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Property

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Personal Property – Chattels Real

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Personal Property • Mobility • Also known as Chattels Personal

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Personal Property Ownership is transferred by a Bill of Sale.

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Real Property

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The Earth’s surface… …everything beneath the surface… …and the air above.

Land

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•  Immovable

•  Trees and buildings are Appurtenances

Real Property or Real Estate

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Things that are permanently attached to the land are called Tenements.

Attachments

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Man made

Artificial Attachments - Improvements

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Trees, shrubbery and perennial plants are real property.

Fructus Naturales

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Crops that are planted annually are personal property.

Fructus Industriales or Emblements

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Rights of Real Property Ownership

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Underground water that is not confined to a specific waterway.

Water Rights Percolating Water

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Water Table Level at which underground water is found.

Water Rights – Potable Water

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Right to use water when the property adjoins a non-navigable river or stream.

Riparian Rights

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Property owner owns to the center of the river or stream

Riparian Rights

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Allows owner only a reasonable share of water during times of short supply.

Correlative Rights

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Prior Appropriation Right to use is secured by a permit.

In periods of drought earlier permits have priority.

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Littoral Rights

Right to use and enjoy water when property adjoins a large lake or ocean.

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Littoral Rights Lake - property line stops at the high water mark.

Ocean - property line stops at the high tide mark.

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Mineral Rights

Are real property unless sold separately.

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Severed Mineral Rights Are personal property.

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Individual who acquires mineral rights has an implied right of access to extract minerals.

Severed Mineral Rights

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The Right of Lateral Support

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The Right of Lateral Support

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The Right of Lateral Support

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The Right of Lateral Support

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Allows a well drilled for oil or gas on one property to extract from a pocket of oil or gas extending under adjoining land.

Law of Capture

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All land owners have an equal right to drill for oil or gas.

Law of Capture

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Air Rights

Extend into space above the land to infinity.

May be sold or leased separately from the land.

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Fixtures Personal property that becomes real property.

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Modification

Attachment

Relationship of the parties

Intention of the annexing party

Agreement

Tests for Determining if item is a Fixture

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Modification Has the item or building been modified to fit?

Tests for Determining if item is a Fixture

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Attachment Can the fixture be easily removed?

Tests for Determining if item is a Fixture

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Relationship to the parties What is the relationship of the parties regarding the item?

Tests for Determining if item is a Fixture

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Intention Did the annexing party intend for the item to stay or remain.

Tests for Determining if item is a Fixture

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Agreement What does the contract state?

Tests for Determining if item is a Fixture

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Are Personal Property

Trade Fixtures

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Items attached by a tenant, and used in their trade or business.

Trade Fixtures

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Must be removed by tenant before the end of the lease. Removal must not cause damage to the property or damage must be repaired.

Trade Fixtures

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If they are not removed before the end of the lease the landlord acquires them by Accession.

Trade Fixtures

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Intentions of annexing party Was the intention to make the item permanent?

Tests for Determining if item is a Trade Fixture

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Agreement What was written in the contract?

Tests for Determining if item is a Trade Fixture

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Physical Characteristics of Land

Immobility - Cannot be moved.

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Non-Homogeneity No two parcels are alike.

Physical Characteristics of Land

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Indestructibility Cannot be destroyed.

Physical Characteristics of Land

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Economic Characteristics of Land

Location (Situs) Area preference, weather, schools, shopping.

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Improvements Type and quality of Improvements on one’s land and neighboring lands.

Economic Characteristics of Land

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Fixed Investment Improvements are made with the intent of lasting a long time.

Economic Characteristics of Land

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Fixed Investment Economic Life: return on investment

Economic Characteristics of Land

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Scarcity The less available land where needed, the more valuable the land.

Economic Characteristics of Land

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Legal Descriptions

A method of identifying property to distinguish it from all others.

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Spot Survey Process of locating the exact boundaries, shape, and area, as well as the improvements on the land.

Legal Descriptions

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Plat of Survey Shows location and boundaries of a land parcel and may show subdivided lots.

Legal Descriptions

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Identifies the parcel by describing its boundaries

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Metes are distances and directions

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Bounds are landmarks or monuments

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Trees and rocks are natural monuments

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Stakes, metal pins or concrete markers are artificial monuments

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Roads, walls or fences are artificial monuments

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Use bearings which are compass directions N30º 10’ 45” W S30º 10’ 45” E

Metes and Bounds Legal Description N

S

W E

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

Must have a definite Point of Beginning

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Metes and Bounds Legal Description

All that tract or parcel of land lying and being Land Lot 73 of the 19th District and 2nd Section of Paulding County, Georgia.

To find the TRUE POINT OF BEGINNING begin at the intersection of the northeasterly right-of-way of Georgia Highway 120 Connector (a 100 foot paved right-of-way) and the west land lot line of Land Lot 73, thence run southwesterly along the northerly right-of-way of Georgia Highway 120 Connector a distance of 1235.0 feet to an iron pin and the TRUE POINT OF BEGINNING: Thence run north 13 degrees 46' east a distance of 217.80 feet to an iron pin; thence run north 76 degrees 14' west a distance of 200.00 feet to a point; thence run south 13 degrees 46' west a distance of 217.80 feet to a point; thence run south 76 degrees 14' east a distance of 200.00 feet to the TRUE POINT OF BEGINNING.

The point of beginning is identified by a Benchmark

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Compass Directions

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North-South lines are Principal Meridians

Rectangular Survey N

S

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East-West lines are Baselines

Rectangular Survey

W E

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Township - Six miles on each side

Rectangular Survey

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Section One mile on each side

Rectangular Survey

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Section Has 640 acres

Rectangular Survey

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Land is divided into blocks Blocks are divided into lots.

Recorded Plat (Short Form)

BLOCK A

BLOCK B

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Used for the description of air rights or subsurface rights.

Vertical Land Description

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Datum A point from which height or depth can be measured.

Vertical Land Description

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Topographic / Contour Map showing the shape of the earths surface.

Vertical Land Description