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What is "Immovable Property"? | ||||||
Immovable Property is Real Estate (immovables) in
other words. Immovable Property is: Immovable object, real estate, item of property. Includes premises, and property rights (for example, heritable building right), houses, land and associated goods and chattels. In all the civil law*** systems, immovable property is the equivalent of "real property" in common law systems, i.e. it is land or any permanent feature or structure above or below the surface. In the United States, immovable property is any immovable object, real estate, item of property that can not be moved. Includes premises and property rights (for example, heritable building right), houses, land and associated goods and chattels. They are located in and have a fixed address. Immovable Property is a real term as opposed to, for instance, Realtor(TM). Realtor(TM) is a commercial term, not a real word. "Immovable Property" is immovable both physically and legally (by law). You can not alter (remodel, add to, reconstruct) an immovable property without entering into an agreement with and getting a permission from it's owner and (if you are the owner of the object of immovable property) without getting all the construction, addition or remodelling permits from your local authority. Immovable Property includes land, building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth or permanently fastened to any thing which is attached to the earth but not standing timber, growing crops nor grass. Even a right to collect rent, life interest in the income of the immovable property, right of way, a ferry, fishery, a lease of land. In other words, Immovable Property is: Any land or any building or part of a building, and includes, where any land or any building or part of a building is to be transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings and other things also. Any rights in or with respect to any land or any building or part of building (whether or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed, accruing or arising from any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, or other association of persons or by way of any agreement or any arrangement of whatever nature, not being a transaction by way of sale, exchange or lease of such land, building or part of a building. ***/ Civil law or Continental law or Romano-Germanic law is the predominant system of law in the world. Back to Top |
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What is "Real Estate"? | ||||||
Real estate or immovable property is a legal term (in
some jurisdictions) that encompasses land along with anything permanently affixed to the
land, such as buildings. Real estate (immovable property)
is often considered
synonymous with real property (also sometimes
called realty), in contrast with personal property (also sometimes called chattel
or personalty). However, for technical purposes,
some people prefer to distinguish
real estate, referring to the land and fixtures
themselves, from real property, referring to ownership rights over real estate. The terms real
estate and real property are used primarily in
common law, while civil law jurisdictions
refer instead to immovable property.
Civil law is the predominant
system of law in the
entire world. Immovable Property in various languages: Arabic: ????????? ??? ???????? Bulgarian: ????????? ????????? Croatian: nepokretne imovine Czech: nemovitý majetek Danish: fast ejendom Dutch: onroerend goed Finnish: kiinteän omaisuuden French: immobilier; biens immobiliers German: immobilien Greek: a????ta Italian: immobili; beni immobili Japanese: ??? Korean: ??? Lithuanian: nekilnojamas turtas; nekilnojamasis turtas; nejudamas turtas Norwegian: ubevegelig eiendom Polish: nieruchomosc Portuguese: imóveis; imóvel Romanian: imobiliare; bunuri imobiliare Russian: ?????????? ????????? Spanish: inmueble; bienes inmuebles Swedish: fastighetsförvärv Real Estate in various languages: Arabic: ???????? Bulgarian: ????????? ????? Croatian: --- Czech: realitní Danish: --- Dutch: onroerend goed Finnish: kiinteistönvälittäjät French: immobilier German: immobilien Greek: a????t?? Italian: immobiliare Japanese: ???? Korean: ??? Lithuanian: tikrasis turtas Norwegian: eiendomsmegling Polish: nieruchomosc Portuguese: imobiliária Romanian: imobiliare; bunuri imobiliare Russian: ???????????? Spanish: inmobiliario Swedish: fastigheter Back to Top |
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What is a "Realtor"? | ||||||
Realtor is
a U.S. registered collective membership mark identifying
a real estate broker or immovable property agent who is a member of the National Association of Realtors and subscribes to its code of ethics. Although the term Realtor is sometimes used interchangeably with real estate broker or immovable property agent, its use is reserved for active members of NAR. All Realtors (Immovents; Immovers) possess some kind of real estate (immovable property) license, but not all licensees are Realtors. New or alternative term for a Realtor also is Immovent (Immovable Property Agent) or Immover (Immovable Property Broker). Therefore a Real Estate Agency is now also called Immovency (Immovable Property Agency) and a Real Estate Brokerage (Firm) is now also called Immovage or Immofirm. Back to Top |
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What is a "Realty"? | ||||||
Real estate (immovable
property) is often considered synonymous with real
property (also sometimes called realty),
therefore Realty is a brief term for
real property. Back to Top |
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What is a "Real Property"? | ||||||
Real property is a
legal term encompassing real estate and ownership
interests in real estate (immovable property). It is a
type of property differentiated from personal property.
