Property, Real Property and Leased Land; Definitions, Discussion and Explanations

Delaware, and the remainder of the original British Colonies, has some land that is certainly leased rather then belonging to the residents of this land. Much of it is not evident on the casual observer.

The land on Lewes Beach is leased, not owned by your house owners. The land of Lewes Beach is properties of the city of Lewes. The lands of Rehoboth via the Sea and Dewey Beach include leased land too. Most of the leases on that land will never be renewed and may come back to the owners plus the homes added to that land will likely be removed with the property owners at their expense. A great deal of the land in Riverdale, on Indian River Bay, next to Oak Orchard is leased likewise. In Riverdale the leased land is belonging to Chief Clark with the Nanticoke Indians.

We have now about half the inhabitants of Sussex County living on leased land; nearly all of that leased land can be found in what folks call mobile home parks or communities. However, in those communities you will discover seldom any homes that are truly mobile and you will even find two story stick built homes on a number of the leased lands in those communities. Condominiums and town houses are often available on leased land also. Some people find this rather hard to understand.

We Realtors and Attorneys work with the term fee easy to describe land that is certainly offered as real property; that is definitely property. We used the expression leased land or leasehold interest to illustrate land that is definitely not transferring as qatar real estate.

This rather lengthy text is regarding Leased Land, Real Estate Investment, Private Property, Chattels, Mobile Homes, Homes on Leased Land plus a legal dissertation to define, describe and find out the differences.

Terminology is significant when discussing Real Estate, i.e. real property.

Black’s Law Dictionary may be the recognized, definitive source for legal definitions under our American Law; which hails from English Law

PROPERTY: Within the strict legal sense, an aggregate of rights that happen to be guaranteed and guarded by government. BL6, p. 1216.

PERSONALTY: Personal property; movable property; chattels; property which is not connected to real estate investment. BL6, p. 1144

PROPERTY: (personal property) - In broad and general sense, everything which is the subject of ownership, not coming within the denomination of real estate. The right or interest under a freehold in realty, or any right or interest what kind has in things movable. BL6, p. 1217

Therefore personal property, is the fact which is often easily taken out of the real estate, which is not real estate property. Personal property includes crops, trees, shrubs, trailers, sheds, cars, mobile homes, manufactured homes which have a Department of Motor Vehicle title as opposed to a deed, and also the belongings in a residence or building. At home or business the personal property includes drapes, lights, rugs (not installed carpeting) free-standing cabinets and cupboards, furniture, as well as the valuables in closets, drawers and buildings. Buildings without any foundation, that is certainly sheds that happen to be just held up by blocks are chattel property, that is certainly personal property, and not a part of the real estate investment. Such chattel includes dog houses and in particular the little storage buildings which might be so common beyond homes today.