Today I shall cover (attempt to) some kept aspects concerning real estate and clear up common misconceptions, such as what is the difference between real estate and real property? What are private restrictions on real estate? and finally if you have ever been dying to know what public restrictions on real estate are you're in luck because that will be covered as well!
And without further ado I shall open this blog with the difference between real estate and real property.
What is real estate you ask?
Well real estate is simply put a piece of land, and this definition also includes any fixtures or attachments made to said land. This includes such items as trees, mineral rights, sidewalks, buildings, and any other fixtures/attachments that are reasonably affixed to the land.
Real property on the other hand includes real estate but adds to this definition a 'bundle of rights,' which includes rights to the property. So to simplify real property, it can be more easily defined as real estate plus common law rights to the property, where real estate is just the land itself.
Presently there is an ongoing debate in Bannock County, Idaho to uphold the private property rights of both farmers and ranchers, and this issue is primarily concerned with the public access that said farmers/ranchers have been besting upon hunters, who frequent the area. This issue is fundamentally concerned with easements, and how easements may be perceived as a very real way to subvert private property rights without compensation. More info on this ongoing property rights battle may be found online at: http://www.capitalpress.com/Opinion/Editorials/20141208/bannock-county-must-uphold-private-property-rights.
What's that? You want to know what private restrictions on real estate are? Well I have just the thing for you, student of real estate, and it just so happens to be an explanation on the topic!
A private restriction on real estate is imposed by a developer, homeowners' association, or any other private entity that is not the government. Examples of these include easements, defeasible fees, and equitable servitudes.
An easement is a right to use of property by any person who is not the owner of the property for any number of reasons, while a defeasible fee is a grantor, or owner of the property, grants a grantee, or party who has been given right to use of the land by the grant, rights to the grantor's property, with certain conditions, or more easily put, a defeasible fee allows the grantor to reclaim sole possession of their property if the grantee breaks any of the conditions set forth by the grantor. An equitable servitude is a land use restriction that is enforceable in an equity court of law, and are created in form by a covenant between two individuals, so these are similar to covenants, except now these are enforceable in a court of law.
An example of a private restriction on real estate is the deed restriction that has recently been placed on Showboat Casino Hotel by Caesar's Entertainment, which has effectively restricted the hotel from becoming a casino again until after ten years have passed. Caesar's Entertainment has placed a deed restriction, which falls under a private restriction on real estate, on Showboat in the hopes that a buyer can be found for the doomed casino.
More on that story can be found at: http://www.pressofatlanticcity.com/news/top_three/caesars-entertainment-places-deed-restriction-on-showboat/article_326ba4ac-7cd6-11e4-b7b0-3b4307a948bc.html.
Last but not least we have public restrictions on real estate.
These are similar to private restrictions unreal estate in all but one key facet, this being that these particular restrictions are placed by a governmental entity, and not by a private one.
An issue concerning this has to do with eminent domain, or the right of the government to claim privately held land in return for just compensation. While just compensation may be a grey area, as most dealings with the government tend to be, presently there is an issue in Pennsylvania over whether or to developers have the right to ask local authorities for their right to eminent domain to claim land for utilities/development, which effectively subverts the need for just compensation, albeit initially.
More on this story can be found at: http://www.post-gazette.com/business/legal/2014/12/09/Business-Workshop-No-eminent-domain-for-private-benefit/stories/201412020001.
Until next time, I'm Dalton Flint and this has been Dalton Flint Talks Real Estate.
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