Real Estate Newsletters
Real estate may be owned by one or more people at the same time. This is called concurrent ownership. The three kinds of concurrent ownership are tenancy in common, joint tenancy, and tenancy by the entireties.
In the year 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA). The law can be found at 26 U.S.C.S. § 1445. Briefly stated, the law provides that if a seller of real property is a "foreign person," the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the law.
Briefly stated, an option refers to a party's right to purchase real estate within a specified period of time.
A lease is defined as a contract by which a landlord transfers to a tenant a leasehold interest in property. The leasehold interest is a possessory right to the quiet enjoyment of habitable premises. The lease agreement sets out the rights and duties of the landlord and the tenant during the lease period.
Often property owners do not know the location of the exact boundaries of their property. Unless the property has been surveyed by a professional surveyor, the issue may be unclear. Alternatives are available to help neighbors settle uncertain boundary lines.