Citizendia

Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, or abandoned
Treasure trove
Alienation  · Bailment  · License
Estates in land
Allodial title  · Fee simple  · Fee tail
Life estate  · Defeasible estate
Future interest  · Concurrent estate
Leasehold estate  · Condominiums
Conveyancing of interests in land
Bona fide purchaser
Torrens title  · Strata title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. Property law is the area of Law that governs the various forms of Ownership in Real property (land as distinct from personal or movable possessions Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive A gift, in the Law of Property, has a very specific meaning In order for a Gift to be legally effective the grantor must have intended to give the gift In Common law, adverse possession is the process by which title to another's Real property is acquired without compensation, by as the name A deed is a Legal instrument used to grant a Right. Deeds are part of the broader category of documents under seal. In the Common law of Property, personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are A treasure trove may broadly be defined as an amount of gold silver gemstones money jewellery or any valuable collection found hidden underground or in places such as cellars Alienation, in Property law, is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another Bailment describes a legal relationship in Common law where physical possession of personal Property ( Chattels) is transferred from one person (the The verb license or grant license means to give permission The noun license is the document demonstrating that permission An estate is the Net worth of a person at any point in time It is the sum of a person's Assets - legal rights interests and entitlements to Property of Allodial title is a concept in some systems of property law It describes a situation where Real property ( Land, Buildings and Fixtures) is owned Fee simple is an estate in land in Common law. It is the most common way Real estate is owned in common law countries and is ordinarily the most Fee tail or entail is an obsolete term of art in Common law. It describes an estate of Inheritance in Real property which cannot A life estate is a concept used in Common law and Statutory law to designate the ownership of land for the duration of a person's life A defeasible estate is created when a grantor transfers land conditionally In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of A concurrent estate or co-tenancy is a concept in Property law, particularly derived from the Common law of Real property, which describes A condominium, or condo, is a form of Housing tenure and other Real property where a specified part of a piece of real estate (usually of an apartment In law conveyancing is the transfer of title of Property from one person to another or the granting of an Encumbrance such as a Mortgage or A bona fide purchaser ( BFP) referred to more completely as a bona fide purchaser for value without notice is a term used in the Law of Real property Torrens title is a system of land title where a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register Strata title is a form of ownership devised for multi-level apartment blocks. Estoppel by Deed - A doctrine where rules of evidence prevent a litigant from denying the truth of what was said or done A quitclaim deed is a term used to describe a document by which a person (the "grantor" disclaims any interest the Grantor may have in a piece of Real property A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan. Equitable conversion is a doctrine of the Law of Real property under which a purchaser of real property becomes the equitable owner of title to the property at the An action to quiet title is a Lawsuit brought in a Court having Jurisdiction over land disputes in order to establish a party's title to Real property In Property law and Real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of A restraint on alienation, in the Law of Real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling The rule against perpetuities is a rule of law in effect under the property, Trusts, Estate, and Contract law of many Common law The Rule in Shelley's Case is a rule of law that may apply to certain Future interests in Real property and Trusts created in Common law jurisdictions In the Common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to Real estate by descent A nonpossessory interest in land is a term of the Law of Property to describe any of a category of rights held by one person to use land that is in the possession For railroad track easement see Track transition curve. An easement is the right or freedom to do something or the right to prevent Profit, but an entirely different meaning of the term analogous to an Easement. A covenant running with the land, is a Real covenant, in the Law of Real property. An equitable servitude is a term used in the Law of Real property to describe a Nonpossessory interest in land that operates much like a Covenant running In the law of real property fixtures are anything that would otherwise be a Chattel that have by reason of incorporation or affixation become permanently attached to Waste is a term used in the Law of Real property to describe a Cause of action that can be brought in Court to address a change in condition A partition is a term used in the Law of Real property to describe an act by a Court order or otherwise to divide up a Concurrent estate into Riparian Water rights (or simply riparian rights) is a system of allocating water among those who possess land about its source Lateral and subjacent support, in the Law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining An assignment (Latin cessio) is a term used with similar meanings in the Law of Contracts and in the law of Real estate. Nemo dat quod non habet, literally meaning "no one give what one does not have" is a legal rule sometimes called the nemo dat rule that states that the purchase of A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Tort law is the name given to a body of law that creates and provides remedies for civil wrongs that do not arise out of Contractual duties In Common law, a will or testament is a document by which a person (the Testator) regulates the rights of others over his or her Property The law of trusts and estates is generally considered the body of Law which governs the management of personal affairs and the Disposition of Property of The term criminal law, sometimes called penal law, refers to any of various bodies of rules in different Jurisdictions whose common characteristic is the potential The Law of evidence governs the use of Testimony (eg oral or written statements such as an Affidavit) and exhibits (e Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society The United States of America —commonly referred to as the The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page For a topic outline on this subject see List of basic Australia topics. In Architecture, Construction, Engineering and real estate development the word building may refer to one of the following Any man-made [1] Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty). In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Personal property is a type of Property. In the Common law systems personal property may also be called chattels or personalty. However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself.

