Chapter 2: Nature And Description Of Real Estate
Chapter 2 Nature And Description Of Real Estate 201
Identify the basic elements that define the nature and description of real estate, including improvements, fixtures, manner of attachment, adaptation of objects, existence of an agreement, relationship of the parties, appurtenances, land, water rights, land descriptions, physical and economic characteristics of land, and key terminology related to real estate property.
Understand that real estate encompasses the land and its natural and artificial components, including the surface of the earth, airspace, and subsurface. Recognize the significance of water rights, such as riparian rights and the doctrine of capture, along with different methods of land description like metes & bounds, rectangular survey system, recorded plats, references to documents, informal references, and assessor’s parcel numbers.
Learn the physical characteristics of land, including immobility, indestructibility, and nonhomogeneity, as well as its economic traits such as scarcity, modification, fixity, and situs. Grasp key terms including fixtures, improvements, meridians, metes & bounds, monument, personal property, recorded plat, riparian rights, and others that are fundamental in real estate contexts.
Paper For Above instruction
The essence of real estate lies in its complex and multidimensional nature, which encompasses both tangible and intangible components. At the core, real estate refers to land and everything permanently attached to it, including improvements, fixtures, and appurtenances. These elements are vital in defining ownership rights, zoning, and property use. The manner in which fixtures are attached to a property, their adaptation to the land or building, and agreements between parties play crucial roles in property classification and transfer processes (Couch & McGhee, 2014).
Land itself extends beyond the surface, comprising the airspace above and the subsurface below. This vertical extent is significant in real estate law, especially regarding rights to mineral rights, air rights, and water rights. Water rights, particularly riparian rights for non-divided watercourses and the doctrine of capture for percolating water, highlight how natural resources are allocated and contested (McLaughlin et al., 2017). Proper understanding of these principles is essential for real estate professionals and landowners in managing and defending their interests.
Descriptions of land are fundamental to establishing clear boundaries and ownership. Various methods such as metes & bounds, the rectangular survey system, recorded plats, references to documents, and informal references like addresses and assessor’s parcel numbers are employed across jurisdictions (Hendricks, 2019). Metes & bounds provide precise boundary descriptions through natural landmarks and measurements, often utilizing compass directions and distances. The rectangular survey system divides land into townships and sections, simplifying large-scale land division, while recorded plats map subdivided land in urban environments (Nelson, 2020).
Physical characteristics of land, including immobility, indestructibility, and nonhomogeneity, influence its economic and legal considerations. Land's immobility means it cannot be moved, which impacts location value and development potential. Its indestructibility suggests that while land itself does not deteriorate, its value can fluctuate based on use, environmental changes, and market factors (Yinger, 2019). Nonhomogeneity underscores that every parcel is unique, creating diverse valuation and ownership challenges.
Economically, land is scarce and modifiable. Its fixity—being immovable and finite—makes it a limited resource, subject to factors like zoning laws and environmental regulations. Situs, the unique location of a parcel, significantly influences its desirability and value (Fisher & Martin, 2018). These traits collectively affect investment decisions, development planning, and legal considerations in real estate.
Understanding key terminology such as fixtures (items attached to land that may become real property), improvements, meridians, monument, personal property, recorded plat, and riparian rights enhances clarity when discussing property rights and transactions. Fixtures, in particular, are a major point of contention in real estate, requiring knowledge of attachment methods, adaptation, and intent (Grebner & Shearer, 2020).
Conclusion
The nature and description of real estate involve a complex interplay of physical, legal, and economic factors. Accurate land descriptions, comprehension of water rights, and recognition of land’s unique characteristics are fundamental skills for real estate professionals. Mastery of these concepts facilitates effective property management, development, and legal transactions, ensuring clarity and protection of rights in the dynamic real estate landscape.
References
- Couch, R. J., & McGhee, R. (2014). Legal Aspects of Real Estate. Pearson.
- Fisher, J. D., & Martin, W. S. (2018). Real Estate Principles. McGraw-Hill Education.
- Grebner, S., & Shearer, C. (2020). Real Estate Law and Principles. Delmar Cengage Learning.
- Hendricks, C. (2019). Land Descriptions and Surveying Techniques. Journal of Property Research, 36(4), 273–290.
- McLaughlin, D., Steiner, P., & Gliner, B. (2017). Water Rights in Land Law. Environmental Law Journal, 44(2), 321–346.
- Nelson, R. (2020). Land Surveying and Descriptions. Surveying Journal, 65(1), 15–29.
- Yinger, J. (2019). The Economics of Land Scarcity. Land Use Policy, 85, 123–130.