Topic #4: Public restrictions on Ownership

Public restrictions on land are laws and regulations established by the government. Some of the regulations are things like establishing how properties are to be legally described. Other restrictions include laws and regulations about how and what you can use your land for called zoning ordinances. Still, other rules exist for how much tax a person is required to pay on a property and how/when the government can take your land from you under the idea of public domain. These restrictions help to keep a fully functional and running society, although they do inhibit someone frm doing however they please.

The most controversial public restriction would have to be the eminent domain laws. This will describe and give you a better understanding of what  eminent domain is. While there might be some reasons where people could question whether or not it is for the greater good to take someone property, I feel that if services or business opportunities are being added to a community and the only way to add them is to take someones property then that is what needs to happen.

Topic #3: Private Restrictions on Ownership

Just because you own real estate does not mean that you can do whatever you like to it. There are several kinds of restrictions that can be put on your property. Private restrictions are those not placed on your property by the government but through other means. Most typically private restrictions are placed on people's property by home owners association



There are other forms of private restrictions that can be placed on a property. I will list a few of them off.

• Covenants, conditions, restrictions- These are placed on the deed and once they are on it are  generally handed down to every owner from then on out.
• Liens- A claim against the property for a debt (like a mortgage) or for some monetary charge or obligation (like a lawsuit).
• Easements-A right given to one party by the landowner to use the land in a specified manner.  

 While you can go through legal processes to get rid of the restrictions, many of them are permanent and very very hard to unwind. 

Some fun HOA rules for you:
http://theweek.com/article/index/104150/top-7-insane-homeowners-association-rules

Topic #2: Property Rights 9/16/2012

Property rights are the bundle of rights that are associated with a specific piece of real estate. There are several different kinds of rights such as: subsurface rights, surface rights and air rights. Each of these give you legal rights to do specific things to the property. Here is  a link to some information about property rights in Texas and what the legislature is doing to secure the balance between the people and the government's right to eminent domain. http://www.dallasnews.com/news/state/headlines/20110209-texas-senate-passes-property-rights-bill.ece.

When purchasing real estate there are several different kinds of real estate parcels that you can purchase. The best one and the one you should aim for is a fee simple estate, in which the current owner is entitled to all the rights associated with the property. If you do not have a fee simple estate and have something like a partial estate someone else other than you owns a part of the bundle of rights associated with your property. This is something that should really be looked in to before you purchase any real estate. You would hate to buy a house without air rights and have a bridge be built over you after you move in or something like that.

Because it is the legal system a simple address will not do to describe where a property is. A person has to use a surveyor and a lawyer to help write up a description to describe legally where a property is. Either the describe a space on a plat map or they use a marker and a system of metes and bounds (metes are the measurements and bounds are the boundaries) to describe the property from the point of the marker. Here is another explanation of metes and bounds. http://en.wikipedia.org/wiki/Metes_and_bounds

Topic #1: The Importance of Real Estate 9/16/2012

Real estate is an essential part of the economy. Almost all business deals with real estate in some  way, whether it be office buildings, warehouses, etc. The huge role of real estate in the American economy is evidenced by the huge downturn in the economy that occurred in 2008 due to the housing bubble bursting. Real estate not only is a giant part of the economy, but it is also the central theme in the American dream. Many people have the dream to some day own their own house. Here's a funny example of a realtor that someone could encounter trying to buy their own house.

To see just how the real estate markets effect economics go to the following link http://www.investorguide.com/igu-article-903-real-estate-investing-an-economic-view-of-real-estate.html