Markham Real Estate Lawyer: All You Need To Know
Looking to own a real estate in Markham? Real estate forms an important part of individual as well as corporate wealth. Ordinarily when we hear of real estate, we think of only one thing; absolute ownership. However, in real estate law concepts, we see a different side of that notion.
What is real estate?
In real estate law, real estate is an interest in a real property. It basically ranges from having absolute control to barely possessing the property. Real estate refers to land and whatever structure is on it including natural resources like minerals, water, immovable properties of nature or even crop. Just as property managers are aware of the value of the land, they must also be aware of:
- tax policies and assessments
- lease negotiation skills
- zoning and land development
- environmental laws
- property management and many other topics relating to real estate law
Markham Real Estate: What are the types of real estates?
Residential real estate
This type of real estate includes resale homes and new constructions. The most common we know is single family homes. But there are several others including vacation homes, condominiums, duplexes and so on.
Commercial real estate
Basically, it refers to properties built to generate income. They comprise of hotels, shopping centers, medical buildings, offices, educational buildings and apartments.
Industrial real estate
This basically includes warehouses, manufacturing properties and buildings. The buildings may be used for research, production, distribution of goods and storage.
Land real estate
This includes ranches, vacant lands and working farms. Vacant lands can be subcategorized into subdivision, reuse or early development, undeveloped and site assembly
Markham Real Estate: What are the forms of owning a real property?
Usually transfer of ownership starts with the buyer selecting a form of ownership. In this aspect of the article we are emphasizing on how the real property acquired will be owned. One form of owning a real estate is severalty. Severalty simply means owning the real property individually. However due to marriage, ability to finance the property easily and close binding friendships home buyers usually complicate home purchasing.
Sometimes people form groups for investment purposes like corporations, joint ventures, business trusts, limited partnerships etc. Most popular among these investment groups is limited partnership. Basically, a real estate partnership allows investors to take substantial amounts in the form of deductions to offset current income from similar investments and the partnership. However, should the venture fail the investors interest is protected.
You do not have to start a limited partnership or any other type of business in order to own a property with others anyways. There are various other forms of owning a property with others either for personal or investment purposes. It is wise that real estate deals are initiated with the help of a real estate lawyer Markham based.
Owning A Real Property In Markham
Joint tenancy simply refers to a real estate on a land owned by two or even more people. Chiefly it can be distinguished by right of survivorship. For instance, if two people own a land as joint tenants, the moment the other person dies the other survivor becomes the sole owner of the land.
Tenancy by the entirety
Majority of our countries allow husbands and wives to own property as tenants by the entirety. This form of real estate ownership shares similarity with joint tenancy, aside from the fact that it is solely applied to husbands and wives. Tenancy by the entirety is sometimes called the ownership of one person. In the countries that permit tenancy by the entirety, acquisition of a real estate either by husband or wife as joint tenants automatically becomes tenancy by the entirety.
The significance of tenancy by the entirety is neither of the spouse can end the agreement. This means only a joint decision to terminate the tenancy will be effective. Either the husband or wife cannot sell or lease the real estate without the consent of the other. In the same way one spouse’s creditor cannot seize the individual interest in a real estate because the interest cannot be divided.
Tenancy in common
This is when two or more people hold a property. Usually tenancy in common is when right to possess the real property is present. In this instance the tenants in common do not own part of the real estate. Each and every tenant in common has undivided share in the whole real estate. Therefore, they are individually entitled to occupy the whole property.
A tenant in common may decide to lease, mortgage or sell his undivided interest. And in the event a tenant in common dies his undivided interest is passed onto his heirs not the surviving tenants in common.
In about ten countries including California, Idaho, Louisiana, New Mexico, Nevada, Texas, Arizona and some others properties acquired during a marriage is referred to as community property. The general theory behind this is that except for certain cases while husband and wife are still married to each other, they have equal interest in the property. Well in this regard just like other theories there are variations in the theory depending on the country.
The major exception to this form of ownership is when the property was inherited. Whatever property is inherited or owned is referred to as separate property. Countries that permit this form of ownership also recognize husband and wife as joints tenants. So, in the situation when one spouse passes on the other automatically owns the whole estate.
This is yet another popular form of owning a real estate. The cooperative tenant is known as the tenant that owns a share of an entire real property.
This is an arrangement where several different people can own the same real estate. In this regard they are entitled to occupy the space exclusively at different times on recurring basis. A typical example is vacation properties. For instance, a couple may go on a vacation to use a cottage or apartment for a specified period of time. At their time of stay they have equal right to the place. Actually, time share resorts have become very popular in recent times.