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	<title>Loans, mortgage &#187; Definitions</title>
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	<link>http://www.1mortgage1home.com</link>
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	<lastBuildDate>Mon, 29 Mar 2010 09:59:54 +0000</lastBuildDate>
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		<title>Easements</title>
		<link>http://www.1mortgage1home.com/easements/</link>
		<comments>http://www.1mortgage1home.com/easements/#comments</comments>
		<pubDate>Sun, 22 Feb 2009 12:32:22 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Definitions]]></category>

		<guid isPermaLink="false">http://www.1mortgage1home.com/?p=14</guid>
		<description><![CDATA[Easements can be either positive or negative: Negative. A negative easement prevents or limits the property owner&#8217;s right to control or use his or her property with unlimited freedom. [For example, two townhouses are built adjacent to each other, and Townhouse A builds a sundeck on her roof to enjoy the sun. She can try [...]]]></description>
			<content:encoded><![CDATA[<p>Easements can be either positive or negative:</p>
<ul>
<li> Negative. A negative easement prevents or limits the property owner&#8217;s right to control or use his or her property with unlimited freedom. [For example, two townhouses are built adjacent to each other, and Townhouse A builds a sundeck on her roof to enjoy the sun. She can try to get an easement against her neighbor in Townhouse B to prevent him from increasing his building height in any way that may significantly block her sunlight.]</li>
<li> Positive. A positive easement allows an individual or group to use the property of another property owner. This use must be for a specific purpose. [For example, Laura owns a ten-acre lot next to the lake. She sells a three-acre portion by the road to Brad, but Brad's land is blocked from the lake by Laura's remaining seven acres. As part of the sales agreement, therefore, Brad gets an easement to use a small roadway through Laura's property to access the lake. Brad can only use that easement to access the lake; he cannot build a guest cottage or garage on it, because his easement use is limited.]</li>
</ul>
<p>An easement is a legal encumbrance upon a property and its ownership. Easements affect both the title to the property and the property&#8217;s physical condition</p>
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		<title>Quitclaim Deed</title>
		<link>http://www.1mortgage1home.com/quitclaim-deed/</link>
		<comments>http://www.1mortgage1home.com/quitclaim-deed/#comments</comments>
		<pubDate>Sun, 22 Feb 2009 12:26:56 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Deed]]></category>
		<category><![CDATA[Definitions]]></category>

		<guid isPermaLink="false">http://www.1mortgage1home.com/?p=11</guid>
		<description><![CDATA[The quitclaim deed accomplishes a simple conveyance of the grantor&#8217;s ownership interests or claims to ownership interest. The quitclaim deed offers no guarantee that the grantor actually possesses any ownership interest, let alone has the ability to convey title. In fact, the quitclaim normally only conveys the grantor&#8217;s current interest, if any, and not the [...]]]></description>
			<content:encoded><![CDATA[<p>The quitclaim deed accomplishes a simple conveyance of the grantor&#8217;s ownership interests or claims to ownership interest. The quitclaim deed offers no guarantee that the grantor actually possesses any ownership interest, let alone has the ability to convey title. In fact, the quitclaim normally only conveys the grantor&#8217;s current interest, if any, and not the property itself.</p>
<p>If the grantor&#8217;s purported interest are false or invalid, no ownership interests or property are conveyed. Also, if the grantor gains ownership interest after the quitclaim deed is conveyed, that ownership interest remains with the grantor and is not covered by the outdated quitclaim<br />
deed.</p>
<p>Quitclaims are often used in corrective or simple situations. For example, if the title erroneously lists the ownership as Susan Jones (instead of Suzanna Jones) Suzanna can record a</p>
<p>quitclaim deed with the correct spelling. Another example is if Quincy helped his daughter Paula buy a house, and then Quincy wanted to remove his name from the title, he can issue a quitclaim deed that would remove him from the title.</p>
<p>Quitclaims are also recommended if the grantor (seller) is unsure about the quality of the title he or she possesses. For example, if you obtained a property through a foreclosure sale or adverse possession, you may want to consider using a quitclaim deed when you sell it.</p>
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		</item>
		<item>
		<title>Real vs Personal Property</title>
		<link>http://www.1mortgage1home.com/real-vs-personal-property/</link>
		<comments>http://www.1mortgage1home.com/real-vs-personal-property/#comments</comments>
		<pubDate>Sun, 22 Feb 2009 11:08:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Definitions]]></category>

