Residential Law
Real estate law involves a person's rights relating to the ownership and possession of land, buildings or structures on land (including those materials beneath the land's surface, such as minerals and oil, and the area above the land's surface). Real estate is sometimes referred to as property in order to distinguish it from personal property, which is moveable property. A common stumbling block for many consumers entering the real estate market is the number of unfamiliar terms used to describe the various possessory and ownership interests a person can have in a piece. This chapter discusses some of the basic concepts in ownership, including buying a home or condominium and landlord/tenant relations.Real Estate Ownership
The most common form of ownership is fee simple absolute. Fee simple absolute means the owner has the right to sell the property, use the property as security for loans (i.e., encumber the property), improve the land or buildings, possess the property and pass the property on to his or her beneficiaries. A fee simple absolute is the most complete form of ownership.Property can also be owned jointly by two or more persons. A tenancy in common, for example, is a form of joint ownership whereby all of the owners have a distinct and undivided interest in the property. Each owner is free to possess, sell or encumber the property. Should one of the owners die, his or her interest will be transferred according to his or her will or according to the state's intestacy laws if there is no will. A joint tenancy is also a form of joint ownership. However, when a joint tenant dies, his or her interest in the property is transferred to the remaining joint tenants, not to his or her beneficiaries. This transfer of ownership to the remaining owners is known as a right of survivorship.
However, if the marriage is dissolved, the former husband and wife become tenants in common. Each owner is free to possess, sell or encumber the property. Press here, if the above-mentioned Estate Law is sufficiantly unclear to you and more detailed explanation is required now.
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