Classes Of Property

published by yre_admin on 10. February 2012 - 21:18

Hereditament – All property, both real and personal, that can be owned and subsequently inherited.
Surface Rights – Land (earth’s surface) including all vegetation.
Subsurface Rights – Land going down to the center of the earth including the water and minerals.
Air Rights – Land going upward to infinity above.
Real Estate – Land plus all human-made improvements permanently attached to the land, such as fences, wells, buildings.
Real Property – Land plus improvement plus ownership rights.
Fixture – An item of personal property or a chattel that is permanently attached to real estate, which becomes real property.
Appurtenances – Fixtures that remain with the property when ownership transfers to a new owner. Also includes easements, rights-of-way, or water rights.
Trade Fixture – A business fixture installed by a commercial tenant to be used in the business for which the space has been leased. Remain property of the tenant and may be removed prior to end of lease. Tenant is responsible for repair of damage caused by removal.
Questions to Determine Fixture
- How is the item attached?
- Have the improvements been modified to accommodate the item?
- What was the intent of the attachor?
- Is there a contractual agreement that defines the item as a fixture or as a chattel?

YancyRE