Sarah Reinhart-Friendship Based Real Estate®

Wheeeeew!

The final thought I would like to leave you with is that Real Property (all 7 blogs) is like a bundle of sticks like our definition stated. Individually the sticks are still...drumroll...sticks. Grouped together in a bundle, they are still...drumroll...sticks.

Real Property is comprised of several concepts which combine to create a whole definition. However, each concept is still independent in its definition.

Here is our definition to put it in context. real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property

Light Fixtures, Rose Bushes, Your Oil vein the size of Montana, all future ownership, life estates, reversions, air, easements....ALL are Real Property individually, and all are real property collectively.

So, if you have made it through 7 Blogs on a definition of Real Property, you are either:

1) Really Bored

2) A Fellow Real Estate Agent OR

3) (my favorite) You think I'm funny

The next line in context is:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

Simply put, this means that you can buy and sell THE ACCESS to the real property of others. In the Northwest, we have a lot of back roads. A myriad of criss crossing, bumpy, dusty endless back roads. They curl around ponds, rivers, junk yards and mountains. I only own 1 car and it is not a flashy SUV the size of a tank and worth more than my annual salary. It is a 9 year old Saturn.

I keep telling myself that I am an Urbanite who has no buisness driving around Chewela looking for an easement (haha) to the lake cabin I am previewing. Somehow, I still do.

Anyway, back to the subject, real property can also be the access to and include the easement leading to the primary real property.

So, now you're rich from the oil under the azaleas, you're gotten your land back from the hospital that went bankrupt and you are hanging on the edge of your seats for another installment in the definition of 'Real Property'.

Our next line in context is:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium)or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

Okay, so this one makes me laugh and think about how weird capitalism has made our culture. When you buy a condominium, you are buying air. Seriously, so those Florida real estate agents who only sold condos in the early 2000s were essentially "air peddlers" ( no offense, i am an equal opportunity mocker).

Remember the cone of space that defined your property? Well a condo is a piece of that cone, a fraction ofa whole. The pocket, or space of air, sold and then encased in drywall and stainless steel.

Also, owning airspace, back to a full cone now, means that essentially real property in its unencumbered non easement form extends into space.

I state again that I am worth the money...Aren't you glad I have 7 years of college to back up a career that started with an online course

:)

More to follow...

Okay, so now you're rich cause you discovered a sea of oil the size of Montana under your grandmother's Azaleas, which must be on your cone of space also known as your yard. However, you still have no idea what "Real Property" is. Here is the next line in context again:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

The line stating:

"the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall)"

Again this is piggybacked on another definition. A Reversion.

A Reversion is:essentially...

Any future interest kept by a person who transfers property to another.

A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property. For example, if I transfer a piece of property to Bubba Gump for life, Bubba Gump has the use of the property for the rest of his life. Upon his death, the property reverts, or goes back, to me, or if I die, it goes to my heirs. Bubba Gump's interest in the property, in this example, is a life estate (see last blog...part IV). My ownership interest during Bubba Gump's life, and my right or the right of my heirs to take back the property upon Bubba Gump's death, are called reversionary interests.

WHEEW!

So, following our definition, the right to have the abilty to create a reversion, is by definition "real property"! Blah

More to follow....

Ah! The confusion imposed on real life by people who get paid big bucks to write definitions of things that should be simple (haha)

:)

We are still sludging through the definition of real property and I want to focus this blog on the next line in our murky dictionary definition of Real Property. Here it is in context.

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

The line I am pulling out is ironically the most simplistic. "the right to drill for oil", or essentially the minerals and valuable stuff under the land.

The best way to explain it is to imagine the earth...yep big blue ball. Then think of your "plot", or yard/lot lines. Now imagine a cone starting from the edges of your lot into the center of the earth. Now, there are easements, deeded rights and all kinds of stuff to interfere with that perfect cone, but the essential space concept remains your property. So, if you were to find a well of oil while planting your rose bushes, unless there was a recorded exception, it would belong to you.

More to follow...