Real property: cannot be moved and is attached to the land (buildings, crops, fences, ponds, railroad tracks, etc.)
Personal property: anything you can move (vehicles, jewelry, decorations, etc.). Is ownership of anything which is not real estate, and the rights associated with owning the personal property item. items of personal property are also called chattels or personalty
Once you build a structure and it's attached to the land, it turns from personal property to real property.
If you have a tree on the land (real property) and cut it down into logs, it becomes personal property.
In an estate from period-to-period, also called a periodic tenancy, the tenancy period automatically renews for an indefinite period of time, subject to timely payment of rent. At the end of a tenancy period, if the landlord accepts another regular payment of rent, the leasehold is considered to be renewed for another period.
For example, a two-year lease expires, and the landlord grants a six-month lease that is automatically renewable, provided the monthly rent is received on time. At the end of the six months, the tenant pays, and the landlord accepts another monthly rent payment. The acceptance of the rent automatically extends the leasehold for another six months.
The most common form of periodic tenancy is the month-to-month lease, which may exist without any written agreement.
Either party may terminate a periodic tenancy by giving proper notice to the other party. Proper notice is defined by state law.
___ are all portions of the property that are necessary for the existence, operation, and maintenance of the condominium units. Common elements include:
the land (if not leased)
structural components of the building, such as exterior windows, roof, and foundation
physical operating systems supporting all units, such as plumbing, power, communications installations, and central air conditioning
building and ground areas used non-exclusively, such as stairways, elevators, hallways, and laundry rooms