Understanding real estate agreements requires a basic knowledge of what rights or interest to proper
Understanding real estate agreements requires a basic knowledge of what rights or interest to property that are affected by a ecific agreement or contract. The following is a basic listing of rights that are commonly dealt with and general descriptio . The following listing does not represent a complete list of the various rights that can be held in and to real estate, nor does it give a thorough and full description of the rights covered, but it is sufficient for practical purposes.
A bundle of rights to real estate could include:
a. All the rights, fee simple
b. Mineral rights
c. Air rights
d. Water rights
e. Life estate
f. Remainder interest
g. Equitable rights
1. Land contract
2. Leasehold
3. Option
4. Pending purchase contract
OWNERSHIP- Fee Simple Ownership. This is the highest form of ownership to property. Generally if you have real estate that you have received a warranty deed for, this is what you have.
EQUITABLE INTERESTS- These is rights that are acquired by agreement of the owner, without tra ferring ownership. In other words, if you have an equitable interest in real estate, you may have the right to acquire title and ownership, but you don't have it yet. Typical examples of equitable interests are the rights of the purchaser under a full accepted purchase agreement, the rights of an optionee under an option agreement and the rights of the purchaser (vendee) under a land contract.
LEASEHOLD INTEREST- These is the rights to property for duration of time with no promise to tra fer ownership. Rental/leasing a lies here as well as use lice ing.
OWNERSHIP INTERESTS- Ownership to property is a combination of things and rights, and you can own property and not have all parts of ownership and vice versa. These are the basic parts or types of the ownership of real estate: Legal, Equitable, Po e ion and Use. Legal interest is normally evidenced by having title to the property. Equitable interest is described above. Po e ion is simply having po e ion or control of the property. For example, a "squatter" is a person who has po e ion, but no other rights to the property. "Squatters," simply by virtue of being in po e ion of the property have certain rights. Use, is simply the right to use the property. A typical example of this is a letter of permi ion to hunt on land.
Places you can go to better find out how you can use these buddle of interest and learn more at a very low cost are as follows: Local real estate lice ing schools in your area, entrepreneurial resource centers at local colleges, Real Estate Investing Clu , Real Estate Investment A ociation, REIAs, Real Estate Investing Cla es at high school, Real Estate Investing Grou , Landlord Club, Real Estate Training Cla es, Real Estate Seminars, Real Estate Courses, Real Estate Investing Network, and Real Estate Forums. Use Google.com to find locatio in your area.
A Real Estate Investing Club's mi ion is to provide an entrepreneurial atmo here for real estate investors to learn, and network with new and experienced investors. Real Estate Investors Clu have been formed for real estate entrepreneurs and profe ionals with one of their goals to bring like minded individuals together, to achieve greater real estate goals. REIA members come from many walks of life: first time buyers, new investors, lice ed agents and mortgage brokers, commercial investors, attorneys, CPAs, and first time landlords.
Copyright (c) 2007 Ralph Maupin
A bundle of rights to real estate could include:
a. All the rights, fee simple
b. Mineral rights
c. Air rights
d. Water rights
e. Life estate
f. Remainder interest
g. Equitable rights
1. Land contract
2. Leasehold
3. Option
4. Pending purchase contract
OWNERSHIP- Fee Simple Ownership. This is the highest form of ownership to property. Generally if you have real estate that you have received a warranty deed for, this is what you have.
EQUITABLE INTERESTS- These is rights that are acquired by agreement of the owner, without tra ferring ownership. In other words, if you have an equitable interest in real estate, you may have the right to acquire title and ownership, but you don't have it yet. Typical examples of equitable interests are the rights of the purchaser under a full accepted purchase agreement, the rights of an optionee under an option agreement and the rights of the purchaser (vendee) under a land contract.
LEASEHOLD INTEREST- These is the rights to property for duration of time with no promise to tra fer ownership. Rental/leasing a lies here as well as use lice ing.
OWNERSHIP INTERESTS- Ownership to property is a combination of things and rights, and you can own property and not have all parts of ownership and vice versa. These are the basic parts or types of the ownership of real estate: Legal, Equitable, Po e ion and Use. Legal interest is normally evidenced by having title to the property. Equitable interest is described above. Po e ion is simply having po e ion or control of the property. For example, a "squatter" is a person who has po e ion, but no other rights to the property. "Squatters," simply by virtue of being in po e ion of the property have certain rights. Use, is simply the right to use the property. A typical example of this is a letter of permi ion to hunt on land.
Places you can go to better find out how you can use these buddle of interest and learn more at a very low cost are as follows: Local real estate lice ing schools in your area, entrepreneurial resource centers at local colleges, Real Estate Investing Clu , Real Estate Investment A ociation, REIAs, Real Estate Investing Cla es at high school, Real Estate Investing Grou , Landlord Club, Real Estate Training Cla es, Real Estate Seminars, Real Estate Courses, Real Estate Investing Network, and Real Estate Forums. Use Google.com to find locatio in your area.
A Real Estate Investing Club's mi ion is to provide an entrepreneurial atmo here for real estate investors to learn, and network with new and experienced investors. Real Estate Investors Clu have been formed for real estate entrepreneurs and profe ionals with one of their goals to bring like minded individuals together, to achieve greater real estate goals. REIA members come from many walks of life: first time buyers, new investors, lice ed agents and mortgage brokers, commercial investors, attorneys, CPAs, and first time landlords.
Copyright (c) 2007 Ralph Maupin
