In the Legal World a Word Synonymous with Property Is
But real estate also has other characteristics. There are economic characteristics of real estate that relate to how and why real estate is bought and sold. And there are physical characteristics of real estate. Physical characteristics distinguish real property from personal property. Real estate is land on, above and below the surface of the earth, including everything permanently attached to it, whether natural or artificial. Real estate is everything contained in real estate, plus property rights, including the right to own, sell, rent and enjoy the land. Of course, with the right to own, enjoy and dispose is the right to use property. The owner can sit on the land, cultivate it, graze livestock, build a house, hunt or dig ditches. The right to use the land is generally subject to local zoning laws. In a residential area, you are generally not allowed to use the land to build a 40-story office tower or a smelly factory. If the use of the land interferes with others, you may be sued for damages. We use the terms land, real estate and real estate interchangeably and with little understanding of the implications of what these words mean.
To understand the field of real estate, we need to understand the nature of real estate and the various rights of those who own the property. accessories or improvements associated with the land that cannot normally be removed without agreement when they become real property; Examples – sanitary facilities, store layouts integrated into the property, etc. Different rules for personal property also apply to privileges. Real property liens are registered with the real estate clerk of the district in which the property is located. However, personal property liens usually take the form of a UCC 1 declaration. A lien on personal property is usually placed when the item is purchased with financing from the lender. This is common with expensive furniture and electronics. If the landlord does not pay according to the terms of the loan, the lender uses the UCC-1 declaration as the basis for taking legal action and repossessing the property. There are suburbs where you can find properties that are even more valuable than a big city. The economic characteristics of real estate in elite neighborhoods are an interesting phenomenon.
The Hamptons, located on the south coast of Long Island, own some of the most expensive real estate in the world? And why? It`s not close to NYC, the drive takes about two hours, but the location itself is attractive. Wealthy people settled there and built huge expensive estates. People wanted to live near these rich people, which drives up prices. The result is that only the richest can afford to live there. Properties in the Hamptons are close to expensive shops, restaurants, and services tailored to the needs of affluent neighbors. The economic value of real estate is therefore linked to the wealth of the people who want to live there. Rich people want to live in Manhattan, so the market can make prices very high. As more and more middle and working class people want to live further away from the city, the economic value of real estate reflects demand. To understand real estate, it helps to start with land and real estate. The earth is defined as the surface of the earth that extends to the center of the earth and upwards to infinity, including everything that is permanently connected by nature, such as rocks, trees and water. The earth also includes minerals below the earth`s surface and the airspace above the earth. An interesting case that arises is called the situation of pig farming.
A person buys a house next to a pig farm. The owner complains about the smell and noise, but the owner of the pig farm refuses to close his farm. What should the owner do? When he sues for harassment and violation of his right to rest, the owner finds that the case is dismissed. What for? Because the owner came to the nuisance. In general, the rule is that one expects to look at the surroundings before buying a property. If you are near a pig farm, smell and noise are to be expected. Now reverse the situation. What if the newcomer is the hog farmer who opens his farm next to a residential area? If the neighbors sue them, they will win because the pig farmer is causing a new nuisance. Sometimes this desire for land with beautiful views comes at a price. The coastal country of Florida, while valuable and desirable in the market, also faces hurricanes every few years. There is a good chance that a house on the beach could be destroyed.
And yet, real estate is expensive. Similarly, the coastal cliffs of Southern California have very high real estate values. Although mudslides can move land hundreds of meters into the ocean. For the purposes of a real estate agent, the most important floor in the set of rights is the right of disposition. The owner of a property can sell his property in whole or in part. The owner can sell property rights, such as a lease, an easement on the land for a sewer line or hiking trail, or even merchandise. A fortune of life means that the property belongs to a person until it dies when it returns to the original owner. The owner can even sell a restriction of his right to sell. For example, in certain condominium or cooperative situations, the right to sell is limited to buyers approved by a condominium board.
At a sad moment in American history, the right of disposition was restricted in some places because of race. The right of disposition includes the right to bequeath property in a will. The owner can leave the property to whomever he wants. If the owner does not have a will, under state law, the property passes to his heirs upon his death. If something is not an institution, it is movable or movable property. Personal property is movable or immovable property, but is not immovable property. Personal property is subject to different laws than real property. The most common personal property in real estate is furniture.
Everything from bed, sofa, lamps and rugs to electronics. If you can win, it`s certainly a personal possession. Some devices may be personal property. For example, a microwave oven that is not built into the wall is a personal asset. A refrigerator is probably a personal possession. The washer and dryer are probably personal belongings. A smoker in the yard, playground or storage shed can also be personal property. Of course, there is a downside to the architecture and value of real estate. If a home is a certain horror, not pleasant, or designed in a bulky way that makes life difficult, the structure can actually reduce the value of a home. For example, in a suburb of Atlanta, in a neighborhood with modest but tasteful houses, a homeowner decided to put an indoor pool in his basement.
It was certainly unique. It was the only pool in the neighborhood that was inside. When the house was sold, the owner listed it on the market for $100,000 more than neighbouring properties. His justification was the pool in the basement. The property sat on the market for months and then for years. Nobody wanted the pool. It was very expensive to maintain, and the moisture caused damage to the back of the house. The owner had to significantly reduce the price, so a new owner would have extra money to fill the pool and restore the basement to its original form. Real estate is land, everything permanently associated with it and all property rights, including the right to own, sell, rent and enjoy the land. Real estate can be classified as residential, commercial, agricultural, industrial or special purpose depending on its general use. To understand if you have the right to sell your home, you need to know what rights you do or don`t have to the property. So far, we have talked about residential, commercial and industrial real estate.
But what about farms? More than half of the United States is farmland. Anyone who works outside of a city will encounter farmland deals at some point in their career. The differences are strong. The cultivation area will be significantly larger. But there will usually be a house with usual facilities. A farming transaction also has outbuildings, which may or may not be furniture depending on how they are constructed. The barn, chicken coop, smoking room, tool shed and grain silo are all likely to be considered furniture that remain on the property. Tractors, threshers and other equipment are generally considered movable property.