Real Estate- Land and improvements to the land use (houses, structures built on the land, also under land such as mineral rights oil gold etc also air rights) Real Property- Anything that won’t fall of a house if upside down personal property – Not attached to the house Fixture- First personal property, then attached to house
RS professions- agent,broker,financing,litigation,management,developer,constructor,appraiser,architect,land planner,analyst Infrastructure- services built by government (roads, sewer lines, parks) concurrency- two things happen at once interim- temporary use of land adaptive reuse- Use of a building other than what it was originally used for – Leasehold Estate- Tenant gets the right to use for a certain period of time Freehold Estate- Means an ownership interest
Present Inheritable Interest- An interest in property you have today (Fee simple: Most complete form of ownership) (Qualified Estate: Anything less than fee simple, title transfer is restricted) Leasehold Estates- Tenancy (Length of time youre in a property) Concurrent Estates- The interest in a property owned by two or more people Tenancy in Common (TIC)- each owner holds an undivided proportional interest in a property (most common type of concurrent estate) (POOL) Joint Tenancy- Same as TIC but includes right of survivorship, If one owner dies the interest goes to the remaining ones.
The Essay on Submit Gulf Real Estate Properties
Many people dream of having a home with an ocean view from their home. Being able to walk onto your patio, sit, and admire a sunset sound like a scene in a Nicholas Sparks’ novel. So it should come to no surprise that homes with a scenic ocean view can demand a high price in the real estate market. Below you will see just how different the price from a sample of Florida condominiums sold with and ...
(Cannot sell or put in a will or it reverts back to a TIC) Tenancy by Entirety- Tenancy for husband and wife’s. If one dies the other gets the homestead Community Property State- Marital community, assets brought to marriage are deducted of property, what’s left is split Condominium- Unit is owned in fee simple (undivided proportional interest in the unit for people living in it) Cooperative- Non Profit corp owns the building and issues shares of stocks (You own shares in the company that owns real estate) Time Share- Own in Fee Simple But for a certain time period (one week, two weeks) Folio No (Tax ID#) 30-4123-029-0000 EX of MDC folio No.
(30 municipal code, 4 township, 1 range, 23 section, 029 subdivision code, 0000 the lot or unit no. ) Taxation FMV X Assesment Rate = Ass. Value (Excemptions such as Homestead Exemption are applied to ASS VAL) X Millage Rate = Taxes – Lien- security interest one has on your property for payment of a debt (Common: Mortgage) or give ee receive Foreclosure: interest rate goes up to default rate.
Bank incurs legal expense homeowner is responsible for it. Bank has right to foreclose due to signed mortgage and note provisions the borrower signed when property was purchased. Bank gets ownership of property after going to court who transfers ownership. Lender will sell to recover debts. If property is sold for more than owned, the rest goes to borrower.
Mechanics Lien- Fence Lien pecking order- IRS, county property taxes, mortgage lien General Lien- Filed on personal property Easement- Right to use someone elses property in a specified manor (Water Leak, can be dug to get fixed) Cross Easement Agreement- A+B can use something (Driveway) Adverse Possesion- Lives 7-20 years and pays taxes can get the property Encroachment_ unauthorized use/Invasion of a building on anothers property (Ex fence 5ft further) Variance- Slight Deviation in zoning
