Real Property

-




Real Property 

Real property refers to land and any poperty which is directly attached to it, including any subset of land has been changed by legitimate human acts. Examples of real property can include ponds, building, reservoirs, canals, roads, and machinery . 


What is the legal definition of real property ?

The legal deinition of real property is land, and anything growing on, affixed to, or built upon land. This also includes man-made building as well as crops. Real property is best characterized as property thet doesn't move, or that is attached to the land. 


What are examples of real property ?

Real property is land and other assets that are permanently attached to the land. These other assets must be permanently placed on under the land. Examples of real property are buildings, canals, crops, fences, land, landscaping, machinery, minerals, ponds, railroad tracks, and roads.






















































































































































Comments

Post a Comment

Popular posts from this blog

Advantages of Single Ownership of a Property

-
Image
Advantages of Single Ownership of a Property :- Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred. Advantages : In case of EMIs, you do not have to wait for the co-owner to meet his financial liability in sharing the payments. The credit score will only be based on your financial performance and so if your partner has a low CIBIL score, it won't affect your ability to avail a home loan. When owning a property alone, you will not have to worry about the future of your property if there is a fall out between you and the co-owner. If the need comes to sell the property, you would not need to take another person's aprroval to do so. You will not have to share the tax benefits with anyone else and can apply for a tax rebate against home loan
Read more

Disadvantages of Single Ownership of a Property

-
Image
Disadvantages of Single Ownership of a Property :- Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred. Disadvantages :- Single ownership puts the burden of financial responsibility on your shoulders which you cannot share. You will not be able to apply for higher loan amounts when owning a proerty alone. But in joint owneship, as the combined income of the owners is considered, eligibility for higher loan amounts are more. A rebate on stamp duty cannot be availed in sole ownership, but is offered on joint property ownership in same states. The peocess of transfer of property ownership upon the death of sole owner can be a complicated one regulated by succession laws and other related ownership rules.
Read more

Timeshare property type

-
Image
Timeshare Property Type: Timeshares are split ownership models of a vacation real estate or accommodation in which numerous buyers hold allotmentd of usuaally in a week's increment within the same property. Is a timeshares are considered real property? Deeded timeshares are considered real estate not personal property . You maintain partial ownership and equity in the property, which you share with the other timeshare owners. You must pay maintanance fees, insurance, and property taxes on your timeshare as part of the  contract. What are the types of timeshares ownership? Apart from the above three types of timeshares there are two more kinds of ownerships of timeshare properties , one being the deeded and the other right to use type of ownership.
Read more