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What is vesting assent in an estate of a deceased?
A vesting assent is given by a personal representative of an estate in the UK to convey legal ownership of property that is the subject of a bequest or devised to a tenant-for-life of 'settled property'. 'Settled property' is a complex feature of UK property law. You can read more about it at the link provided below.
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When the surviving joint tenant dies is the property subject to probate?
When a surviving joint tenant dies, the property typically passes directly to the remaining joint tenant(s) through the right of survivorship, bypassing probate. This means that the property does not go through the probate process, allowing for a quicker and more efficient transfer of ownership. However, if the last surviving joint tenant dies, the property may then be subject to probate as part of their estate.
What was a Lord's job?
Lords rented out land or property to other people. They owned the property and usually had more than one tenant on it at a time.
What is improvements and betterments insurance?
Improvements and betterments is a type of property insurance for a insured who is leasing space from another. The landlord carries property insurance on the building based on the condition of the building when the lease was signed, or the property in which the landlord has an ownership interest. Often when a tenant leases commercial space, the space is provided as a shell, without the fixtures the tenant requires to carry on operations. Examples of fixtures not provided by the landlord might include interior walls, permanently installed shelving or cabinetry fixed seating, internal wiring or plumbing, or any other property permanently attached to the structure of the building which the landlord does not own. The tenant provides for the installation of these improvements at his or her own expense. This property is not insured by the landlord's commercial property coverage, and often listed separately from the tenant's business personal property coverage. It is building property which the tenant, not the landlord has an ownership interest in and therefore needs to insure. Depending on the insurance policy improvements and betterments may be included in the definition of business personal property or it may be listed separately When it is listed separately it is often done so a rate of insurance based on building property, rather than more portable business personal property can be applied. Mark Walters, ARM AAI West Insurance Group mwalters@westagy.com
Can you sell your part of the property if more than one person owns?
Yes. If you are a co-owner of real property as a tenant in common or joint tenant you can sell your INTEREST in the property if you can find a buyer who wants to share ownership with your present co-owner. If you own an acre of land with another person you would be selling a 50% interest in the one acre parcel. You would not be selling a half-acre portion. A problem would arise if the property is held as tenants by the entirety. In some states one tenant by the entirety cannot sell their interest in the property to a third party. In some states a deed from one tenant by the entirety creates a peculiar and undesirable relationship between the grantee, the tenant by the entirety who still has an interest and the tenant by the entirety who conveyed their interest.
What are the implications of overlapping leases on a property's rental income and tenant turnover?
Overlapping leases on a property can impact rental income by potentially causing vacancies and fluctuations in revenue. They can also lead to tenant turnover as leases end at different times, requiring new tenants to be found more frequently. This can result in increased costs and efforts for property management.
Is income indirectly taxed?
In the US, income is taxed directly as an income tax. It is, however, also taxed indirectly in the form of sales taxes and personal property taxes; a person who has more income is likely to also spend more money buying things (and therefore pay more sales tax) and own more and higher value personal property (and therefore pay more personal property tax).
Does Georgia have personal property tax?
Georgia has personal property taxes. These are only applicable to personal properties valued more than $7,500. Personal properties valued at $7,500 or less are not billed or entered on the tax digest.
What has to happen to make personal property real property?
Real property is land and anything attached to it that cannot be severed without injury to the land such as homes, garages and other buildings. Personal property is any movable or intangible thing that is subject to ownership and is not considered real property. Building materials stored on a building lot would be personal property. Once the house is built it becomes part of the real property. Fixtures in a building sit on the line between real and personal property. You can read more about that distinction at the link below.
What is the distinction between private and personal property in terms of ownership and legal rights?
Private property refers to assets owned by individuals or entities, such as land, buildings, or businesses, that are protected by law and can be bought, sold, or transferred. Personal property, on the other hand, includes items like clothing, furniture, or vehicles that are owned by individuals for personal use and enjoyment. While both types of property are owned by individuals, private property typically has more legal protections and can be used for commercial purposes, while personal property is more focused on individual ownership and use.
What does tenancy mean?
Joint tenancy is actually a term involving ownership of property. The two most common legal forms of property ownership involving two or more people are as "joint tenants" or as "tenants in common." Spouses of one another generally take title as joint tenants, because on the death of a joint tenant the surviving joint tenant automatically becomes the owner of the property. If they had been tenants in common, the deceased person's share would have formed part of the deceased person's estate, which might not have been left to the surviving tenant in common.
