5 Real Estate severance annexation maria uccEstate at sufferance

• Real Estate/ severance/ annexation/ maria/ ucc/Estate at sufferance

Flashcards HomesteadA type of estate that gives the owner special rights in property used as a family home (not valid in all states) bob is married and own a family home, upon bob's death, the state give the property certain protection.Periodic estateAn estate that renews itself automatically at the end of each lease period Leasehold estatesAn estate for a limited time (e.g., renting, leasing) Life estatesOwnership, possession and control for someone's lifetime A life estate property can't be encumbered with a lien or foreclosed upon. The owner must pay taxes, property insurance, and any mortgage payment to prevent this from occurring.Fee simpleAn inheritable estate CurtesyA life estate in a property held by a widower Freehold estatesOwnership for an undetermined length of time; an example is home ownership.remainderman emblementsCultivated crops ucc= Uniform Commercial CodeA set of business laws created in the 1950s that regulates financial contracts dealing with personal propertypersonal property is involved in real estate transactions, either because it's part of the real estate or used in whole or in part as security for a loan. 1950s nine articles dealing with banking and loanUCC standards have been adopted fully by all states except Louisiana, which has only adopted Article 3, relating to negotiable instruments such as checks.The UCC requires security instruments to be documented through a security agreement signed by the borrower. The agreement must include a complete description of the personal property used as collateral Estate at will (a.k.a. tenancy at will)An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.estate for yearsThis is a leasehold of definite duration that terminates automatically and is inheritable, meaning that if either party to the lease (usually the owner or the tenant) dies, the lease is not automatically terminated.Reversionary interestRight of repossession of the property by the owner after the end of the life estate Qualified feeAn inheritable freehold estate that is defeasible (the grantor can terminate the title). For example, a parent could

transfer property to a child as long as the child remained unmarried.

EscheatThe power of the state to claim property when the owner dies without a will and without heirs or creditors draperies RemaindermanThe person receiving title upon the death of the life tenant Fee simple absoluteProvides the most complete form of ownership and bundle of rights in real property chattelpersonal property pur autre vie DowerA life estate in a property held by a widow UCC-1financing statement/only ucc1 must be filed with the recorder of deedsshow up in a title report; t Remainder interestsFee simple present interest in conjunction with receipt of title upon the death of the life tenantpapa convyed 20 acre of land to teddy for life, upon teddy's death, land will be conveyed to local school Personal PropertyMovable fireplace, whether indoor or outdoor. chimney, or movable fire pit700-pound free-standing fountainAbove-ground poolFree-standing hot tubthe house not permanently attachedFree-standing shelvingdog house smaller than tablePotted plantscrops -a Christmas tree farm Estate at sufferance (a.k.a. tenancy at sufferance)Non-lawful possession after the expiration of a leaseThe tenant is known as a hold-over tenant. If a tenant under a lease stays beyond the lease's terms, and the landlord continues to accept rent from that tenant, that tenant becomes a month-to-month tenant.Alternatively, the landlord may remove the tenant by initiating a hold-over proceeding, which is used to evict a tenant on any grounds other than the non-payment of rent, such as staying beyond the term of the lease or violating terms of a lease or rent laws.

Real Property40-pound built-in fountainTV attached to wall (Note: In

some cases, the TV may be removed if it's on brackets and not built in, but the brackets may not be removed)In-ground poolBuilt-in hot tubattach shelf to the wall with some bracketsdoor knocker engraved with your last namerose bushescustom draperies the recordation of the security agreement and financing statement provides notice to any prospective buyers and lenders that there is a security interest against the personal property (and in some cases, fixtures) related to the land.Lenders will often require that the security agreement and financing statement be filed when the real estate pledged as collateral includes any readily removable fixtures.annexationwhen personal property is attached to realpropertyMrs.Goldman first brought her rose bushes home fromthe

nursery, they were personal property until she planted them