Why Study Real Estate ?

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1.Ownership and RightsProperty Rights Revisited• Basic Legal Rights or Real Estate Ownership• Right of Possession• Right of Control• Right of Quiet Enjoyment• Right of Disposition

2.Water RightsLand that borders water allows for:• Riparian Rights (Rivers)• Littoral Rights (Lakes)Land can be gained or lost over a period oftime through:Short PeriodLong PeriodFlood Avulsion Accretion Reliction Erosion

3.Estates In LandTitles and Ownership• Title - Right of ownership of the property• Deed – Written Document that conveys title toReal Estate

4.EstatesInLandCont.Present InterestFuture InterestTenancies(manner of holding current estates)Fee simple absoluteWith right ofinheritanceFreehold Estates(Ownership)Defeasible fee(restricted)Determinable(automatic termination)Conditional(not automatic)Interest inReal PropertyLegalWithoutright ofinheritanceAbsolutelife estateCurtesy (husband)Life tenancylife estateTenancy for lifeof anotherNon-Freehold Estates(lease or rental interests)Possiblereversion tooriginalgrantor or heirsDower (Wife)Homestead rightConventionalInheritance or Gift(pour autre vie)Remainderman

5.Limitations on Property Rights• Encumbrance - Claim against the title of theproperty which prevents the passing offull and complete title.• Easement – The right to use another personsproperty for a specific purpose.• By Express Grant• By Necessity• By Reservation• Implied Easement• Easement by Prescription• Adverse Possession• Profit Easement• License Easement

6.Limitations on Property RightsEncroachments – Occur when a building or otherimprovement illegally intrudes into theproperty of another.Lien – Charge or claim against a personsproperty, made to enforce the paymentmoney.ofDoes not prevent the transfer/sale of property.• Mortgage Lien• Mechanics Lien• Judgment Lien• Tax Lien

7.Govt. Limitations on RightsOwnership of land is subject to otherinterests. So that enjoyment of land doesnot interfere with others.Government Regulations• Police Powers• Eminent Domain• Taxation• Escheat

8.Building CodesWhy do they exist?To protect the safety ofthe public.Insurance Companies need them.

9.ZoningLocal Zoning tells us what purpose the land can be usedfor, building and lot sizes, and appearance• Categories of Zoning• Residential• Commercial• Agricultural• Zoning Boards Dictate the following• Lot Size• Square Feet• Parking• Set Backs from lot lines

10.Forms of Ownership•Sole Ownership•Co-Ownership1. Joint Tenancy2. Tenancy in Common3. Tenancy by the Entirety4. Community Property•Corporation•Personal Trusts

11.Home OwnershipConsiderations• Single Family Homes• Condominiums• Cooperatives• Hybrid/Duplex• Time-Share

12.TrustsPersonal Trust – Title to real land andpersonal property is transferred to atrustee (bank) to be managed for thebenefit of some beneficiaryGrantor – Owns property puts it in trustTrust Agreement – Actual Legal DocumentTrustee – Manager of the trust

13.Types of Trusts• Living• Testamentary (After Death)• Land• Only name of Trustee appearsin public record•Judgments against beneficiariescannot be attached to the trust.

14.REITSReal Estate Investment Trusts• Similar to a corporation• Been around for 100 years• Indirect Investment• Diversify a portfolio• 100 % Shareholders• 90% of Profits must be returned as dividends• Tax form K-1 no double taxation

15.Real Estate Contracts• Purchase of Sales Contract• Needs to be in writing• Commercial Contracts (usually done byattorney)• Legally Enforceable

16.Obligation of Seller• Deliver clear title on specific date• Maintain property until closing• Make any agreed upon repairs• Allow buyer to inspect property• Reimburse buyers at closing for taxes• Pay brokerage commission

17.Obligation of Buyer• Pay price agreed to in contract• Obtain mortgage financing• Change utilities over to buyers name• Reimburse seller for any pre-paid expenses

18.Requirements inContract of Sale• Competent Parties• Offer to sell• Acceptance of Offer (or counter offer)• Consideration Exchange• Legal Objectives

19.Types of Real EstateContracts• Listing Contract• Contingency Sale Contract• Back up Contract• Purchase Option


Real Estate Investment Trusts Similar to a corporation Been around for 100 years Indirect Investment Diversify a portfolio 100 % Shareholders 90% of Profits must be returned as dividends Tax form K-1 no double taxation Purchase of Sales Contract Needs to be in writing Commercial Contracts (usually done by attorney) Legally Enforceable Deliver ...

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