User Markets – characterized by competition among users for physical location and space.   Capital Markets – serve to allocate financial resources among households and firms requiring funds. Property Markets – determine the required property- specific investment returns, property values, capitalization rates, and construction feasibility. Fee Simple Absolute – most complete bundle of rights possible, has greatest value. Fee simple conditional with reverted interest – ownership is subject to a condition or trigger event. Affirmative Easement appurtenant: Involves a relationship between two adjacent parcels of land. The dominant parcel benefits from the easement while the servient parcel is constrained or diminished. Negative: the easement appurtenant runs with land that is, it becomes a permanent inseparable feature of both parcels involved. Easement in Gross: The right to use land for a specific, limited purpose unrelated to any adjacent parcel. ( no dominant parcel). Deed: primary means of conveying interests in real property, no deed can convey what a grantor does not possess. special form of written contract used to convey a permanent interest in real property. Parts of a Deed: Grantor/Grantee  -> Recital of Consideration: Grantor only has promises to perform with a deed   ->  Words of Conveyance: “does hereby grant, bargain, sell, and convey onto…” They assure that the grantor clearly intends to convey an interest in real property. Second, they indicate the type of deed offered by the grantor  ->  Habendum Clause: Defined or limits the type of interest being conveyed.  ->  Exceptions and Reservations Clause: Can contain a wide variety of limits on the property interest conveyed. This clause may contain any “deed restriction” the grantor wishes to impose on the use of property.  -> Description of land: 3 acceptable methods -> Acknowledgment: confirmation that grantor acted voluntarily  ->  Delivery: Observable, verifiable intent that deed is to be given to grantee. Probate: where the property is located will govern the disposition procedure. Implied Easement: An implied easement is not created by an explicit deed or an explicit clause in a deed. It often is created when a subdivision map is placed in the public records. On the map will be utility easements and possibly easements of access such as bike paths or footpaths that do not appear in any specific deed. easement by estoppel: can occur if a landowner gives an adjacent landowner permission to depend on her land. Doctrine of Constructive Notice: The common law tradition is that a person cannot be bound by claims or rules he or she has no means of knowing. Statue of Frauds:  deed must be written. Recording statutes: A document in conveying an interest in real property must be in public records if it is to achieve constructive notice.    Evidence of Title Includes: (1) Title abstract, with attorneys opinion title (2) Title insurance commitment          Requirements for Contract for Sale: 1. Competent Parties 2.Legal objective 3. Offer and acceptance 4. Consideration 5. No defects to mutual assent 6. Written Form 7. Proper description of property    Standard Contract of Sale Addresses: issues such as proration, closing, financing terms, liability for property damage, easements, condition of fixtures and appliances, real estate commission, and so one.    Selling Broker’s Role in Closing: moral support and facilitator.. no legal role after contract is signed.  Listing Broker’s Role: – varies from state to state .. usually cannot partake in legal advice.. doesn’t do much  Lender Role: want to make sure buyer gets a title… Also, they want to assure that the tax and insurance payments are current so that a tax lien cannot preempt the mortgage lien and that insurance proceeds will cover the property if it is damaged or destroyed.   What does closing agency prepare? 1. General Warranty Deed 2. Mortgage and note 3. Check from lender to seller 4. Loan Disclosure closing statement 5. Obtain satisfaction of mortgage sellers mortgagee confirming balance.  What is involved in a lease? 1. Names of landlord and tenant 2. adequate description of leased premises 3. an agreement to transfer possession of the property from the landlord to the tenant. 4. Start and End dates 5. Description of rental payments 6. the agreement must be in writing. 7. Agreement must be signed by all parties. Easement by prescription refers to an easement created by the open, notorious, uninterrupted, hostile, and adverse use of another’s land for a period set by statute.