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Proposition 13 passed with roughly two-thirds of those who voted in favor and with the participation of around two-thirds of registered voters. After passage, it became article XIII A of the California Constitution. Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
An article of property may have physical and incorporeal parts. A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit. [citation needed] The unqualified term "property" is often used to refer specifically to real property.
Whether buying or selling, you'll benefit from insider looks at how real estate works and the tricks agents use to get what they can out of a property. 13 Real Estate Agent Secrets Everyone Should ...
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...
Under the common law, real estate can be jointly owned at a given time. [16] In most states, in a tenancy in common, co-tenants each have a theoretical right to possess the whole property. [16] Co-tenants must also share rents received from third-parties, as well as upkeep expenses and taxes. [16]
In Germany, real estate appraisal is known as real estate valuation (Immobilienbewertung). Real estate appraisers (Immobilienbewerter or Gutachter) can qualify to become a Öffentlich bestellter und vereidigter Sachverständiger (officially appointed and sworn expert). However, this formerly very important title has lost a lot of its importance ...