Here are the key elements of the process Scope of work ; the extent of research work involved and the analysis of an appraisal assignment includes
- The degree according to which the property is inspected
- The physical and economic factors that effect the property
- Data research
- The analysis applied to arrive at conclusions
Ownership and interest
The interest benefits and rights inherited in an ownership fall under real property.
Bundle of rights
Ownership rights include the right to sell, lease, or mortgage your real estate property. Real estate valuation is the individual’s right to own or use the land.
Fee simple – This title is bestowed on a person who owns all property rights. This gives absolute ownership for a person unburdened by any interest or estate.
Leased fee estate – This type of estate is the most commonly used for producing income. The lessor and the lessee share the same interest.
Taxation- the right of the government to raise revenue the assessment of valuable goods and services. Provincial and local governments have the right to tax property.
Expropriation – this is the right given to the government to use private property for public use. All or part of the owners right will be taken and compensation will be paid to the owner.
Police power – is another right of the government wherein property is used to protect public safety, health, morals and general welfare.
Escheat – gives the government ownership of a property due to the death of the owner without a will or any statutory heirs.
Contact details
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