The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property. Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive Civil law or Romano-Germanic law or Continental law is the predominant system of law in the world. In Law, jurisdiction (from the Latin ius iuris meaning "law" and dicere meaning "to speak" is the practical Authority In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property (

Contents

Etymology

In law, the word real means relating to a thing (res/rei, thing, from O. Fr. reel, from L. L. realis "actual," from Latin. res, "matter, thing"[2]), as distinguished from a person. Thus the law broadly distinguishes between "real" property (land and anything affixed to it) and "personal" property (everything else, e. g. , clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. The oldest use of the term "Real Estate" that has been preserved in historical records was in 1666 . [2]

The use of "real" to refer to land also reflects the ancient preference for land, and the ownership thereof (and the owners thereof). A LAND attack is a DoS (Denial of Service attack that consists of sending a special poison spoofed packet to a computer causing it to lock up This, in turn reflects the values of the medieval feudal system, which is the ultimate root of the common law. Feudalism, a term first used in the early modern period (17th century in its most classic sense refers to a Medieval Europe Political system composed Common law refers to law and the corresponding legal system developed through decisions of courts and similar tribunals rather than through legislative statutes or executive

It has been argued that the word Real is derived from "royal" (The word royal—and its Spanish cognate real—come from the related Latin word rex-regis, meaning king. For hundreds of years the Royal family / King owned the land, and the peasants paid rent or property taxes to be on the Royal's land. The word "Real" in Spanish is "Royal". Similar to El Camino Real, or Royal street. Today, just like hundreds of years in the past, we pay property taxes, or rent to be on the government's land or the Royal Estate). However, the "real" in "real property" is derived from the Latin for "thing"[3].

Real estate terminology and practice outside the United States

Real estate as "real property" in the U. K.

In British usage, “real property”, often shortened to just “property”, generally refers to land and fixtures as such while the term “real estate” is used mostly in the context of probate law, and means all interests in land held by a deceased person at death excluding interests in money arising under a trust for sale of or charged on land. British English or UK English ( BrE, BE, en-GB) is the broad term used to distinguish the forms of the English language used in the Probate is the Legal process of settling the estate of a deceased person specifically resolving all claims and distributing the decedent's Property Death is the termination of the biological functions that define living Organisms It refers both to a specific Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. [4]

See Real property for a definition and Estate agent for a description of the practice in the UK. In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Estate Agent is a British English term for a person or business that arranges the selling renting or management of Homes land and other

French, Italian, Portuguese, Romanian, Spanish and German usages of the term

In French, Italian, Portuguese, Romanian, Spanish and German, real estate is called "immovables" (French: immobilier, Italian: immobiliare, Spanish: inmueble Portuguese: imóvel, Romanian: imobiliare and German: Immobilie); other property is called "movables" (French: mobilier, Spanish: mueble, and German: Bewegliche Sachen). French ( français,) is a Romance language spoken around the world by 118 million people as a native language and by about 180 to 260 million people Italian ( or lingua italiana) is a Romance language spoken by about 63 million people as a First language, primarily in Italy. Portuguese ( or língua portuguesa) is a Romance language that originated in what is now Galicia (Spain and northern Portugal. Romanian or Daco-Romanian ( dated: Rumanian or Roumanian; self designation limba română, ˈlimba roˈmɨnə is a Romance The German language (de ''Deutsch'') is a West Germanic language and one of the world's major languages. French ( français,) is a Romance language spoken around the world by 118 million people as a native language and by about 180 to 260 million people Italian ( or lingua italiana) is a Romance language spoken by about 63 million people as a First language, primarily in Italy. Portuguese ( or língua portuguesa) is a Romance language that originated in what is now Galicia (Spain and northern Portugal. Romanian or Daco-Romanian ( dated: Rumanian or Roumanian; self designation limba română, ˈlimba roˈmɨnə is a Romance The German language (de ''Deutsch'') is a West Germanic language and one of the world's major languages. French ( français,) is a Romance language spoken around the world by 118 million people as a native language and by about 180 to 260 million people The German language (de ''Deutsch'') is a West Germanic language and one of the world's major languages.

Real estate in Mexico and Central America

The real estate business in Mexico and Central America is different from the way that it is conducted in the United States.

Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U. S. ); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and monies in order to smoothly make the exchange between the parties. Increasingly, U. S. title companies are doing work for U. S. buyers in Mexico and Central America.

Prices are often much cheaper than most areas of the U. S. , but in many locations prices of houses and lots are as expensive as the U. S. , one example being Mexico City. U. S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.

One important difference from the United States is that each country has rules regarding where foreigners can buy. For example, in Mexico, foreigners cannot buy land or homes within 50km of the coast or 100km from a border, while, in Honduras, they may buy beach front property. There are also different special rules regarding certain types of property: ejidos—communally held farm property—cannot be sold to anyone, but that does not prevent them from being offered for sale.

Many websites advertising and selling Mexican and Central American real estate exist, but they may need to be researched.

In Costa Rica, real estate agents do not need a license to operate, but the transfer of property requires a lawyer. Costa Rica, officially the Republic of Costa Rica ( Spanish: Costa Rica or República de Costa Rica,) is a Country in

Business sector

With the development of private property ownership, real estate has become a major area of business. Property is any physical or virtual entity that is owned by an individual Ownership is the state or fact of exclusive rights and control over Property, which may be an object, land/real estate, Intellectual property A business (also called firm or an enterprise) is a legally recognized organizational entity designed to provide goods and/or services to Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:

Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property usually its Market Value This article focuses on US practice for other definitions and practices in other countries see the more general Real Estate or Real property articles Property management is the operation of commercial industrial and/or residential Real estate. Relocation services or "employee relocation" includes a range of internal business processes that are engaged to transfer employees their families and/or entire departments In addition, almost all construction business effectively has a connection to real estate. In the fields of Architecture and Civil engineering, construction is a process that consists of the Building or assembling of Infrastructure

"Internet Real Estate" is a term coined by the internet investment community relating to ownership of domain names and the similarities between high quality internet domain names and real-world, prime real estate. Internet real estate is a term used to describe the online promotion of commercial and residential Real estate or the ownership of revenue-producing online properties such as The term "Internet Estate Realty" is also used.

Residential real estate

The legal arrangement for the right to occupy a dwelling is known as the housing tenure. Housing tenure refers to the financial arrangements under which someone has the right to live in a House or Apartment. Types of housing tenure include owner occupancy, Tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, and squatting. An owner-occupier is a person who lives in a House that he or she owns A housing cooperative is a legal entity—usually a Corporation —that owns Real estate, consisting of one or more residential buildings A condominium, or condo, is a form of Housing tenure and other Real property where a specified part of a piece of real estate (usually of an apartment Public housing is a form of Housing tenure in which the property is owned by a Government authority which may be central or local Squatting is the act of occupying an abandoned or unoccupied space or Building that the squatter does not own rent or otherwise have permission to use Variants include timeshares and cohousing. A timeshare is a form of ownership or right to the use of a property or the term used to describe such properties A cohousing Community is a kind of Intentional community composed of private Homes with full kitchens supplemented by extensive common facilities

Residences can be classified by if and how they are connected to neighboring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.

Major physical categories in North America and Europe include:

The size of an apartment or house can be described in square feet or meters. The square foot is an Imperial unit / US customary unit (non- SI non- metric) of Area, used mainly in the United States M^2 redirects here For other uses see M². CM2 redirects here In the United States this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe reports the area of the walls enclosing the home, and thus includes any attached garage and non-living spaces.

It can also be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A studio apartment ( studio flat in the United Kingdom) or an efficiency apartment or bachelor style apartment or Bachelorette A one-bedroom apartment has a living or dining room, separate from the bedroom. Two bedroom, three bedroom, and larger units are also common. (A bedroom is defined as a room with a closet for clothes storage. )

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market and house or home for more general information. Residential dwellings can be built in a large variety of configurations Real estate trends is a generic Term used to describe any consistent pattern or change in the general direction of the Real estate industry which over the course House generally refers to a Shelter or Building that is a Dwelling or place for Habitation by Human beings. A home is a place of Residence or Refuge. It is usually a place where an individual or a family can rest in and be able to store Personal property.

