Chapter 2 ________________ Nature and Description of Real Estate. Land. Improvements Fixtures Manner of Attachment adaptation of object existence of an agreement relationship of the parties Appurtenances. Real Estate’s Dimensions. Land includes the surface - PowerPoint PPT Presentation
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© 2010 by Cengage Learning
Chapter 2________________ Nature and Description of Real Estate
© 2010 by Cengage Learning
ImprovementsFixturesManner of Attachment
adaptation of objectexistence of an agreement relationship of the parties
Appurtenances
Land
© 2010 by Cengage Learning
Real Estate’s Dimensions
Land includes the surface of the earth, the sky above, and everything to the center of the earth.
© 2010 by Cengage Learning
Water RightsRiparian RightDoctrine of CapturePercolating Water
© 2010 by Cengage Learning
Land DescriptionsMetes & BoundsRectangular Survey SystemRecorded PlatReference to Documents other than
MapsInformal Reference - addressAssessor’s Parcel Number
© 2010 by Cengage Learning
Describing Land by Metes and Bounds
© 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
© 2010 by Cengage Learning
The public land survey system of the United States
Parallels and Meridians
© 2010 by Cengage Learning
Township Divided into Sections
© 2010 by Cengage Learning
One Section (640 Acres) Subdivided
© 2010 by Cengage Learning
Land Description by Recorded Plat
© 2010 by Cengage Learning Lot Types
© 2010 by Cengage Learning
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.
© 2010 by Cengage Learning
Physical Characteristics of Land ImmobilityIndestructibilityNonhomogeneity
© 2010 by Cengage Learning
ScarcityModificationFixitySitus
Economic Characteristics of Land
© 2010 by Cengage Learning
Key TermsFixturesImprovementsMeridiansMetes & BoundsMonument
Personal propertyReal EstateRecorded PlatRiparian Rights