		<guid isPermaLink="false">http://www.1mortgage1home.com/?p=9</guid>
		<description><![CDATA[Most physical items can normally be classified into either real or personal property. This is an important distinction in the real estate industry and can translate into serious money. The quick way to understand the difference between the two types of properties is to think of personal property, as everything not permanently attached to the [...]]]></description>
			<content:encoded><![CDATA[<p>Most physical items can normally be classified into either real or personal property. This is an important<br />
  distinction in the real estate industry and can translate into serious money.<br />
  The quick way to understand the difference between the two types of properties is to think of personal property,<br />
  as everything not permanently attached to the real estate.<br />
  As noted above, real estate is land (with its included rights) and anything permanently attached to that land.<br />
  Personal property is legally called &quot;chattel,&quot; most probably because defining the concept of personal property<br />
became a legal need when cattle became big business.</p>
<ul>
<li>  Attachment. The permanency of an item&#8217;s attachment to the real estate determines whether it is real or<br />
    personal property. For example, a pile of wooden posts would be considered personal property until<br />
    they are driven into the ground to create a fence, at which time, they become part of the real property.</li>
<li> Transfer. Real property is transferred with a deed; personal property is transferred with a bill of sale.<br />
    With most home purchases, the deed transfers the land and house, while the bill of sale handles the<br />
    transfer of the washer and dryer.</li>
</ul>
<p>  Per the preceding example, personally property can be converted into real property through the process of<br />
  attachment. Fixtures are objects that were previously personal property but have been attached to real estate,<br />
  thus making them real property. [Note: try not to confuse regular fixtures with trade fixtures; trade fixtures,<br />
  sometimes called chattel fixtures, are considered personal property.]<br />
  By the same token, real property can be converted into personal property through the process of severance. </p>
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		</item>
		<item>
		<title>Real property</title>
		<link>http://www.1mortgage1home.com/real-property/</link>
		<comments>http://www.1mortgage1home.com/real-property/#comments</comments>
		<pubDate>Sun, 22 Feb 2009 11:05:21 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Definitions]]></category>
		<category><![CDATA[real property]]></category>

		<guid isPermaLink="false">http://www.1mortgage1home.com/?p=7</guid>
		<description><![CDATA[The term &#34;real property&#34; normally applies to the legal concept of property ownership. In our system of property law, there are different elements to ownership, especially with ownership of real estate. When using the term real property, you should try to avoid thinking of the tangible, physical elements of real estate. Instead, you should view [...]]]></description>
			<content:encoded><![CDATA[<p>The term &quot;real property&quot; normally applies to the legal concept of property ownership. In our system of property<br />
  law, there are different elements to ownership, especially with ownership of real estate.<br />
  When using the term real property, you should try to avoid thinking of the tangible, physical elements of real<br />
  estate. Instead, you should view the term &quot;real property&quot; as a concept or idea. The key issue here is ownership,<br />
  and the rights involved with ownership.<br />
  In this sense, what you own is not as important as how you own it. These elements or facets of property<br />
ownership are often grouped into a &quot;bundle of rights&quot; that include the following five:</p>
<ol>
<li>  Possession. This facet of ownership pertains to the right to occupy the property. For example, a<br />
    landlord gives the renter the right to temporarily possess, enjoy and exclude the property, but the<br />
    landlord keeps the right to control its usage and the right to dispose the property to another person.<br />
    l Enjoyment. This facet pertains to the right to possess the property without interference.</li>
<li> Control. This facet pertains to the owner&#8217;s right to determine how the property may be used.<br />
    l Disposition. This facet pertains to the owner&#8217;s right to give, sell or transfer the property (either in whole<br />
    or in separate &quot;rights&quot;) to another individual. This right to dispose is one of the cornerstone of the real<br />
    estate market.</li>
<li> Exclusion. This facet pertains to the owner&#8217;s right to restrict other individuals from accessing or using<br />
    the owner&#8217;s property. Trespassing laws arise from this right.</li>
</ol>
<p>  When many people talk about property rights, it takes on an almost majestic set of rights. This goes hand in hand<br />
  with American principles (or myths) about self-reliance, privacy rights and individualism. We may find an<br />
  historical basis for this view of property rights in monarchial Europe, where landowners were essentially royalty<br />
  and had near-absolute power over their dominions, no matter how small.<br />
  Even in America&#8217;s allodial system, however, ownership is never infinite or unlimited. The government reserves<br />
  the right to &quot;take&quot; any or all of the ownership elements from any private individual. However, the government<br />
  must justify any such &quot;taking&quot; as being for the public good and the owner must be compensated the fair market<br />
  value of the property taken. As long as the government meets these two conditions and follows due process, the<br />
  property owner cannot prevent such a taking.<br />
  For example, when the state, county or city must build a new highway or street, they will need to buy the homes<br />
  and properties in the path of the proposed road through a taking.<br />
  Another, more limited example, would be if the local county wanted to build a river-walk and took an easement<br />
  through the property of the riverfront owners. The property technically still belongs to the property owner, but the<br />
  easement gives the government full usage and control of the river&#8217;s shore. </p>
]]></content:encoded>
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		</item>
		<item>
		<title>The legal concept of land</title>
		<link>http://www.1mortgage1home.com/the-legal-concept-of-land/</link>
		<comments>http://www.1mortgage1home.com/the-legal-concept-of-land/#comments</comments>
		<pubDate>Sun, 22 Feb 2009 11:02:24 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Definitions]]></category>
		<category><![CDATA[land]]></category>

