Category:Property

From Eurêka

Property

• See also Conveyancing

• See also Defects in Title

• See also Financing Real Estate

• See also Landholding

• See also Property

• See also Property Development

• See also Property, Social Relationships

• See also Property Taxes

• See also Real Estate

• See also Real estate services

• See also Records

Property Land or other items of value owned individually or communally.

1. Private property Historically private property was justified only to the extent that it served the welfare of all. In fact, the word “private” comes from privare (Lat., = to deprive), which shows the view that property was first and foremost communal. As societies developed this view has become reversed in many parts of the world. It is now held that property should be private and that society should not deprive the individual without due process of law.
2. Real property Ancient concept of English common law in the division of property into ‘real’ and ‘personal.’ In early law, property was deemed real if the courts could restore to the dispossessed owner the thing itself, instead of giving compensation for the loss. All interests of land fell within this category other than leaseholds which were regarded as mere contractual rights.
   1. Corporeal Physical possession of the land such as fee simple.
   2. In corporeal No physical possession such as fee simple subject to life interest; or rights over the land over another such as easements.
   3. Joint tenancy (AmE) Ownership of property shared by two people that features the right of survivorship if one dies, the interest in the property passes to the remaining owner.
   4. Tenancy in common (AmE) Ownership of property shared by two people in which there is no right of survivorship. If one of the owners dies, their interest passes to their heirs.

Real estate (Realty) Land and anything permanently affixed to it, and those things attached to the building.

Betterment Improvement to real property for which the freeholder is obliged to pay compensation.

Property rights Government guarantees of individual freedom to own, buy and sell private property.

1. Air rights Right to the use of air space over property owned by another.
2. Subsurface right Right of ownership of everything beneath the surface of a property.

Property market Buying and selling property.

1. Housing market Buying and selling residential properties.
   1. Buy-to-let private rental market (UK) Housing market with people speculating in rental property, predominantly in London and Southeast, early 21st cent.

Conveyancing Practice of creating and transferring interests in real property, especially in land. There are two main divisions:

1. Investigation of title The establishment of true ownership and that the vendor has the right to sell.
2. Drafting Writing of a contract of sale.
   1. Common form Reliance on well tried precedents to be found in books of model forms which have been collected and published since printing became common.

Alienation Voluntary transfer of real property by one person to another.

Apportionment Division of rights or liabilities among several persons in accordance with their respective interests or responsibilities.

Easement

Easement (AmE) Limited right created by grant, reservation, agreement, prescription, or necessary implication, in a piece of land owned by another. This entitles the holder of the right to some use of the land.

1. Affirmative easement Easement which gives the holder a right to make some limited use of land owned by another.
2. Easement in grow Easement created for the personal benefit of the holder.
3. Express easement Easement that is expressly created by a deed or other instrument.
4. Appurtenant easement Easement that runs with the land.
5. Continuing easement Easement that is self-perpetuating and runs with the land.
6. Conservation easement Easement precluding future or additional development of the land. Usually used for the preservation of open space.
7. Drainage easement Easement required for the installation of storm water sewers or drainage ditches, and/or required for the preservation or maintenance of a natural water stream or water course or other drainage facility.

Encroachment Construction onto the property of another, wall, fence, etc.

Market value Hypothetical figure, used in appraisal, condemnation proceedings, and assessment for taxes, which a willing buyer presumably would pay to a willing seller in a free market.

Use value Value ascribed to a property based on its worth to the user.

Assessed value Value of a property as established by a tax assessor, as distinguished from the market value.

Assessment ratio Fixed relation between the market value and the assessed value of a property.

Physical valuation Use of the replacement cost of property as a basis for calculating the investment on which public-utility companies are entitled to a reasonable return.

Betterment (Unearned increment) Improvement to real property likely to accrue to the owner of land as a result of an advantageous rezoning of land.

Social Control of Land

Social control of land Freedom of the owner to use and develop land may be limited by the necessity of submitting to its regulation or appropriation for the pubic good.

1. Planning controls Regulations involved in the use of land such as zoning.
2. Police regulations Regulations such as building codes and those related to health and safety, for which the owner is not compensated for any loss of value because of their implementation.
3. Expropriation Action of the state in taking or modifying the property rights of individuals through the exercise of sovereignty.
   1. Condemnation Exercise by a government agency of the right of eminent domain.
   2. Eminent domain (AmE) (BrE, Compulsory purchase) Power to take, or authorize the taking of private property without the consent of the owner. The appropriation must be authorized by statute, and the owner must be paid just compensation.