no two parcels exactly the same, sue for specific performance if contract to buy 305 and give nearly identical 307, ask seller perform on promise of 305 1
Leasing Agent Content Outline area over another Real vs. Personal Property Real Property Personal Property AKA personalty land and real estate and the interests, benefits and rights included in surface, subsurface/natural resources (may not transfer together), airspace (allow air traffic patterns), improvements, bundle of legal rights, usually appurtenances (parking spaces, easements, water rights), solar rights/”view” rights (building proposal blocks sunlight to smaller building especially if rely solar power, may be seen as interfering) fixture : personal property converted to real property by being permanently affixed to the realty heating systems attached bookcases radiators kitchen cabinets light fixtures doors plumbing fixtures elevator equipment in high-rise buildings manufactured housing/mobile homes – if affixed to land permanently become real property appurtenance : something attached to the land and passes upon the sale to the next purchaser. A right, privilege or improvement that is permanently attached to the land (e.g. parking spaces, easements, water rights, other improvements not necessarily direct part of the property) appurtenant easement : a type of easement that runs with the land, tied to a particular property, given for the benefit of the particular land, e.g. shared driveway annexation : change personal to real property e.g. buy cement, stone, sand, mix into concrete and construct sidewalk across land deed : a written instrument that, when executed and delivered , conveys title to or an interest in real estate property that is movable and not affixed to associated with the land (camera, grill etc.) chattels – items of personal property including chairs tables clothing money bonds bank accounts trade fixtures check glossary for defintion severance : changing an item of real estate to personal property by detaching it from the land (e.g. cutting down a tree, apple picked from tree, harvested wheat crop) emblements : AKA fructus industriales, annually cultivated crops such as wheat, corn, vegetables, and fruit, produced through labor and industry, generally considered personal property IL farmland possession transferred usually March 1 st before new crops planted and after harvest bill of sale : a legal document that transfers personal property permanence chattels disposition Intent test to determine if item fixture or personal property, court decisions occasionally inconsistent • attachment • adaptation • agreement Real property is conveyed by deed , while personal property is conveyed by a bill of sale . Manufactured housing dwellings built off site and trucked to building lot where installed/assembled 2
Leasing Agent Content Outline includes modular, paneled, pre-cut, and mobile homes term mobile home phased out with passage of National Manufactured Housing Construction and Safety Standards Act of 1976 Manufactured housing may be considered real
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- Spring '17
- Leasehold estate, Agent Content Outline