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The distinction between extraordinary assumptions and hypothetical conditions can be a matter of law or professional standards in the field of real estate appraisal in the United States where the distinction is not only codified in USPAP, but enforced by various state real estate appraiser commissions or professional boards. However, the ...
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.
In real estate, stigmatized property is property that buyers or tenants may shun for reasons that are unrelated to its physical condition or features. [1] These can include death of an occupant, [1] [2] murder, [1] [2] suicide, [2] previous illicit activities, and even the belief that a house is haunted. [3]
The average home value in the United States is $348,853, a 1.2% increase over the past 12 months. That said, many properties go for a much lower price on the market. This is especially true of ...
Heirs Property occurs when a deceased person's heirs or will beneficiaries become owners of property (also known as real property) as tenants in common. [3] When a property is probated, a deceased person either has a will and the property is passed on to the named beneficiary, or a deceased person dies intestate, without a will, and the property could be split among multiple heirs who become ...
Fee simple conditional: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party. Fee tail: An estate which, upon the death of the tenant, is transferred to his or her heirs.
Ameliorative waste is an improvement to an estate that changes its character even if the change increases the land's value. Under English common law , when ameliorative waste occurs, the interested party can recover from the tenant the cost of restoring the land to its original condition.
A law barring monthly rents of more than $10,000 for new listings is stopping high-end homes from going on the market, real estate agents and brokers say. Such homes could be in demand for wealthy ...