Similar to private restrictions, public restrictions also create limitations on the ownership of real estate. However, when dealing with public restriction, these limitations arise from government's powers.
Examples:
- Taxation
- Eminent Domain
- Police Power
With all restrictions or limitations come conflict. Some examples of these controversial areas are zoning changes, development rights, etc. A land owner may want to develop a commercial building, but cannot due to the zoning limitation. Below are some articles that present several controversial scenarios.
Zoning map: Battles loom as Baltimore County changes zoning map
This article talks about a scenario where a man has 16 acres of woodland and wants to potentially develop it. He is up against a conservatism group that wants to protect the rural characteristics of Baltimore county. This has been an on going battle.
DuPage County Zoning Change
This zoning change has to do with the idea of religious centers being built in DuPage County. This is a very serious matter and one that must be solved. A similar more popular matter has to do with the issue of the Islamic center near ground zero in Manhattan. I feel that this country is a free country and that we must honor that. However, my opinion weighs little due to my lack of validity for this particular instance.
Sunday, September 16, 2012
Private Restrictions on Ownership
Private restrictions on ownership come into play when someone who contains the simple ownership rights of a piece of real estate is limited by certain restrictions placed on the property by another private entity. These restrictions effect the owners of the real estate through the limitation of certain acts.
Examples of Private Restrictions:
- Liens
- Easements
- Zoning
Below are two links to articles that discuss Private Restrictions.
1) Private Land Use Restrictions
In this article, I found it very interesting in the portion where it discussed how far back land-use controls have gone. Suburbanization after WWII played a crucial role in the development and fine tuning of land restrictions. People began to have access to more land and wanted to do more with that land and in return caused need for these private restrictions.
2) Private Restrictions on Property
This article points out that as long as a developer's limitations abide by the local, state, and national law, then they can legally enforce them. Also, after reading this article, it is evident in how important it is to research the property's potential limitations before buying. Often times, developer's have a pre-determined set of limitations that the buyer must agree to if they want to purchase the land.
Examples of Private Restrictions:
- Liens
- Easements
- Zoning
Below are two links to articles that discuss Private Restrictions.
1) Private Land Use Restrictions
In this article, I found it very interesting in the portion where it discussed how far back land-use controls have gone. Suburbanization after WWII played a crucial role in the development and fine tuning of land restrictions. People began to have access to more land and wanted to do more with that land and in return caused need for these private restrictions.
2) Private Restrictions on Property
This article points out that as long as a developer's limitations abide by the local, state, and national law, then they can legally enforce them. Also, after reading this article, it is evident in how important it is to research the property's potential limitations before buying. Often times, developer's have a pre-determined set of limitations that the buyer must agree to if they want to purchase the land.
Property Rights and Legal Descriptions
Property rights consists of the assessment of the ability of individuals to accumulate private property. Another way to describe a property right is the exclusive right to determine the usage of a resource. They play a crucial role in everyday life. If property rights did not exist, then there would be no order to the way we live. No one would have a "home", and there would be no way to profit from real estate due to the fact there are no original rights to the property. A legal description is for a third party in the instance of buying or selling land. It must accomplish specificity in regards to the real estate so that a third party can easily identify it.
Legal Description Explained
The article gives a brief overview of what a legal description consists of and also brief examples. The amount of detail that goes into the legal description shows the importance of the document. This link gives a good brief overview of the process.
"Legal descriptions, as the name implies, are the way and means by which real property, or real estate, is legally identified, conveyed, assessed and taxed."
- Michigan Government
Michigan Government Document
This is an example of Michigan government document describing a legal description. The article is a formal representation of the state of Michigan's views on the legal description.
Legal Description Explained
The article gives a brief overview of what a legal description consists of and also brief examples. The amount of detail that goes into the legal description shows the importance of the document. This link gives a good brief overview of the process.
"Legal descriptions, as the name implies, are the way and means by which real property, or real estate, is legally identified, conveyed, assessed and taxed."
- Michigan Government
Michigan Government Document
This is an example of Michigan government document describing a legal description. The article is a formal representation of the state of Michigan's views on the legal description.
The Importance of Real Estate
Big Investors Rummage For Profits in Foreclosed Homes
The article discusses the housing industry and the effect that foreclosed home auctions are having on investors. There are many investment firms that are reaching out to these auctions as a place to put their money. The numerous amount of foreclosed homes has opened the door of opportunity in this area.
Housing Market and the Economy
The residential sector of real estate has a moderate correlation with the economy. By looking at the housing market, you can see how many people are trying to get loans for new houses. Also, the value of current home owner's homes effects the amount of wealth they have which in return will determine the amount of purchases they will make.
The article discusses the housing industry and the effect that foreclosed home auctions are having on investors. There are many investment firms that are reaching out to these auctions as a place to put their money. The numerous amount of foreclosed homes has opened the door of opportunity in this area.
Housing Market and the Economy
The residential sector of real estate has a moderate correlation with the economy. By looking at the housing market, you can see how many people are trying to get loans for new houses. Also, the value of current home owner's homes effects the amount of wealth they have which in return will determine the amount of purchases they will make.
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