What is the difference between real property and tangible personal property? Real property is property that can not be moved off the grounds. Any thing that is attached to the property is cancidered real property. Tangible personal property are things that are on the property that can be moved off the property. Real Property refers to land and things permanently attached to the land. Personal property generally refers to everything else: the items which are movable and not a part of the land. http://wiki. answers. com/Q/What_is_the_difference_between_real_property_and_personal_property
Differentiate between an ownership and a possessory interest in real estate. Ownership has a right to use the property superior to everyone in the world. Possessory interest exclusive right to possession of real property. A private party’s possessory interest in real property owned by a tax-exempt public agency may be taxable if sufficiently independent, durable and exclusive of the rights held by others. Describe and give examples of the following: tenancy for a term of years- A tenancy more important than the monthly, and at-will tenancy, is one for a definite term of a year or longer.
The necessity for having such agreements in writing is governed by the statutes of the State in which the property is located. Read more: http://chestofbooks. com/real-estate/Real-Estate-Principles-Practices/Tenancy-For-Term-Of-Year-Or-Years. html#ixzz25LrnQdDV * fixed term lease- When you have a mortgage on your house you can have one of two things to make your payments. You can have a fixed mortgage whitch is the payment will not change it will be the same amount unitl the house is payed off. Or you can have a adjustble mortgage whitch the monthly payment could change every six months or so the payment could go up or down.
What are the Major Features of a Fixed Term Tenancy/Tenancy for Years? With a fixed term tenancy has a start and end date in the lease. Most leases are one to two years long. A fixed term can also be as short as one week just as long as it has a start and end date. Read more at this site http://www. propertydo. com/fixed-term-tenancy. html What Happens When the Fixed Term Tenancy/Tenancy for Years Expires? Well my lease was only for one year. The office will let us know what we need to do. I do know that when the lease is up we have two choices we can sign another year lease or we can move out.
If I am thinking right if we do not want to stay another year we will have 30 days to be out. What is a periodic tenancy? My sister has had this kind of lease. It is were you have a month to month lease or it could even be week by week. It all depends on the owner of the rental property. What is a tenancy at will? Tenancy at will expresses an agreement between a landlord and renter or tenant to occupy a property, provided rent continues to be paid, for an unspecified period of time, so long as both landlord and renter agree about the renter retaining tenancy.
Compare and contrast joint tenancy and tenancy in common. By contrast, joint tenants and tenants by the entirety own equal shares of the property. Furthermore, tenants in common may acquire their interests from different instruments: joint tenants and tenants by the entirety must obtain their interests at the same time and in the same document. http://legal-dictionary. thefreedictionary. com/Tenancy+in+Common Michigan landlord and tenet laws In Michigan there are laws that a land lord and tenet has to fallow that may not apply in other states.
Most of the time a land lord will wait for a payment of rent to make a repair. That gives the land lord and tenet both a duty in order to have a good relationship with eachother. The land lord has the obligation to make the following repairs in a timly manor. Emergency repairs such as a gas leak, flooding, defective furnace, or major roof damage, Major problems such as a defective water heather, clogged drain, heating problem, or more, Minor problems such as defective lighting, locks, peeling paint, dripping faucets, and more.
The tenant has obligations for maintenance under Michigan landlord tenant law such as Pay the rent on time, Keep the rental property in safe and sanitary condition, Immediately notify the landlord of any minor or severe maintenance problems, Exterminate any insects that appeared after the tenant moved in, Leave the rental property in good condition besides for normal wear and tear. I feel the tenet is protected the most when the tenet can with hold rent from the land lord for not making repairs in a timely manor.
Florida landlord and tenet laws Florida law does not require a written lease, you should request a written lease that clearly states all the terms. Oral leases are subject to misunder- standings and are more difficult to enforce. Before signing a rental agreement always conduct a preliminary walk-through in the actual premises you intend to rent, so as to identify any problems that should be fixed before you rent.
Verbal promises made by the landlord to fix the identified problems, should be included or attached as a written agreement to the lease, and signed by the landlord. Florida Statutes, Section 83. 51, require a landlord to comply with the local Property Maintenance Code. This means: 1. The roof must not leak. 2. The walls must be weather-tight, and in good repair. 3. The stairs must be safe for normal use and maintained in good repair. 4. Windows and doors must be basically weather-tight, water-tight, rodent-proof, and kept in sound working condition.
Outside doors have to have proper locks. 5. Window panes cannot have cracks and holes. Outside windows must have screens. 6. Inside floors, walls, ceilings must be basically rodent-proof and kept in sound condition and good repair, and should be safe. 7. The house or apartment must have hot water, which is connected to the kitchen and bathroom sinks, tub or shower. 8. All houses or apartments must have a flush toilet in good working condition.
9. When cooking and heating equipment are provided by the landlord, they must be safely installed and in good working order. 10. There must be adequate garbage disposal facilities or garbage storage containers. 11. Every habitable room must have at least two separate floor or wall electric outlets and, additionally, every kitchen, bedroom, bathroom and hallway must have a ceiling or wall-type fixture, or an outlet controlled by a wall switch near the entrance to the room.
12. All electrical systems must be in good repair and good working order. If the landlord dose not comply with these rules then you may do the following you can contact The Code Enforcement Branch of city or county in which you reside and request that they contact your landlord and explain that their action is illegal and violates your local code. You must give notice of your intention by certified mail at least seven days before the rent is due to allow time for the landlord to remedy the problem.
If the problem is not corrected within seven days and you withhold the rent the landlord may take you to court to collect it. You must them pay the rent into the court registry pending the judges determination of the case. Again here I feel that the tenet is most protcted when they can hold rent for the landlord not doing what they need to do. Which state requires greater duties of the tenant? I think that Florida depends more on the tenet due to if they hold the rent for no reason then the landlord can start the eviction prosses after