Hello, My fellow Tryberz
Goodday to you all. I hope y’al having a good time in this new week we find ourselves in? Actually I have thought of what to post here on Trybe and I have come to a conclusion that it would really be my pleasure to educate you all on my course of study in the university. I am a 3rd year student of Estate Management at UNN.
I will start by educating us all on basic things we need to know as a estate management student or practitioner.
Definition Of Estate
Simply put, an estate is a right or interest in property. An estate in English medieval parlance, is an amount of time over which one held property rights. More elaborately, an estate is a legal entity denoting the character and quality of rights that an individual or individuals possess in a property. Property can be defined as all interest, benefits and right inherent in the ownership of physical real estate, the bundle of rights with which the ownership of the estate is endowed.
What Are Freehold and Leasehold Estates?
Freehold Estate: (otherwise called Fee Simple Estate): Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat.
Leasehold Estate: The interest held by the Lessee (The tenant or renter) through a lease transferring the rights of use and occupancy for a stated term under certain conditions. Ownership rights and interest in property are rarely absolute. Some restrictions usually exist over ownership rights to safeguard the overriding public interest.
Characteristics Of An Estate
This refers to the features or characters of the estate which are summarized as follows;
A. Physical Identity: an estate must be tangible thing, which can be described in terms of size, shape and location.
B. Economic Identity: whether an estate is held for occupation or for investment purposes, it represents a financial investment, which is capable of yielding returns.
C. Legal Identity: An estate presumes certain rights enforceable by law and it is the character of these rights that determine the degree and quality of control, which the ownership has over the estate.
D. Managerial Character: Each estate (Interest) in a property represents a seperate unit of control.
Land And Property Concepts
1.Land is essential to our lives and existence. It’s importance brings land into focus for consideration by lawyers, geographers, sociologists and economists. As each of these discipline relates to land and to uses of land, every citizen of our world is affected.
2. Valuation of land as if vacant or of land and improvement to or on the land is an economic concept whether vacant or improved. Land is also referred to as real estate.
3. Property is a legal concept encompassing all the interests, rights and benefits related to its ownership. Property consist of the rights of ownership, which entitle the owner to a specific interest or interests in what is a physical entity and its ownership, which is a legal concept.
In the next 2 days, we would talk about Real Estate Property And Asset Concept and Types Of Property.