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Real estate owned as a condominium is usually similarly owned in fee simple, but typically subject to rules in the declaration of condominium or created by the condominium association, such as paying required monthly fees for maintaining the property's common areas; however, these are generally treated legally as covenants running with the land ...
A typical law school or bar exam question on real property might say: Adam, owner of a fee simple in Blackacre, conveyed the property "to Bill for life, remainder to Charles, provided that if any person should consume alcohol on the property before the first born son of Charles turns twenty-one, then the property shall go to Dwight in fee ...
The fees were often lands, land revenue or revenue-producing real property, typically known as fiefs or fiefdoms. [4] Over the ages and depending on the region a broad variety of customs did develop based on the same legal principle. [5] [6] The famous Magna Carta for instance was a legal contract based on the medieval system of land tenure.
In England and Wales, before the Law of Property Act 1925, the default position was the fee simple estate , a freehold transferable to the owner's "heirs and assigns" (successors by inheritance, or purchase/gift, respectively).
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an improvement or fixture) to be considered part of the real property, it must be integrated with or affixed to ...
They need for PILTs arises from Section 125 of the Constitution Act, 1867 which prohibits levels of government from taxing real property owned by federal and provincial governments. [ 5 ] [ 6 ] Federal PILTs were introduced by the Payments in Lieu of Taxes Act of 1985 and PILTs by the Government of Ontario were introduced by the Municipal Tax ...
The fees were often lands, land revenue or revenue-producing real property like a watermill, held in feudal land tenure: these are typically known as fiefs or fiefdoms. [1] However, not only land but anything of value could be held in fee, including governmental office, rights of exploitation such as hunting, fishing or felling trees ...
A property manager or estate manager is a person or firm charged with operating a real estate property for a fee. The property may be individual title owned or owned under the sectional title, share block company owned, and may be registered for residential, commercial office, and retail or industrial use.