Market sector value

According to The Economist, "developed economies'" assets at the end of 2002 was

That makes real estate assets 54% and financial assets 46% of total stocks, bonds, and real estate assets. The Economist is an English-language weekly news and International affairs publication owned by The Economist Newspaper Ltd and edited in London The term developed country, or advanced country, is used to categorize countries with developed Economies in which the tertiary and quaternary sectors The term commercial property includes business property (eg office buildings industrial property medical centers hotels malls retail stores Software for Fixed assets management and Stock control developed in 2004. A government bond is a bond issued by a national government denominated in the country's own Currency. A Corporate Bond is a bond issued by a Corporation. The term is usually applied to longer-term debt instruments generally with a maturity date falling at least a Assets not counted here are bank deposits, insurance "reserve" assets, and human assets; also it is not clear if all debt and equity investments are counted in the categories equities and bonds. A deposit account is a current account at a Banking institution that allows money to be deposited and withdrawn by the account holder with the transactions and resulting balance Insurance, in Law and Economics, is a form of Risk management primarily used to hedge against the Risk of a contingent loss Human capital refers to the stock of skills and knowledge embodied in the ability to perform labor so as to produce Economic value. Debt is that which is owed usually referencing Assets owed but the term can cover other obligations In accounting terms after all liabilities are paid ownership equity is the remaining interest in Assets If valuations placed on assets do not exceed liabilities For U. S. asset levels see FRB: Z.1 Release- Flow of Funds Accounts of the United States.

Mortgages in real estate

In recent years, many economists have recognized that the lack of effective real estate laws can be a significant barrier to investment in many developing countries. In most societies, rich or poor, a significant fraction of the total wealth is in the form of land and buildings.

In most advanced economies, the main source of capital used by individuals and small companies to purchase and improve land and buildings is mortgage loans (or other instruments). A mortgage loan is a Loan secured by Real property through the use of a Mortgage (a legal instrument These are loans for which the real property itself constitutes collateral. Banks are willing to make such loans at favorable rates in large part because, if the borrower does not make payments, the lender can foreclose by filing a court action which allows them take back the property and sell it to get their money back. Foreclosure is the legal proceeding in which a mortgagee, or other Lienholder, usually a lender obtains a court ordered termination of a mortgagor For investors, profitability can be enhanced by using an off plan or pre-construction strategy to purchase at a lower price which is often the case in the pre-construction phase of development. Off plan property is a Property that has not yet been fully constructed

But in many developing countries there is no effective means by which a lender could foreclose, so the mortgage loan industry, as such, either does not exist at all or is only available to members of privileged social classes.

See also

References

  1. ^ "real. Buyer brokerage (or Buyer agency as it is also known is the practice of Real estate brokers (and their agents representing a buyer in a real estate transaction The United States of America —commonly referred to as the Buying agents (also known as relocation agents or property search agents) is a term used in the UK to describe people acting as agents on behalf of a buyer The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located For other uses see Estate. An estate comprises the houses and outbuildings and supporting farmland and woods that surround the gardens and grounds Estate Agent is a British English term for a person or business that arranges the selling renting or management of Homes land and other This article focuses on US practice for other definitions and practices in other countries see the more general Real Estate or Real property articles A real estate bubble or property bubble (or housing bubble for residential markets is a type of Economic bubble that occurs periodically in local or global This aims to be a complete list of the articles on Real estate. A neighborhood watch (also called a crime watch or neighborhood crime watch) is a organized group of citizens devoted to Crime and Vandalism In Investment Finance, private equity real estate is an Asset class consisting of equity and debt investments in property Property is any physical or virtual entity that is owned by an individual This article focuses on US practice for other definitions and practices in other countries see the more general Real Estate or Real property articles Estate Agent is a British English term for a person or business that arranges the selling renting or management of Homes land and other Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property usually its Market Value Real estate economics is the application of economic techniques to real estate markets A Real Estate Investment Trust or REIT (ˈriːt is a Tax designation for a corporation investing in Real estate that reduces or eliminates Corporate ' Real estate pricing deals with the valuation (finance and there are three main methods appraisals with comparable properties capitalization rate comparisons with similar A Real estate transaction is the process whereby a property (or designated Real estate) is transferred between two or more parties one being the seller(s and the other being Real estate transfer tax is a tax that may be imposed by states counties or municipalities on the privilege of transferring real property within the jurisdiction Real estate trends is a generic Term used to describe any consistent pattern or change in the general direction of the Real estate industry which over the course In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( The National Association of Realtors (NAR whose members are known as realtors (rē(əltər -ˌtôr is North America's largest Trade association representing A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking The Real Estate Wiki is a free privately funded online encyclopedia targeted at users needing information concerning the Real estate industry " The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. Dictionary.com (accessed: January 26, 2008)
  2. ^ a b "real", Online Etymological Dictionary
  3. ^ The American Heritage Dictionary, "real"; http://www.bartleby.com/61/97/R0069700.html
  4. ^ Oxford Dictionary of Law (4th edition), New York: Oxford University Press, 1997; See also Estate in land
An estate in land is an interest in Real property that is or may become possessory

Dictionary

real estate

-noun

  1. Property that cannot easily be moved, usually buildings and the ground they are built on.
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