This article discusses the ownership of land using the
interpretation of real property as a legal term used in
Anglo-American common law jurisdictions. Other legal
geopolitical systems of government have different legal
interpretations concerning the ownership of land.
Terminology varies in these systems, as well: for
instance, heritable property in Scotland; immovable
property in Canada, United States, India, Malta,
Cyprus, most of Europe including Russia, also South
America, Malaysia, South Africa, Pakistan, Bangladesh,
and many other countries and continents; and immobilier
in France. Real property (literally "immovable
property") term used in some countries of the world:
Germany - immobilien; Russia - n'edvizhimost';
China - bu dong chan; Japan - fudousan; Lithuania
- nekilnojamasis turtas; Poland - nieruchomosc.
Translated into English most these terms literally mean
"immovable property". Back to Top |
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How much land is in one acre? | ||||||
An acre
is an area of land equal to 43560 square feet. One square
mile is equal to 640 acres. One acre is equal to 40 ares or to 0.4 hectare (ha). Back to Top |
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What does "FSBO" mean? | ||||||
FSBO
means for sale by owner. Back to Top |
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What is an "Agent"? | ||||||
An Agent is
a person authorised to work on another persons
behalf. For instance, a person authorised to sell or buy a house on your behalf. Back to Top |
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What is a "Broker"? | ||||||
Broker
is an agent who is authorised to open and run his or her
own immovable property (real estate) agency. All real property offices have one principal broker. Back to Top |
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What is a "Buyer's Agent"? | ||||||
A Buyer's Agent
is an agent hired by buyers to help them find and
negotiate the purchase of a home. This agent works for the best interests of the buyers, not the sellers. On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to as the buyer's agent, because s/he works on the buyer's behalf and it easier than explaining each time that the "selling agent" is not the listing agent and is actually the buyer's agent. Back to Top |
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What is a "Closing"? | ||||||
Closing
is the process of finalising all the dealing associated
with the sale and purchase of a home. Also known as a settlement. Back to Top |
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What is "Equity"? | ||||||
Equity
is the financial interest or cash value of your home,
minus the current loan balance(s). If selling the home, this would also be minus any costs incurred in selling the home. If you're buying a home and don't have very much money for the down payment, you may want to find out if the seller would be interested in "sweat equity". This would allow you to perform the labor on any needed repairs and maintenance to the home, such as outside repairs, painting or electrical work, in exchange for credit towards closing costs. Back to Top |
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What is a "Home Warranty"? | ||||||
A home warranty
is a guarantee for certain features of a new home. For
instance, the materials and workmanship, the main components of the house etc. Back to Top |
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What is a "Principal"? | ||||||
Principal
is the original amount
of a debt on which interest is calculated. In other words: Principal is the amount of money
borrowed and still owed on a loan not including the
interest. Back to Top |
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What is a "Multiple Listing Service (MLS)"? | ||||||
Multiple Listing
Service is: A facility for the orderly correlation and dissemination of listing information among Participants so that they may better serve their clients and customers and the public; A means by which authorized Participants make blanket unilateral offers of compensation to other Participants (acting as sub-agents, buyer agents, or in other agency or non-agency capacities defined by law); A means by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals and other valuations of immovable property; A means by which Participants engaging in immovable property (real estate) appraisal contribute to common databases. In other words: a multiple listing service is a computerized listing of the homes and land for sale in an area listed with a realtor (immover). Agents are granted access to the MLS and can use it to find a house in a particular price range or area. Back to Top |
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What is "Title Insurance"? | ||||||
Title insurance
is insurance that protects the lender and the buyer
against any losses incurred from disputes over the title of a property. In other words: A policy of title insurance is a contract of indemnity between the insurance company and the owner of an interest in real property. In plain English, this means that in the event that the insured owner of an interest in the insured property suffers an actual or threatened monetary loss, due to a title defect, lien or other matter of public record created prior to the effective date of the policy, that is not excluded as an exception to the policy, the title insurer will defend the insured against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Typically the immovable property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in immovable property, including an easement, lease or life estate. Back to Top |
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What is "Zoning"? | ||||||
In general, zoning
is the division of an area into sub-areas, called zones.
This article primarily concerns zoning in its urban planning iteration. Zoning
is a system of land use regulation which designates the
permitted uses of land based on mapped Zoning commonly includes
regulation of the kinds of activities which will be
acceptable on particular lots Most zoning systems have a
procedure for granting variances - exceptions to the
zoning rules, usually |
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