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In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Bay Island is a two mile long island situated in the North Great Neck area of Virginia Beach, Virginia. [1] The island is bordered by Long Creek to the north and Broad Bay to the south, both offshoots of the Lynnhaven River, and is connected to the mainland by the West Great Neck Bridge on the western side of the island. The island ...
A massive real estate correction can be devastating to property owners who’ve already been grappling with higher mortgage payments as a result of the U.S. Federal Reserve’s aggressive interest ...
A 99-year lease is, under historic English law, since widely received abroad, the longest permissible term of a lease of real property. It is no longer the law in most common law jurisdictions today, yet 99-year leases continue to be common as a matter of business practice and conventional wisdom .
A property legally described by a metes and bounds description may still be assigned a Tax Identification Number based on a separate Lot and Block system. In this case, a survey of all parcels in the county or municipality would be combined to create a separate Block and Lot system to identify the properties for taxation purposes.
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. [1] Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property .
New York Attorney General Letitia James is calling for a $370 million fine against Donald Trump and his companies and a lifetime ban on him and two of his former company executives from the real ...
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