Bay Area Real Estate Wiki

This page is read only. You can view the source, but not change it. Ask your administrator if you think this is wrong.
====== Classes of Property ======

===== 1. Real Property (Real Estate) =====
Real property includes land and all things permanently attached to it.

  * Land (surface, subsurface, and air rights)
  * Improvements (buildings, structures)
  * Fixtures (items permanently attached to the land or improvements)
  * Appurtenances (rights attached to the land, such as easements)

Ownership of real property includes the bundle of rights: possession, use, exclusion, enjoyment, and disposition.

===== 2. Personal Property (Chattel) =====
Personal property consists of movable items not permanently attached to real property.

  * Furniture
  * Appliances not built-in
  * Vehicles
  * Clothing and tools

Personal property transfers by bill of sale, not by deed.

===== 3. Fixtures =====
Fixtures are items that were once personal property but have become real property due to attachment or intent.

California uses the MARIA test:

  * Method of attachment
  * Adaptability to the property
  * Relationship of the parties
  * Intent of the parties
  * Agreement of the parties

Unless excluded in writing, fixtures transfer with the real property.

===== 4. Trade Fixtures =====
Trade fixtures are items installed by a tenant for business use.

  * Remain personal property
  * May be removed by the tenant before lease expiration
  * Tenant must repair damage caused by removal

===== 5. Freehold Estates =====
Ownership interests of uncertain duration.

  * Fee Simple Absolute (highest form of ownership)
  * Life Estate (ownership for the duration of a person’s life)

===== 6. Leasehold Estates =====
Possessory interests of fixed duration, held by tenants.

  * Estate for Years
  * Periodic Estate
  * Estate at Will
  * Estate at Sufferance

Leasehold estates are considered personal property in California.

===== 7. Public vs. Private Property =====

  * Private property: owned by individuals or entities
  * Public property: owned by government entities (federal, state, local)