Sabina: Describe What Is Entailed in Property

¶ … Sabina:

Describe what is entailed in property rights.

A property is a physical or tangible entity that has ownership. A property can be a piece of land, a home or any other physical space owned by a person or group of persons. There are public properties that are owned by the state or government. Private properties are owned by an individual or group of individuals. Property is usually defined by the law as a space for which title or ownership has been established.

Explain a legal description.

A legal description is a formal, legal, detailed report which describes all components of the property. The legal description holds descriptions of easements, property lines, and reservations about the location. Legal descriptions are upheld in court and are binding. They are used in legal documents such as property deeds. A legal description can be used to identify and locate a specific property.

List the legal requirements of deeds and leases.

The deed or lease must state on the face of the document it is a deed or lease. It must state exactly what is being conveyed or leased. The individual granting the deed or lease must be the individual who holds the ability to grant the deed or lease. The person accepting the deed or lease must be legally capable of accepting the deed or lease. The document must be signed by all parties involved and then sealed.

4. Explain a real estate contract.

A real estate contract is a contract between parties that puts the property for the sale, purchase or exchange. It is a legal document that allows ownership of property to change between parties. A real estate contract allows conveyance of real estate property between different parties. It is an agreed upon document between parties participating in the exchange of property. It is a legal document that binds the agreement between parties.

5. Explain a real estate appraisal.

A real estate appraisal is a document that gives value to the property. It is a valuation of the property. The appraisal gives an opinion about the market value of the land. It is an evaluation of the worth of the property. It is an opinion that has been developed to determine the real property value or market value of the property.

6. Describe the contents or a mortgage or deed of trust.

A deed of trust is a signed legal document. It is a legal document used to determine the right of the property. It is a valid document that determines the rightful owner of the property. They can be described as a contract since they require the signatures of all parties involved. Deeds are a specialty contract under seal or bond.

7. Define property insurance requirements.

All properties that have mortgages have an insurance requirement. Insurance is required to cover the cost of loss. It is also required to cover the cost of damage or accident. Most homeowners choose to get insurance to eliminate risk. Mortgage companies require insurance to ensure their investment is protected.

8. Describe the impact of federal legislation on fair housing.

Fair market housing outlaws discrimination. Federal legislations in 1960's created the fair market housing. The fair market housing allows Americans to be able to live wherever they choose. Legislations such as Civil Rights Acts and Fair Market Housing Acts allows us to choose where we want to live without discrimination.