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Real Estate

Definition
1. Real estate is a legal term
2. Land includes
  1. Surface of the earth
  2. Area under the earth
  3. Area above the earth
3. i) Tangible objects
  1. Freehold Land
  2. Leasehold houses/apartment
4. ii) Intangible objects
  1. Bundle of rights
  2. Easement of way/light
5. Refers to an interest/ right in property
Ownership
1. A. Freehold
  1. i) Estate in Fee Simple
  2. ii) Estate in perpetuity
2. B. Leasehold
  1. i) 99-999 years
  2. ii) 30-60 years
  3. iii) 15 years
Real property vs Personal property
1. Real Property
  1. goes to purchaser in a property transaction
  2. deed document is used to facilitate the transfer of title of ownership
2. Personal Property
  1. Stays with seller in a transaction
  2. Inventory list is attached to the transfer of title document
Concept
1. Cost
2. Price
3. Value
Rights
1. Right of Enjoyment
2. Right of Disposition
3. Right of control
4. Right of Exclusivity
Fixture&Fitting
1. Fixture
  1. an object that is permanently attached to the floor/walls
  2. not removable
  3. cannot be removed without damage to itself/the property
2. Fitting
  1. item that is free standing
  2. hung by a nail/ hook
  3. removable
Physical Characteristics
1. Immobile
2. Scarce
3. Indestructable
4. Unique
Market Value
1. Willing buyer
2. Most probable selling price
3. Both buyer and seller are well informed
4. Willing seller
5. At an arm's length transction
6. Both act independently without undue pressure

Real Estate

	Created by Rozelle Joseph over 9 years ago