Want to Be a Successful Real Estate Investor?

Lewes Beach property is leased. The home owners are not the owner. The Town of Lewes has the rights to Lewes Beach. Also, leased land can be found on the lands at Rehoboth Beach and Dewey Beach. Most of those leases will not be renewed. They will be returned by the owners. At their expense, the home owners will remove the homes. The land adjacent to Oak Orchard in Riverdale on Indian River Bay is also leased. Chief Clark, of the Nanticoke Indians, owns Riverdale’s leased property.

Sussex County is home to about half of its inhabitants who live on leased land. A majority of that land is located within what we call mobile home parks, or communities. But, these communities have few homes that can be truly mobile. In fact, there are sometimes two-story stick-built homes on some of the leased land. On leased land, condominiums are often found as well as town houses. All this can seem confusing to some.

Realtors and Attorneys use term fee simple when describing land that is being sold. This is real property. To denote land that is not being transferred, we use the term “leased land” or “leasehold interest”.

This text, which is quite long, concerns Leased Land, Real Estate Chattels Mobile Homes, Homes on Leased Land. Also, a legal dissertation to describe, define and determine the differences.

Real Estate terminology is essential. real property.

Black’s Law Dictionary has been recognized as the authoritative source for legal descriptions under American Law. It is derived directly from English Law.

PROPERTY: An aggregate of rights guaranteed and protected in the strict legal sense. BL6, 1216.

PERSONAL: Personal property, movable properties, chattels; property not attached or connected to real estate. BL6, page 1144

PROPERTY is (personal property). – Anything that is subject of ownership and not falling under the definition of realty. A right, interest or other interest in movable property that is less than a full freehold in realty. BL6, 1217

Personal property, also known as real estate, can be easily removed from real estate. Personal property includes crops and trees, shrubs. Trailers, sheds. Cars. Mobile homes. A Department of Motor Vehicle title is used instead of a deed. Also, the contents of a building or home. Personal property in a home or business includes drapes and lighting fixtures, rugs (not placed carpeting), freestanding cupboards and cupboards, furniture, as well the contents and contents of any closets drawers or buildings. Chattel property refers to buildings without a foundation. Sheds that are supported only by blocks are chattel properties. Chattel property includes dog houses and small storage buildings, which are very common outside homes today.

LANDS is a general term that encompasses all ground, soil and earth in the broadest possible sense… Black’s Law dictionary 6th edition. (BL6). p.877

PRIVATE PROPERTY – Property that cannot be taken for public purposes and that belongs only to the individual who has the sole right to dispose of it. Property of a fixed and tangible nature which is capable of being transferred to another party, such properties as houses, land, and chattels. BL6, 1217. Private property refers to land, houses, or chattels. Private property cannot be taken to public use. Private property is completely yours.

REAL ESTATE is the same as real property” and “p.1218 REAL PROPERTY”. This term covers lands, properties, tenements, or hereditaments. These items are passed to their heirs upon the death, intestate, of the owner. BL6, P1263

ESTATE: A person’s level, quantity, nature, and extent to which they have an interest in REAL or PERSONAL property. An ESTATE is an interest in land, tenements, and/or hereditaments. BL6, page 547 All the definitions in this article refer to realty = real property = estate = land, tenements, hereditaments. It might appear that’real property is the right term to describe ‘all land’. It does not specify the form of ownership in the same way as the definition estate. We had a massive example of this recently when the thousands upon thousands of leased parcels of land under the homes of several hundred people in Angola Pots Nets Long Neck areas and Angola were owned by Robert Tunnel families was inherited.

IN OUR AREA THERE ARE NUMEROUS LEASED LAND PROPERTIES AND THOSE PROPERTIES ARE THE REAL ESTATE OF THE OWNER OF THE LAND – NOT THE OWNER OF THE HOME WHICH IS UPON THAT LAND. If you review the definition of ESTATE you will see that it refers only to interest in the articles real property and realestate.

What is this LAND, WHO is its owner and HOW does it get owned? Land can be considered private property OR estate. real estate. An estate is a right to “real property” owned by an individual or tenant. Private property can only be owned by one person.

INTEREST means, more specifically, a right to enjoy the benefit of accruing out of anything; any right in nature of property but less than title. BL6, at 812. This definition makes it clear that INTEREST isn’t a type of title. It is, however, less than title. While interest is a property right to land it does not give absolute ownership. click hereLeased land owners have an interest only if there is any definition of property that would say it is land in absolute ownership as private property’s definition? We can dig deeper into this.

ABSOLUTETITLE – An exclusive title or title which excludes others that are not compatible with the title. Absolute title to land cannot exist in the same place in different people or under different governments. BL6, at 1485

PRIVATE PROPERTY:… is property that belongs exclusively to an individual and which he can dispose of. BL6, at 1217

OWN – To have a good legal title, to own property, to have a legal rightful title to; have; possess. BL6, p.1105. To “own” is not to have title. TITLE is more important than an interest.

ESTATE is the amount, quality, nature, and extent to which an individual has in real or personal property. A tenant may have an interest in land, tenements or hereditaments. These definitions clearly show that we don’t “own” any real estate. Only qualified ownership is allowed for qualified and properly described Real Estate ownership. The Deed Description is required to define and qualify it. You can also qualify that ownership by various government rights and laws. The following entailments qualify that ownership: taxation, zoning rights, rights of passage, and many more. It is therefore necessary to perform a title research in order to find those entailments.

Therefore, ownership and interest do not have the same rights and privileges as we are led to believe. I don’t have a problem with someone who lives on leased land. They are usually paying far less than it would have cost to purchase the same property. However, they are not able to appreciate the land as much as the landlord. Residents can still enjoy the lifestyle for a fraction of the cost each month.

But, a lease interest is not automatically transferable. It is NOT Real Estate. Since the chattel land upon it is personal property, the mobile house is personal property without a title. Realtors are not required to be involved in the sale. We are only supposed to sell real property. It becomes all cloudy and foggy, doesn’t it? There are many people and companies who rent mobile homes on leased ground. However, they are not registered realtors. Although no one will talk about it, real estate agents are not permitted to sell mobile houses on leased land. We don’t have to fight that battle more than I described by describing.

OWNERSHIP refers to the entire dominion, title, and proprietary of a thing or claim. Either an absolute or qualified owner can have property. A single person can own property and use it or dispose off it at his leisure, provided that they do not violate any general laws. When the enjoyment is delayed, restricted or curtailed, the ownership is qualified. BL6, p. 1106 These sharing are common with spouse and wife, as well partners, families, corporations and other entities.

DOMINION is a general term that refers to complete control in the right of ownership. The word appears to mean both title and possession. – –- –BL6, p. 486 You would probably agree that zoning regulations, building codes and covenants for home-owner associations, condominium documents of use, and business licensing restrict land’s use (if it’s Real Estate). It is obvious that failure to pay property tax on real estate can result in property being forfeited. But that’s not absolute ownership. Private property is considered ABSOLUTE OWNERSHIP, and not qualified (interest).

PROPERTY (tangible), – Any property that is tangible and has a real existence (physical), no matter if it is personal or real. – See BL6, p. 1218. It takes a skilled attorney who is familiar with real estate law to be able to comprehend the complex rights, obligations, privileges, and definitions that real estate ownership entails. I have been helping others and myself in the purchase and sale of real estate for over thirty years. I have taught realty and realty law courses. I wouldn’t recommend that you purchase a property or lease land without the expert and paid assistance of a local real estate specialist. Others attorneys from other regions are not viable options.