02. May 2013 · Comments Off on Legal Concepts in real Estate · Categories: Recent

Real estate is one of the emotive businesses. Although seriousness, caution and tact is needed in every business, I think real estate is more serious than any other business. I want to believe that it is because of the processes involved and volumes of money that is transacted. It is these and more reason that real estate law is enforced in all countries. In other businesses, there is a common law that govern their operations and guides transactions, but for real estate things are more particular.

If you are in or are interested in real estate business, it would be prudent for you to understand what goes on in your field of interest before you find yourself in trouble. This article is purposely designed for this purpose. Take a look:
The Primary

Real Property

This is a collective term. It has synonyms like, real estate, immovable property and realty. These refer to legally defined assets or property. Human effort is used to make improvements on these properties. Example of these include land, buildings, dams, roads, well etc.

Leasehold

This will be very handy for those who intend to lease their property instead of selling. A leasehold is a contact signed by two people, the lesser and the lessee. It binds the lessee to make payment of the property for an agreed duration on agreed terms in the contract.

Fee Tail

This is has to do with the beneficiaries. In the contact between the owner of a property and the tenant, there is always a slot for beneficiaries. Upon the death of a tenant, the estate or property is transferred to the beneficiaries of the heir.

Allodial Title

This is land that is held at once own right. There is no landlord in this property. The tenant has the right over everything on the land or property.