Real estate is the physical land and
appurtenances (buildings or improvements) that are affixed to the land. Real
estate is immobile and tangible and includes attachments above and below the
ground. Real property includes all interests, benefits and rights inherent in
the ownership of physical real estate such as rights to use, sell lease, give
away, and rights to gas or minerals, ect.
Private restrictions on real estate are limitations on the fee simple
ownership rights that generally run with the land. Private restrictions could
be covenenats, liens, easements, profit a prendre, adverse possession or
encroachments. Covenants limit the way a property owner can use the property. A
lien is a claim on a property as either security for a debt or fulfillment of
some monetary charge or obligation, can be categorized as voluntary or
involuntary. An easement is a right given to one party by a landowner to use
the land in a specified manner, could be appurtenant or in gross. An
encroachment is an unauthorized invasion or intrusion of a fixture, building or
other improvement onto another person’s property.
Public restrictions are limitations on the property and rights that go
with the land but are placed on by the government. The four main types are
taxation, eminent domain, police power and escheat. Through taxation, the
government taxes the land owned through an ad valorem tax which is levied as a
% of value of the property, not on the income earned from property. Eminent
Domain is the government’s way of acquiring property for public use.
Compensaton for ED comes in the form of just compensation, condemnation
proceeding and inverse condemnation. Police poers is the government’s right to
have the power of regulation and to protect the public health, safety, morals
and general welfare.
An
unfortunate example of eminent domain in which the acquired site was vacant for
9 years after siezure:
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