Estate In Land
An estate in land is, in the law of England and Wales, an interest in real property that is or may become possessory. It is a type of personal property and encompasses land ownership, rental and other arrangements that give people the right to use land. This is distinct from sovereignty over the land, which includes the right to government and taxation. This should be distinguished from an " estate" as used in reference to an area of land, and " estate" as used to refer to property in general. In property law, the rights and interests associated with an estate in land may be conceptually understood as a " bundle of rights" because of the potential for different parties having different interests in the same real property. Categories of estates Estates in land can be divided into four basic categories: # Freehold estates: rights of conveyable exclusive possession and use, having ''immobility'' and ''indeterminate duration'' #* fee simple #** fee simple absolute—most ri ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land improvement, improvement or Fixture (property law), fixture) to be considered part of the real property, it must be integrated with or affixed to the land. This includes crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law (legal system), civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Lessee
A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use. The term rental agreement can refer to two kinds of leases: * A lease in which the asset is tangible property. Here, the user '' rents'' the asset (e.g. land or goods) ''let out'' or ''rented out'' by the owner (the verb ''to lease'' is less precise because it ca ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Easement
An easement is a Nonpossessory interest in land, nonpossessory right to use or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B". An easement is a property right and type of Incorporeality, incorporeal property in itself at common law in most jurisdictions. An easement is similar to covenant (law), real covenants and equitable servitudes. In the United States, the Restatements of the Law, Restatement (Third) of Property takes steps to merge these concepts as servitudes. Easements are helpful for providing a 'limited right to use another person's land for a stated purpose. For example, an easement may allow someone to use a road on their neighbor’s land to get to their own.' Another example is someone's right to fish in a privately owned pond, or to have access to a public beach. The rights of an easement holder vary substantially among jurisdictions. Types ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Equitable Interest
In law, an equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". The equitable interest is a right in equity that may be protected by an equitable remedy. This concept exists only in systems influenced by the common law (as opposed to civil law) tradition, such as New Zealand, England, Canada, Australia, and the United States. Equity Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) "the body of principles constituting what is fair and right (natural law)".Black's Law Dictionary. Second Pocket Edition. p. 241. 2001 West Group. Bryan A. Garner (editor in chief) It was "the system of law or body of principles originating in the English Court of Chancery and superseding the common and s ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Curtesy
Courtesy tenure (or curtesy/courtesy of England) is the legal term denoting the life interest which a widower (i.e. former husband) may claim in the lands of his deceased wife, under certain conditions. The tenure relates only to those lands of which his wife was in her lifetime actually seised (or sasined in Scots law) and not therefore to an estate of inheritance. The customs and the meaning of the word has considerable doubt. It has been said to be a tenure peculiar to England and to Scotland, hence called the courtesy of England and the courtesy of Scotland, yet this is erroneous, for it is found also in Germany and France. The ''Mirroir des Justices'' ascribes its introduction to King Henry I (1100–1135). The historian K. E. Digby states it to be connected with curia, having reference either to the attendance of the husband as tenant of the lands at the lord's court, or to mean simply that the husband is acknowledged tenant by the courts of England. The requisites nec ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Dower
Dower is a provision accorded traditionally by a husband or his family, to a wife for her support should she become widowed. It was settlement (law), settled on the bride (being given into trust instrument, trust) by agreement at the time of the wedding, or as provided by law. The dower grew out of the practice of bride price, which was given over to a bride's family well in advance for arranging the marriage, but during the early Middle Ages, was given directly to the bride instead. However, in popular parlance, the term may be used for a life interest in property settled by a husband on his wife at any time, not just at the wedding. The verb wikt:dower#Verb, ''to dower'' is sometimes used''.'' In popular usage, the term ''dower'' may be confused with: *A ''dowager'' is a widow (who may receive her dower). The term is especially used of a noble or royal widow who no longer occupies the position she held during the marriage. For example, Queen Elizabeth The Queen Mother, Queen ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Homestead Exemption
The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse, disability, or other situations. Such laws are found in the statutes or the constitution of many of the states in the United States. The homestead exemption in some states of the South has its legal origins in the exemption laws of the Spanish Empire. In other states, they were enacted in response to the effects of 19th-century economy. Description Homestead exemption laws typically have four primary features: # Preventing the forced sale of a home to meet the demands of creditors, usually except mortgages, mechanic's liens, or sales to pay property taxes # Providing the surviving spouse with shelter # Providing an exemption from property taxes on a home # Allowing a tax-exempt homeowner to vote on property tax increases to homeowners over the threshold, by bond or millage requests Fo ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Community Property
Community property (United States) also called community of property (South Africa) is a marital property regime whereby property acquired during a marriage is considered to be owned by both spouses and subject to division between them in the event of divorce. Conversely, property owned by one spouse before the marriage, along with gifts and inheritances they receive during marriage, are treated as that spouse's separate property in the event of divorce. In some cases, separate property can be "transmuted" into community property, or be included in the marital estate for reasons of equity. Community property can also be relevant in probate law, during the disposition of a will. The concept of community property originated in civil law jurisdictions but is now also found in some common law jurisdictions. Community property regimes can be found in countries around the world including Sweden, Germany, Italy, France, South Africa and parts of the United States. In civil law countri ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Concurrent Estate
In property law, a concurrent estate or co-tenancy is any of various ways in which property is owned by more than one person at a time. If more than one person owns the same property, they are commonly referred to as co-owners. Legal terminology for co-owners of real estate is either co-tenants or joint tenants, with the latter phrase signifying a right of survivorship. Most common law jurisdictions recognize tenancies in common and joint tenancies. Many jurisdictions also recognize tenancies by the entirety, which is effectively a joint tenancy between married persons. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, but they are the same, as every joint tenancy includes a right of survivorship. In contrast, a tenancy in common does not include a right of survivorship. The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affect ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Net Lease
In the field of commercial real estate, especially in the United States, a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner (known as the "landlord" or "lessor"). These include expenses such as property taxes, insurance, maintenance, repair, and operations, utilities, and other items. These expenses are often categorized into the "three nets": property taxes, insurance, and maintenance. In US parlance, a lease where all three of these expenses are paid by the tenant is known as a triple net lease, NNN Lease, or triple-N for short and sometimes written NNN. The term "net lease" is distinguished from the term " gross lease". In a net lease, the property owner receives the rent "net" after the expenses that are to be passed through to tenants are paid. In a gross lease, the tenant pays a gross amount of rent, which the landlord can use to pay expenses or in any other way as the landlord ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Gross Lease
A gross lease is a type of commercial lease where the tenant pays a flat rental amount, and the landlord pays for all operating expenses regularly incurred by the ownership, including taxes, electricity and water. Most apartment leases resemble gross leases. The term "gross lease" is distinguished from the term "net lease In the field of commercial real estate, especially in the United States, a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner (known as the "landlord" ...." Principle of operation A gross lease allows the tenant to pay a fixed fee in exchange for exclusive use of the property. Landlords typically calculate a rent amount that reasonably covers the cost of rent, standard utilities, and other expected and day-to-day expenses. In a gross lease, the rent is primarily paid by the tenant. The landlord assumes the costs of maintaining the building. This includes parking l ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |