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Part 2 of interest in real estate. We were talking about easements encroachments encumbrances mean as Tulsa Real Estate Agents an encumbrance and something else that a real estate agent needs to be aware of is a less tendons. What that means is if someone lets go back to the mechanics, lien i, just hired someone to put new siding on my house, and they finish the job I did not see them. They might go file a notice at the public records at the courthouse caught a less pendants and that’s going to affect the title. It doesn’t actually put a lien on it, yet it just means there’s going to be a cloud on the title, so it’s telling everybody to be where there is a possible lawsuit and that could be taking place. Tulsa Real Estate Agents If I don’t get my money, then I’m going to put a lien on it, and so it it’s a public notice to the to the general public. To let everybody be aware that there’s a problem with his property and there is possibly a lawsuit going on another thing that people talk about our licenses a license. Is, is at going back to the easement, even if you don’t be so like go back to her house and she has to use as a property, you could give them a license or the privilege to enter your land for whatever reason or wanting to do it. So it’s like a verbal saying, like I’m, okay with you using my land and i, can terminate that whenever I want it’s not necessarily an easement like an easement by prescription or an easement of necessity. Tulsa Real Estate Agents So a tulsa real estate agent understands the differences between licenses and easements, and also how to terminate all of those easements tulsa real estate agent needs to be aware of our governmental powers and I have an acronym that I used to remind myself what governmental powers are, and it’s pete, pete p & p stands for police power. E stands for eminent domain for taxation and eve forest cheat. Why do we want to know or understand? Why would a tulsa real estate agent want to know where understand what the governmental powers are, because it affects ownership and it can affect a lot of people? So, let’s start with police power, every single state in the united states has the power or the ability to protect our public, the government, the police power. They want to do anything they can to keep the public safe and just promote general welfare welfare, as the public, so part of that police tower is just making sure that everybody is safe and that’s why they there certain types of government regulations on different things, whether it’s construction or real estate, there’s they regulate land soul and is never actually absolute. It’s regulated by the government by our law, and we must follow that and they put these regulations in place because they are trying to protect the public. So that would be police power. The first ent for would be represent. Eminent domain. Eminent domain is the right of the government to be able to take private property so and their members also condemnation, which is the difference between eminent domain and condemnation, is eminent domain? Is the right for them to take it condemnation? Is the actual process I’ve been taking it so here I will explain. Tulsa Real Estate Agents Let’s say that highway and major highway needs to be expanded in from a two-lane to explain in order to be able to that, the government has to acquire the land around the property. I know this. This is happened in our town and in order for the government to take that lee and they have to, they have to make sure that they’re taking it for public use and they have to compensate the homeowner or the landowner. So they can’t just take it just to take it. They have to have. They have to be able to compensate them and it has to be for public use. They can’t just dominate their power just to dominate it. So I talked to bill estate agent, won’t understand the difference between the two and taking of that property is actually part of our constitution. I’m taking the property for public use, I believe it’s the fifth amendment of our constitution and just states that you can’t take property without compensation, and you can’t take it unless it’s being used for public. So again that is eminent domain, and that is part of our government. Powers, there’s also an inverse condemnation. Tulsa Real Estate Agents So if you seen gov number of condemnation is the actual process of the government taking the land will inverse condemnation. Condemnation just means that if that owner was not compensate for the property that the government is to it possible state, it needs to be aware that the owner can actually sue the government for compensation because they were not compensated. It’s kind of hard to determine the difficulties in determining the level of compensation of what is fair and what is not fair and the compensation can always been be negotiated between the homeowner and the government at any time. So there are negotiations and process, it’s not just hey I’m the government and I’m taking it, and this is what I’m going to pay you. So the owner can seek recourse for that another. The t in pete, so t stands for taxation and I told the real estate agent needs to know that I’m text, a shin, is a charged charged on allstate in order to be able to raise funds. So if you really think about it, it’s your anal property taxes that you pay in your mortgage payment. That’s already calculated into your mortgage payment and taxes on any profit. When you sell your property and then special fees like and let’s say, there’s going to be some type of special project that the city’s going to do, whether it’s has something to do with rose or utilities, though they could tax the public for that taxation.┬áTulsa Real Estate Agents

Tulsa Real Estate Agents It’s a government power of the government has the ability to charge taxes on real estate as much as we hate it and the next one. The last emp stands for his cheat escheat, so it’s pretty much means that someone on the property, a piece of property and that person passes away and they did not leave a will or a trust or anything. So at that point, state laws provide is cheat, meaning the government kind of takes that over until they can determine determine who the property is going to go to. So if you don’t have a will and if you pass away or if you don’t have a trust you definitely your property will go into the state’s hands in the government will take over that ownership until they can properly determine, what’s going to happen to the property. Tulsa Real Estate Agents At that point again, that was us cheat, so those were for government powers, so we all have interest in real estate and there’s different types of interest in when you have an interest in real estate and just meaning of ownership. I told her real estate agent really just needs to be aware of. You know, maybe not necessarily what all different types of interest means, but definitely incumbrances what those are easements. The different types of easements father, terminated and wyatt elsa real estate agent needs to be aware of these meds and honestly. If the owner is selling a piece of property, they have to disclose on the property disclosures. If there isn’t an easement that they’re aware of now, it could very well be that they’re not aware of any easements and it’ll come out during the property survey in the title. Company will discover easements encroachments during that time and then, if they are aware of them, they just have to disclose what is mia’s of what the encumbrance is. And obviously you can’t sell a house if there’s a lien encumbrance on your property and it’ll all come out in the end. I’m also encroachments. So that’s when the structure is intruding on somebody else’s property such as offense or i, had somebody I had a buyer buy a house one time and their garage was encroached when the garage was built, there was an encroachment on the neighbor’s property and everybody was aware of it and the owner was aware of it and everybody was okay with the encroachment. However, as a tulsa real estate agent should know, even if everybody is aware of it and they’re okay, it needs to be disclosed and something needs to be put in writing again once the new ownership takes place. So if there’s a new owner coming in that, neighbor still needs to do. Another notice of yeah I’m, okay with the new owner mean and their garages in close to my property by 1 foot so anyways. That is it for parts you on interest in real estate┬áTulsa Real Estate Agents