INTRODUCTION:
Several major U.S. economists agree that today the residential property market in US will continue its upward trend in 2013, though the pace of recovery may be slower. The real estate market has possibilities which are only beginning to be seen. It is believed that the housing market is on a firm footing. The supply side availability is increasing and abandoned properties are down about 5 million to 3 million. Mortgage rates are lower and are not expected to change much in 2013, and the banks are likely to continue to maintain high standards with a tight lending policy.
Difference between real property and tangible personal property:
Real property, as defined under the English laws, is a piece of property or piece of land which has been altered through human inputs and in which value has been added like in building, wells, dams etc. In most countries the transactions in real property that occur while buying and selling in the market civil laws are in position to protect the interests of either party. In Scotland, real property is known by the term heritable property and in France, it is immobilier.
Tangible personal property is a physical entity which we can feel and touch like for example a car or furniture, or jewellery, works of art which can be removed without damaging the land.
Ownership and a possessory interest in real estate:
Owning property rights makes reality; property, which is vacant property without possession, without content, is just abstraction, is simply a right, and is not reality; this situation regarding the possession is perfectly applicable to the actual enjoyment of the property as the realizable value or warranty. Possession can also occur by itself, that is, independent of any other right. Possession may occur upon exercise of a property right conferred by law; or it may appear in your exercise no more, in itself, i.e., without considering the existence or the result of other rights.
Tenancy for a term of years
Tenancy that automatically expires without the requirement of a notice of termination expires at the end of the period stated in the lease agreement is called tenancy for a term of years. It is not affected by the death of either the tenant or the landlord, and is not terminated by destruction or improvement of the property during that period unless the agreement permits for such termination.
Fixed term lease
A lease binding the parties to each other for a specified period of time, like for a month or one year is called a fixed term lease. The fixed-term lease requires the lessee to make periodic payments and requires the lessor to surrender use of the property.
Major Features of a Fixed Term Tenancy/Tenancy for Years:
A fixed term tenancy is characterised by having a specific start and an end date. The period can be as short as one week and still the agreement will be called a tenancy for years. The duration also can be specified as being determined by the occurrence of a specific event like until the war is finished. This term is gradually becoming obsolete in many territories due to its imprecise nature. In a lease for years, there is a fixed period of time for the survival of the contracted term. If the lease lasts for years for more than one year, the lease must be in writing to satisfy the statute of frauds
Tenancy for years is another common label for a fixed term rental. However, this name can be quite misleading because it does not have to go on for years.
What Happens at the End of Your Fixed Term Lease Agreement?
The tenant can choose to move out or renewal of the lease agreement with the same terms and conditions can be done. A new rental agreement with different terms and can be done or the lease automatically becomes a periodic tenancy. In some countries if you agree to let your tenant stay on without signing a new lease agreement, your fixed term tenancy will be converted to a month-to-month lease. The tenant can continue staying on the property without permission causing a sticky situation known as a tenancy at sufferance.
Periodic tenancy:
Periodic tenancy occurs where leasing continues from period to period, such as month-to-month or year to year. The tenant has no right to automatically extend the term of the lease. The periodic tenancy does not give the tenant a right to extend the rental period. For example, a periodic tenancy can continue from week to week or month to month. A landlord and tenant can create a periodic tenancy expressly in the contract by implication or operation of law. For example, a tenant might have had a lease for years, but when his tenure ended, became a tenant to rent the property from month to month.
Tenancy at will:
Tenancy at will is where a tenant or landlord may terminate a tenancy at will at any time for any reason. A tenancy at will arises when both the landlord and the tenant understand that either may terminate the lease at any time. Both parties must enter into an express agreement to take a lease at will.
Tenants in Common regardless of their stake in the property have equal rights of possession. In other words, one may occupy the property despite owning the smallest share even in the absence of other co-tenants. Tenants have the right to buy out co-tenants provided the latter is willing.
Joint tenancy requires each tenant to have equal interest or ownership in addition to having equal rights of possession. The owners, who receive the title on the same deed and at the same time, have the right to break a joint tenancy, and create a tenancy in common, by selling their share of the property to another individual. A property held under joint tenancy, cannot be sold without the permission of all the tenants.
REAL ESTATE LAWS IN FLORIDA:
In Florida there is a law protecting tenants and property owners where their relationship is stipulated. Residential Law Landlord and Tenant of Florida will explain the rights of landlord and tenant alike. The most common problems are increasing rent without notice and lack of maintenance of the property. Another common complaint is that the owner does not want to return the security deposit, claiming that there was property damage.
In Florida any notices between either parties to a rental agreement must be in a written document and delivered directly in person or by mail, even if this is for an oral understanding. Section 83.46 (2), FS says that If the lease has no details about the rental duration, this is fixed by the frequency in which the rents have been paid and accepted like in week to week or monthly etc.. A damage deposit is the mostly asked for by the landlords. Before signing a lease, it is necessary to examine the facilities and note any damage like any broken fixtures and fittings. Section 83.49 (a), FS is applicable when a lease needs termination. 83.49,3 section (b) (c), FS. If there is a objection to a claim by the owner a complaint can be filed with the Department of Agriculture and Consumer Services Florida or an action can be started in court to adjudicate the right of the owner tenant. If the owner fails then under Section 83.60 (1), FS the tenant may choose to withhold rent. Section 83.67, FS of the Florida law does not allow a landlord to force a tenant to leave by interrupting or shutting down any service, even if that service is under the control of the owner or landlord makes payment; the landlord cannot resort to change the locks or use a device that denies access to the tenant or harass the tenant in any way.
REAL ESTATE LAWS IN TEXAS:
Tenants are entitled to compensation for any danger to your health or safety. Subchapter B of Chapter 92 of the Code of the Texas Property (§ § 92.061-92 051) describes the process to follow a tenant to repair his right to be respected, and indicates specific actions of the tenant if the landlord refuses to make thereof.
For tenants living in the state of Texas, the owner must provide a decent, safe and sanitary housing; repair all conditions dangerous to the health or safety of a regular tenant; ensure all fittings are in good condition for hot water at a minimum temperature of 120 ° Fahrenheit; install smoke detectors and secure locks on all doors and windows, including a lock without a key.
Subchapter H of Chapter 92 of the Property Code Texas (92331-92335) prohibits the landlord from retaliating against a tenant-initiated eviction proceedings, depriving the tenant of use of the premises, the tenant reducing services, increasing tenant rent, cancelling the lease, or interfering in bad faith in the tenant's rights under contract, six months after the tenant in good faith exercised any of the following: Notice is given to the owner for need to repair or remedy under Chapter 92 of the Code of the Texas Property;
CONCLUSION:
The federal government of USA passed a law to protect tenants in the event there was any issue regarding foreclosure. This act was called PTFA and it laid down very important provisions by which every tenant had an inherent right to receive a 3 month notice period before any property in which he was residing as a tenant was foreclosed. The law also made provisions that a tenant could continue to live in the rental property till the end of the tenure of the agreement. But it is found in actuality that even with all these legal provisions many tenants all across the country are being forcibly evicted when a property is put up for a foreclosure. The notice periods also fall shot of legal requirements.
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