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In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. A "fee" is a vested, inheritable, present possessory interest in land. A "fee simple" is real property held without limit of time under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use.
In common law and statutory law, a life estate is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant". The person who will take over the rights upon death is said to have a "remainder" interest and is known as a "remainderman".
This aims to be a complete list of the articles on real estate.
Housing tenure is a financial arrangement and ownership structure under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid by the occupant to a landlord, and owner-occupancy, where the occupant owns their own home. Mixed forms of tenure are also possible.
A condominium is an ownership regime in which a building is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners. These individual units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium" is mostly used in the US and Canada, but similar arrangements are used in many other countries under different names.
A lease is a contractual arrangement calling for the user to pay the owner 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.
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.
In common law systems, land tenure, from the French verb "tenir" means "to hold", is the legal regime in which land "owned" by an individual is possessed by someone else who is said to "hold" the land, based on an agreement between both individuals. It determines who can use land, for how long and under what conditions. Tenure may be based both on official laws and policies, and on informal local customs. In other words, land tenure implies a system according to which land is held by an individual or the actual tiller of the land but this person does not have legal ownership. It determines the holder's rights and responsibilities in connection with their holding. The sovereign monarch, known in England as the Crown, held land in its own right. All land holders are either its tenants or sub-tenants. Tenure signifies a legal relationship between tenant and lord, arranging the duties and rights of tenant and lord in relationship to the land. Over history, many different forms of land tenure, i.e., ways of holding land, have been established.
Strata title is a form of ownership and housing tenure devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The word "strata" refers to apartments on different levels.
As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. The ground rent provides an income for the landowner. In economics, ground rent is a form of economic rent meaning all value accruing to titleholders as a result of the exclusive ownership of title privilege to location.
A leasehold valuation tribunal (LVT) was a statutory tribunal in England which determined various types of landlord and tenant dispute involving residential property in the private sector. An LVT consisted of a panel of three; one with a background in property law ; one with a background in property valuation generally a qualified surveyor; and a layman, although some decisions of an LVT were decided by a single member. LVTs were non-departmental public bodies.
The Commonhold and Leasehold Reform Act 2002 (c.15) is an Act of the Parliament of the United Kingdom. It introduced commonhold, a new way of owning land similar to the Australian strata title or the American condominium, into English and Welsh law. Part 1 deals with commonhold and part 2 deals with leasehold reform. Some supplementary material is covered in part 3.
The Landlord and Tenant Act 1985 is a UK act of Parliament on English land law. It sets minimum standards in tenants' rights against their landlords.
A freehold, in common law jurisdictions such as England and Wales, Australia, Canada, Ireland, and twenty states in the United States, is the common mode of ownership of real property, or land, and all immovable structures attached to such land.
Strata management, sometimes known as "body corporate management", is a specialist area of property management involving the day-to-day operation and management of a property that is jointly owned and comprises multiple units, common areas and common facilities. It is derived from an Australian concept of property law called strata title applied to the administration of common ownership in apartment buildings on multiple levels, or strata. Emerging markets in Dubai, Abu Dhabi, the Philippines and India have adopted the Australian system. It is one of the fastest growing forms of housing in the United States today, similar to common-interest development (CID), a category that includes planned unit developments of single-family homes, known as homeowner associations (HOAs), condominiums, and cooperative apartments.
The Leasehold Reform Act 1967 is an act of Parliament of the United Kingdom, which concerns English land law and compulsory purchase. A government bill, the law remains largely intact. It was passed by both Houses and had been tabled by ministers of the Labour government, 1964–1970.
James v United Kingdom [1986] is an English land law case, concerning tenants' (lessees') statutory right to enfranchise a home from their freeholder and whether specifically that right, leasehold enfranchisement, infringes the freeholder's human rights in property without being in a valid public interest.
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. In order for a structure 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.
One in eight Canadian households lived in a residential condominium dwellings, mostly located in a few census metropolitan areas according to Statistics Canada Condominiums exist throughout Canada, although condominiums are most frequently found in the larger cities. "Condominium" is a legal term used in most provinces of Canada. in British Columbia, it is referred to as "strata title" and in Quebec, the term "divided co-property" is used, although the colloquial name remains "condominium".
In property valuation, a deferment rate is a discount rate applied to the current price of a property in order to assess the present value of the right to vacant possession of a residential property at the end of a leasehold to which the freehold is subject.
References
- ↑ van der Merwe, Cornie; Smith, Peter (2005). "Commonhold—A Critical Appraisal". In Cooke, Elizabeth (ed.). Modern Studies in Property Law Volume 3. Hart. ISBN 9781841135588.
- ↑ Neville, Paul (3 October 2005). "Commonhold property ownership explained". BBC News Online .
- ↑ Loveday, Mark (15 May 2009). "Brief encounter: commonhold property". The Times . Archived from the original on 17 May 2009.
- ↑ House of Commons of the United Kingdom, Michael Wills Written Questions, 9 June 2009 col. 792W Commonhold
- ↑ "Commonhold". Law Commission. Retrieved 6 July 2024.
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