Tulsa Real Estate Agents | Amazing homes
So today we are going to talk about land, real estate and real property. Real estate agent has to know you know the difference between the three so real, quick I’m, going to run over the definition of leanne real estate, real property and land is defined as the earth’s surface to the ground in anything that extends downward to the center of the earth. Pretty much that’s going to include like all your surface rights, subsurface rights and also your air rights. So it includes everything that goes above the earth as well about the ground. So it’s also is going to include natural objects that are attached, and you could say that those objects would be stuff like trees and bushes at lake, pond river, that’s pretty much. What they consider attached. I’m objects that are attached to land real estate is different than land because it does include land, but it also includes everything such as improvements like human made improvements and that are made to the land. So we’re talking about building fences were talking about houses, considered human-made and as an addition to the land, so we’re not really necessarily disgusting trees. At that point, and then you have real property, so real property. Pretty much is the benefits in your rights that are included when you actually have ownership to real estate. So there’s called the bundle of legal rights, and equal rights include several factors, one that would be the right to possess. So if you are a homeowner, you have the right to possess that home. You also have the right to control and the property as long as it’s legal, you also have the right to enjoy your property and you can use your property. However, you choose again as long as it’s legal. You also have the right of exclusion, so the right of exclusion just means that you are able to keep others from entering your property from trespassing. Tulsa Real Estate Agents They also have the right of disposition, which means you can sell your property. You can leave it in a will to somebody or transfer ownership over at add somebody to the deed or title. So that would be your bundle of rights when you actually have real estate ownership. So there you have land, that’s the surface and anything that extends downward up to pretty much the sky, and then you have real estate, which is the land that includes all of all of the improvements such as the house, the barn fences exedra, and then you have real property, which is the interest or the benefits or easier to say, your rights that you gain when you actually have ownership in real estate. So another thing that comes with out that I could talk to real estate agent needs to know is that we need to understand the fixtures and understanding the fixtures of real estate is really important. At elsa, real estate agent is going to be aware of what fixtures are so I fixed. Her is a personal property of any any of any type of personal property that has been attached to the land or in the house that becomes a real property. So some examples of fixtures would be like your ac unit, your hot water tank, any type of light, fixtures or plumbing. So if you were to purchase an air conditioning unit for your home before it’s been installed, it’s considered personal property. After it’s installed, it becomes real property and may becomes a fixture, and when you are buying a home, fixtures have to remain in the house, so I fixed. Your would also like i, said, include lines now, if a seller, you know, wants to take the blinds with curtains. Tulsa Real Estate Agents Typically, what we require the seller to do is stated on the mls that the curtains or the lines are not staying. Some other things that are considered fixtures are anything is under the kitchen cabinets such as a dishwasher and oven the disposal, the sink disposal I’m. Also, if there is a microwave attached above the oven which uc is common, that’s also considered a fixture. Tulsa Real Estate Agents The one thing that is considered personal property is your refrigerator and your washer and dryer. So a lot of times when you a Tulsa Real Estate Agents, is representing a buyer during the transaction, and they are writing the offer a lot of times when they will ask for the refrigerator and sometimes even the washer and dryer, to remain on the property. Since it’s not considered a fixture, the seller has the right to take those items if the buyer does not request for them to stay. There’s a legal test that a real estate agent needs to know in order to know if something is a fixture and I have an acronym that I use, it’s called maria, and it helps me remember what that legal test is and maria stands for this. The m stands for the method of annexation. The ace stands for adaptability of the items. The r stands for the relationship of the parties and the I stand for the intent. What was the intention of the person who put the item on the land and then the last maria stands for agreement of the parties, so I will run quickly through what all of that means. So when you’re trying to determine whether an item is a fixture or not in real estate, this is something that the courts will look at if it is taken to court and it’s just a five simple basic test sew in the method of annexation. Tulsa Real Estate Agents That just means permanent is the attachment can be removed without destroying something like that. Something that I always think I have is. If you have like a kitchen refrigerator that has been built, custom built to make it look like the kitchen cabinets that would be considered part of the method of annexation.
Well, they purchase they didn’t just purchase any refrigerator. Tulsa Real Estate Agents They actually had it custom-made to add, match the same design as the kitchen cabinet, so that actually would mean that the refrigerator would be a fixture and not personal property. Something else that is considered you know, like a picture would be like a swimming pool cover that swimming pool cover is considered a fixture because of it is the method. Is it was designed for that specific pull? You might not necessarily be able to use that pool cover just for any pool, so pool supplies pool cover adaptability. Time is item being used as real property, property or personal property. So, for example, the fridgerator is usually considered personal property. However, if the fridgerator has been adapted to match the kitchen cabinets, then yes, it’s a fixed-term, the our relationship of the parties in general. It just means that if you go to court most of the time the courts are going to represent the buyer or the seller, the course will represent the buyer or the seller, and also, if it’s a lease agreement, the courts will probably more than the other, the favor the tenant over a landlord. If something is taken, court the intention intention, the person who placed item on the land should probably be something that would be the most important. You have to know what their intention was. If it installation is intended to be temporary or if it is intended to be permanent, so courts will also look at that. Then you also the last day would be the agreement of parties. Have the parties agreed on you know are both parties, buyer and seller agree on whether an item is personal or real property or not? That’s something that definitely the court weighs heavily on there’s. Also trade fixtures in the trade fixture is different than a fixture because it still considered, even though the work fixtures in there, it’s still consider personal property. Tulsa Real Estate Agents Trade just means business. So let’s say an example is a dentist is renting space for his dentist practice and the lease is up and he decides to move out. Those dental chair would not remain in that building because it belongs to that specific practice. The next tenant who were to move in might be a dog groomer, so they’re not going to need dental chairs. So it’s pretty much as a special category of fixtures, and it just includes property used in a business formats and it’s considered personal property, even though the word fixture is in there Tulsa Real Estate Agents