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2695847
Real Estate
Description
Real Estate mind map 1
No tags specified
real
estate
mind
map
Mind Map by
Rozelle Joseph
, updated more than 1 year ago
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Created by
Rozelle Joseph
over 9 years ago
90
1
0
Resource summary
Real Estate
Definition
Real estate is a legal term
Land includes
Surface of the earth
Area under the earth
Area above the earth
i) Tangible objects
Freehold Land
Leasehold houses/apartment
ii) Intangible objects
Bundle of rights
Easement of way/light
Refers to an interest/ right in property
Ownership
A. Freehold
i) Estate in Fee Simple
ii) Estate in perpetuity
B. Leasehold
i) 99-999 years
ii) 30-60 years
iii) 15 years
Real property vs Personal property
Real Property
goes to purchaser in a property transaction
deed document is used to facilitate the transfer of title of ownership
Personal Property
Stays with seller in a transaction
Inventory list is attached to the transfer of title document
Concept
Cost
Price
Value
Rights
Right of Enjoyment
Right of Disposition
Right of control
Right of Exclusivity
Fixture&Fitting
Fixture
an object that is permanently attached to the floor/walls
not removable
cannot be removed without damage to itself/the property
Fitting
item that is free standing
hung by a nail/ hook
removable
Physical Characteristics
Immobile
Scarce
Indestructable
Unique
Market Value
Willing buyer
Most probable selling price
Both buyer and seller are well informed
Willing seller
At an arm's length transction
Both act independently without undue pressure
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