Post on 23-Dec-2015
© 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
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Real Estate’s Dimensions
Land includes the surface of the earth, the sky above, and everything to the center of the earth.
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Water RightsRiparian RightDoctrine of CapturePercolating Water
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Land DescriptionsMetes & BoundsRectangular Survey SystemRecorded PlatReference to Documents other than
MapsInformal Reference - addressAssessor’s Parcel Number
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Describing Land by Metes and Bounds
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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
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The public land survey system of the United States
Parallels and Meridians
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Township Divided into Sections
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One Section (640 Acres) Subdivided
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Land Description by Recorded Plat
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Lot Types
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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.
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Physical Characteristics of Land ImmobilityIndestructibilityNonhomogeneity
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ScarcityModificationFixitySitus
Economic Characteristics of Land
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Key TermsFixtures
Improvements
Meridians
Metes & Bounds
Monument
Personal property
Real Estate
Recorded Plat
Riparian Rights