Newsletters

Estates in Property -- Fee Simple

Fee simple is the type of ownership that embraces every interest in property. In other words, when a person owns property in fee simple, there are no limitations on his or her right to possess, use, sell, or pass the property on to his or her descendants through a will or a trust. The owner of a fee simple estate owns the whole bundle of rights.

Home Warranties

In today's real estate market, it is not uncommon for either a buyer or a seller to purchase a home warranty. Such warranties usually cover appliances, as well as the systems within the house, including heating/air conditioning, electrical, and plumbing. Typically, the cost ranges from $350 to $500 for an average home.

Judgment Liens against Property

Once a court reaches a determination that one party owes another party money, the court issues a judgment. A judgment, quite simply, constitutes a judicial determination that one party owes another party money and nothing more. Once a judgment creditor obtains such a judgment, the judgment creditor must undertake efforts to collect the money that is owed by the judgment debtor.

Marketable Title and How It Is Affected by Liens

A entered into an agreement of sale with B wherein A agreed to purchase certain real estate. Among other items in the agreement, B specifically agreed to convey "marketable title" to A. The title inspection ordered by A revealed numerous liens against the real estate, including tax liens and judgment liens.

Trespass

An owner of real property, by virtue of the owner's interest in the property, has the right to be free from intrusions upon the property by others. A trespass results from any intentional intrusion upon the property of another. Generally speaking, a property owner's right to prevent such intrusions is absolute.