Key Takeaways
• There is a notable, difference between real estate and real property. Real estate is a term used by real estate agents, bankers, and attorneys and refers to the ownership of land and everything attached to it and the airspace above the land. Whereas, the term real property refers to the ownership rights of the real property
• Ownership of real estate is proven through Title, a document that supports the owner’s possession, use, and authority to convey said property to another. Title is obtained via sale or gift, will or descent, or by neglect.
• Once property is conveyed to another via a lease agreement, the landlord, owner of the property and the lessee, person to whom the right of occupancy has been permitted, each party has duties which they must fulfil. The landlord duties include screening tenant in a non-discriminatory manner with regards to race, color, religion, or sex. Additionally, the landlord must guarantee the premises is safe for human habitation and must not try to interfere with the tenants’ rights provided that they are abiding by the law. The tenant has the obligation to pay rent to the landlord and obey the terms of the lease.
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There are situations where the landlord will accept rent and renew the lease, therefore tenancy at will or periodic tenancy come into play.
• Assignment of a Lease – the lessee legally transfers their rental obligations over to another for the remainder of the lease. This is a legal remedy for the lessee unless the lease has a provision restricting assignment or sublet, in a state that allows the landlord to do so.
• Ejectment- The common law name for an
The next portion of the chapter talks about how real-estate agents use information to gain power and wealth. Most real-estate agents have a better sense of knowing the condition that a home or apartment is in, and this gives them an upper-hand against the buyer or seller. Like the Ku Klux Klan, real-estate agents use secret words and information to
It is often conceptualized that property is the rights of 'ownership'. In common law property is divided into real property, which is the interests in land and improvements there, and personal property, which are interests in anything other than real property. Personal property is divided into tangible property (such as a bike, car and clothse), and intangible property (such as bonds and stocks), which also includes intellectual property (copyrights, trademarks etc). The modern property rights conceive of possession and ownership as belonging to legal individuals, even if the individual is not a real person. Hence, governments, corporations and other collective forms of ownership are shown in terms of individual ownership.
Property is an owned object, whether that is land or a house or a computer. We own property, it’s our right to protect and decide what we do with that property. We worked hard to own property and we will fight to protect it from both foreign and domestic threats. When someone takes our property, we call it theft, but when the government does it, it’s called Eminent Domain.
The responses from tenants tend to revolve around three of the same topics. Our tenants tell us that:
According to our textbook, “Real property constitutes land and all things permanently attached to it (i.e. a house, a tree or coal below land). Intellectual property such as copyrights, patents and trademarks is personally owned but generally treated as a separate form of property by the law. Personal property is characterized by its portable nature; it can be carried from place to place (i.e. tangible personal property or intangible personal property)” (Roger, 2012).
A real estate agent is a person who sells and rents out buildings and land for clients. This career is very important if you are buying a house, but you don’t really know what you’re doing. Real estate agents can help to guide you through the process, and answer any questions you have. Real Estate has always been around, it just wasn’t referred to as an actual occupation. Real estate companies didn’t start until around the 1950’s. People could now officially buy and sell houses, and make money from it at the same time.
Real estate agents are generally independent sales employees who provide their services to licensed brokers on a contract basis. In return, the broker pays the agent a portion of the commission earned from property sold through the firm, by the agents. They are familiar with local zoning and tax laws, and know where to obtain financing. A good real estate agent is informed about things like schools, tax rates, public transportation
In my experience as a real estate sales representative, I have looked at many rental properties that are owned by people that are commonly known as slum lords. These units are in disrepair with leaks, mold, mildew, holes in walls, ceiling and poor floor coverings. Many people are afraid of pushing these issues to have repairs done as they might lose their shelter or their rent could be increased. There are people living in a rooms in a house, that are also at risk as they don’t realize they are not protected under the tenant act so the owners can remove them from their shelter without notice. I have also experienced people living in abandoned commercial buildings ...
apartments in certain areas of a city. The goal is usually to protect the rights
In the case of Love v. Monarch Apartments, there was a written lease agreement and paid security deposit with Monarch and Sharon Love. While living in the apartment the tenant experienced a roach and termite problem. Once the problem because unbearable Sharon Love decided to vacate the premise. I feel that Love did lawfully terminate the lease due to the implied warranty of habitability. This is a warranty implied by law in all residential leases that premises are fit and habitable for human habitation and that the premises will remain fit and habitable throughout the duration of the lease. And just base on that definition the leased property failed to be fit, safe, and suitable for ordinary residential use in which giving the case to Love.
The main problem rent control can create to landlords is the case of the tenant do not move out because of the good rental price. That causes the landlords to lose money by not being able to increase the rental price of their units. Besides, the price of maintenance continues to increase, causing landlords to not earn any profit with their ...
Valuation of real estates or properties basically, refers to appraising a property or a real estate to form an opinion about the value of the property. This value is normally the properties’ market value. Properties are heterogeneous in nature; meaning they are not all identical or alike and thus, they have different values. However, it is possible to get a range for the values. There are some obvious factors like physical location of a property that automatically makes the market value of different properties differ. The materials used on a property and other features also contribute to making property differ in their value. Other factors such as the physical size of a property still determine a property’s market value (Histon Fine Homes, 2008
What is property? According to the Merriam Webster’s Collegiate Dictionary property is defined as a quality or trait belonging and especially peculiar to an individual or thing. Property is also in conjunction with the household, and the ability of managing property is also a part of managing the household; for no man can live well, or indeed live at all, unless he is supplied with the essential items needed to survive...
Real estate is a fixed, tangible and immovable asset in form of houses or commercial property (Seldin & Richard 1985). Real estate market involves developing, renting, selling/purchasing and renovating of these assets (houses). Market participants includes developers (contractors, engineers, and so on), facilitators (mortgage companies, real estate brokers, banks, management agents and so on), owners, renters (leasers) and renovators (Seldin & Richard 1985). Like other economic markets, real estate markets have internal and external forces that make impacts in the market (Seldin & Richard 1985).
Under common law, a hire-purchase transaction is a contract whereby one party that is "the owner" leases goods on "hire" to "the hirer" and agrees that the hirer may either return the goods when he no longer needs them and terminate the lease, or elect to purchase the goods on completion of the necessary payments agreed in the contract (Salleh Buang, 2001). In simple words, a hire-purchase transaction is lease and has an option to buy at the end of contract but must to fulfill all the conditions during the period of contract. While, according to Nurhidayah (2009) it's just a rental contract when the intention is to hire without using the options provided. As long as the rental contract exists, lessor is the ownership of the property, unless it has handed over to the lessee.