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Chapter 2 ________________ Nature and Description of Real Estate

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

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Chapter 2 ________________ Nature and Description of Real Estate

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  1. Chapter 2________________ Nature and Description of Real Estate

  2. Land • Improvements • Fixtures • Manner of Attachment • adaptation of object • existence of an agreement • relationship of the parties • Appurtenances

  3. Real Estate’s Dimensions Land includes the surface of the earth, the sky above, and everything to the center of the earth.

  4. Water Rights • Riparian Right • Doctrine of Capture • Percolating Water

  5. Land Descriptions • Metes & Bounds • Rectangular Survey System • Recorded Plat • Reference to Documents other than Maps • Informal Reference - address • Assessor’s Parcel Number

  6. Describing Land by Metes and Bounds

  7. Naming Directions for a Metes and Bounds Survey 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.

  8. Parallels and Meridians The public land survey system of the United States

  9. Township Divided into Sections

  10. One Section (640 Acres) Subdivided

  11. Land Description by Recorded Plat

  12. Lot Types

  13. 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.

  14. Physical Characteristics of Land • Immobility • Indestructibility • Nonhomogeneity

  15. Economic Characteristics of Land • Scarcity • Modification • Fixity • Situs

  16. Key Terms • Fixtures • Improvements • Meridians • Metes & Bounds • Monument • Personal property • Real Estate • Recorded Plat • Riparian Rights

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