Tulsa Real Estate Agents | Great Houses All Around
Okay, today, we’re going to talk about interest in real estate in this might have to be into sections cuz. There’s a lot of information about interest in real estate estate. Pretty much interested in real estate is estates in land, there’s all different types of estates and it can be confusing, but it’s also a real estate. Agent needs to understand the differences and what they mean so estate and land just means the degree. The quantity nature, the extent of what you own and how you own it when it comes to real property, and there is a lot of types of the states that exist that are out there, and it can definitely be really confusing. So the first one that at all so real estate agent really needs to understand, is what a freehold estate is. It just means that your ownership is going to last for a length of time that is really indeterminable such as you know you can order for life like a lifetime or you’re going to own your property forever. A freehold estate can definitely be a fee simple estate, which that just means that your ownership would last for an indefinite. And. It can also be like will to your heirs. You know so I can be passed down to other people, and that would be your fee simple estate, so another one that a tulsa real estate agent needs to be aware of. Is the fee simple estate, or it could be. Another word that you might hear people say:is this fee simple absolute in the best way that I remember what that means is absolute means, it’s absolutely the best one that you want to down when it comes to ownership, it’s the highest interest of ownership that you can have so when I purchased, my home I have a fee. Simple absolute I have the highest ownership. That I can have, and you know a lot of times. Buyers and sellers will never even hear these words, but you know it’s really good for a tulsa real estate agent to understand what it is in case. It does come about I’m so that it can, it be explained it a lot of times. The title companies do deal with this kind of stuff, which is the best another. One is fee simple defeasible estate and I always remembered what defeasible means, because it means defeat is defeated. Somehow, somehow, that estate has been defeated if it’s a defeasible, so it just means that there’s a subject to like for an example, I’m going to give you a piece of land for your church just so as long as it’s used for church purposes, so it has to be religious purposes. So, if I find out that you’re not using that land for your church functions or religious purposes, then it’s this is going to be defeated and the estates can be taken away from you and it’s going to be coming back to me. That’s what that’s the best way that I can explain it. Tulsa real estate agent will also understand what a fee simple determinable is, and that just means there’s going to be limitations so so like if there is an occurrence or something happened in france, very specific terminology used on that and words like as so. If you see so long as you can use this so long as there is no alcohol on the premises, if they break that rule, if no alcohol on the premises, then it’s a determinable. That means you don’t get to keep it so kind of feasible and determinable almost mean the same thing. It just there’s just a couple:differences in the verbage that is used whenever you do that, there’s also the closet that you can add like a burger or a remain, are so, let’s say, I’m going to give you a piece of property. But if it’s going to revert back to me or let’s say I’m, going to use a remainder, you can use his property, but if you die I’m going to announce somebody else as a remainder of the property, so reverter means it comes back to the owner. Remainder means it’s going to go to somebody else. Tulsa Real Estate Agents There’s also what we call a life estate. A life estate is a freehold estate. Usually the duration is the life of the holder of the state or the life of whoever it’s been designated to. So life is based on the lot. The life estate is based on the life of the holder. It is not inheritable, so you can inherit. A life estate passes to the future owners according to ever how it was created so that it has to be created by somebody and they determine in the lifestyle that property is going to be passed down to. It does not mean that if, if i, if I acquired a life estate and I passed away, it’s in does not mean that it’s going to my daughter or my son, it’s whoever is does anita too, and it’s almost kind of like a will. So you cannot inherit a life estate. We already talked about remainder interest, reversionary interest as a legal life estate, so legal life estate just kind of it’s, it’s more of the estate of the husband or wife so sometimes might hear at all star real estate agent might hear the dower and curtesy, and it just means that you know the dollar is the last name of the wife and the currency is the life estate of a husband. Tulsa Real Estate Agents So the dower is if the husband were to died, and he goes to the wife curtsied if the wife dies at vista close to the husband, it’s not very common cuz, typically like in oklahoma and tulsa real estate agent knows that you know if a husband were to pass. It automatically goes to the wife anyways.
So let’s talk about a couple of things on that can affect your state’s. Incumbrances encumbrances is wes, just say it’s. Tulsa Real Estate Agents You don’t want an encumbrance. A tulsa real estate agent will know that at the end of temperance is not fun and it converts could mean a lien on your property. It could also mean that there might be an easement on your property, so I always think when I when I say lean, I think my lean money money is something that you owe. If you don’t pay your mortgage, the lender slots a lien on it. If you hire someone to do contract work on your house and you don’t pay them, they slap a mechanic’s lien on it. That means you can’t ever sell a property until that lena’s been paid, that lean will be paid first. Easements. Is the right to use somebody else’s land and there’s different types of easements, there’s utility, easements or reason gross. Tulsa Real Estate Agents So typically, everyone will have a utility easement on your property, and you can’t put that easement or the agent will know that. Like. If they’re working with a buyer, they will tell them the easement has a pull on it or the easement might have a shot on it and guess what it will cost that homeowner. If that ever has to be torn down. Even if it’s a utility easement, the utility company will have the right to come and remove the pool, remove the shed whatever is on a tuesday, and it will be at the owners cost because they own that they have every right to be on that easement, an easement another type of easement is in a prince in it, and it’s pretty much that just means that the easement stays with the land that runs with the land. There’s going to be 4 or so for an example. Tulsa Real Estate Agents Let’s say you have a house and how say-and you have house to be well the only way in in order to get to houston from the public road is a grow ace lot or on their land and in order to get to house before you have to go on house as property to get to house be so that means house is serving and they’re called a servient to the dominant witch’s house be they are dominant because they are receiving the right to use house as property to get to their own home. So an easement is considered an encumbrance, and so is a lien there’s. Also an easement of necessity. So and that’s again, like i, was just telling you easement of necessity like it is very necessary that house be used house ace property to get to their house because they had no other way to get to their house. Tulsa Real Estate Agents That’s called an easement of necessity and also an easement by prescription which easement by prescription is if somebody is using somebody else’s land for a certain period of time, and you know that person it’s very visible at like i, see i, see john cross, my property everyday and he’s not trying to hide it, and he does it all the time. I’ve not given him the ability to do that, but eventually, because I don’t put a stop to it. It becomes a prescriptive easement and they actually at that point and the only time you can terminate an easement is if it’s no longer needed or if it’s been abandoned or if it is specifically in a prescriptive easement. If no one’s using it anymore, then then the easement is terminated. Johnson real estate agent will come across many situations when it comes to easement I’ve ran across many of those incidents during my career and it’s it’s going to happen. You’re going to come across where you at all so real estate agent will have a buyer who wants to buy a property and there’s some easement issues or an encroachment which you know. That’s spring example like if I build my fence, I build a privacy fence behind my house and I actually built it on my neighbor’s property instead of my own i, just encroached on my neighbor’s property. So it’s also a real estate agent will come acrossed encroachment issues and easement issues during the career. It’s inevitable Tulsa Real Estate Agents