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List of basic real estate definitions-from A to Z
Practise showed that particular concepts related to real estate and its features have often been wrongly interpreted and understood among many of real estate owners. Since the exact concept of real estate has been often mixed with similar explanations of property matters, it’s useful to know that real estate presents certain land area along with all buildings and additional structures which are connected to that land.
Real estate does not include surrounding space, meaning that if you own a building that doesn’t mean you own the above piece of the sky and air. Theoretically, real estate includes plenty of additional terms, and these are some of its basic definitions:
When mentioning assessment as a term connected to real estate, it can be said that it includes evaluation of property’s value in order to conduct taxation. In a relation to that, assessed value is the exact real estate value, usually determined by tax assessor and used for taxation purposes.
Although this term can be variously interpreted, it usually refers to the situation of transaction related to property, where closing marks a moment of signing all transaction documents and money exchange. The transaction occurs during buying, selling or transferring of the property, where it’s important to know that it requires preparation of certain transferring documents. However, there are lot of professional services providing support during property conveyancing in Australia, or any of surrounding countries, so you don’t have to bother with transfer documentation.
If used in the context of real estate, easement refers to the right of approaching to or coming across the property, given to the persons which are not property owners. They can include owners’ friends, neighbours, family members, or anyone else who’s not officially listed as real estate owner.
Joint Tenancy is a form of mutual property ownership, where the property can’t be separated between owners, but each owner possesses the entire property. This means that even in the case of the death of some owners, those who remain become the owners of whole property.
Mortgage, or in some countries First Trust Deed, presents a document which serves as a sort of guaranty to the lender that debts will be paid. So, if you for instance fail to pay off certain property debts then mortgage can be activated and, in that case your property will be given as a pledge to the lender.
Personal property is frequently interpreted similarly as real estate, but they are actually two opposite terms. While real estate includes the piece of land with all unmovable objects on it, personal property presents all things which are movable and belong to certain person. That can be any of personal items, vehicles, mobile houses and even crops from orchard, garden, or vineyard , regardless if they’re planted on owners land or someone else’s.
Right of first refusal
Usually presented as a part of agreement, the right of first refusal is requirement which demands from property owner to give an exact party a preference of renting or purchasing its property, before he even offers it to others interested in buying or renting.
Transfer of ownership
This presents all situations where real estate ownership transfers from one person (initial owner) to another (future owner). Apart from standard purchase of property, transfer of ownership also occurs when someone purchases property which is under the mortgage or when current property owner transfers its ownership to a successor.
Apart from terms that offer more comprehensive understanding of real estate, it’s also good to know that real estate is not all about benefits and rights provided to its owner. It’s also linked to plenty of social benefits and law obligations which ensure resources renewal and proper land treatment.
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