		<guid isPermaLink="false">http://www.1mortgage1home.com/?p=5</guid>
		<description><![CDATA[In the real estate industry, the legal concept of land encompasses more than just the ground that we see or that comprises a parcel of property. Land includes everything natural beneath and above the surface. The operative term here is &#34;natural&#34;; but the concept of land need not be completely tangible. It may be helpful [...]]]></description>
			<content:encoded><![CDATA[<p>In the real estate industry, the legal concept of land encompasses more than just the ground that we see or that<br />
  comprises a parcel of property. Land includes everything natural beneath and above the surface. The operative<br />
  term here is &quot;natural&quot;; but the concept of land need not be completely tangible.<br />
  It may be helpful to view land as an inverted pyramid extending from the center of the earth and projecting<br />
outwards into the atmosphere. Land includes, but is not necessarily limited to the following elements:</p>
<ol>
<li> Surface ground. This is what most people think of when they hear the term &quot;land,&quot; but it&#8217;s obviously<br />
    much more.</li>
<li> Subsurface soil and water. Landowners have traditionally owned the water underneath their land<br />
    surface and can access it at will. However, many local governments and new regulations have begun to<br />
    exercise control over aquifers and other subsurface water sources.</li>
<li> Minerals, oil and gas. This is an extension of subsurface land rights. These elements are prime<br />
    commodities and can give the property owner additional income-if that owner still controls the rights to<br />
    those subsurface elements. </li>
<li> Airspace above the ground. Believe it or not, air space is part of real estate. For example, your<br />
    neighbor cannot build an overhanging bay window that extends into your property&#8217;s air space. An<br />
    increasingly more common discussion of air space involve condominiums, in which the condo owner<br />
    often only owns the air space within their units&mdash;but not the walls, floors or ceilings. </li>
<li> Permanently attached natural elements (trees, boulders and vegetation). The law does differentiate<br />
    between permanent vegetation and annual crops. Trees, grass and perennials are called &quot;fructus<br />
    naturales&quot; and are considered part of larger real estate. Planted annuals and crops are called &quot;fructus<br />
    industrials&quot; and are considered personal property. </li>
</ol>
<p>  As you can see,<br />
  the land can contain both real property and personal property. Ownership of land can also be further<br />
divided into different facets-which allow for separate uses and manners of possession. </p>
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		<item>
		<title>Real estate in the United States</title>
		<link>http://www.1mortgage1home.com/real-estate-in-the-united-states/</link>
		<comments>http://www.1mortgage1home.com/real-estate-in-the-united-states/#comments</comments>
		<pubDate>Sun, 22 Feb 2009 10:58:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Definitions]]></category>

		<guid isPermaLink="false">http://www.1mortgage1home.com/?p=3</guid>
		<description><![CDATA[Real estate in the United States follows the allodial system of property ownership. This system recognizes the right of individuals to completely and fully own a parcel of property. This is no small thing, especially when this system is compared to other systems: Feudal system. All the lands are owned by the sovereign ruler, who [...]]]></description>
			<content:encoded><![CDATA[<p>Real estate in the United States follows the allodial system of property ownership. This system recognizes the<br />
  right of individuals to completely and fully own a parcel of property. This is no small thing, especially when this<br />
  system is compared to other systems:</p>
<ol>
<li>  Feudal system. All the lands are owned by the sovereign ruler, who then gives certain ownership or<br />
    usage rights to his or her subjects, who then may allow peasants and other workers to lease land for<br />
    farming or other use. This was the predominant system in Europe for much of the Common Era.</li>
<li> Communist system. Similar to the feudal system, all the lands are owned by the state-or the &quot;people.&quot;<br />
    Use of land is dictated by the state, and no individual can ever fully own any property.</li>
<li> Allodial system. The system used in the United States and much of the developed and developing<br />
    democratic world.</li>
</ol>
<p>  In American-English legal theory, it is important to understand the difference between these elements of land,<br />
  real property, real estate and associated rights, such as air, mineral and water rights. This chapter will discuss<br />
these elements in three categories:</p>
<ol>
<li>  Land. The ground surface and the natural elements below and above it.</li>
<li> Real Estate. Land and any improvements on it.</li>
<li> Real Property. Real estate and the different &quot;rights&quot; involved with it.</li>
</ol>
<p>  Most people treat the terms land, real estate and real property as interchangeable. They are not. Anyone who<br />
  aspires to invest in real estate or work in the real estate industry must understand the key distinctions between<br />
  these terms. Fortunately, they are not difficult concepts to grasp.</p>
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