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There are a lot of people out there that know there's a difference in the way some properties are zoned in the towns we live in, but how many know exactly what all those different categories are? A lot of people have heard of residential property but don't know exactly what it is. Property zoned for single-family homes, townhouses, multifamily apartments, condominiums, and coops. Residential property falls under different zoning and taxation regulations than commercial property. Real property is generally defined as land and the things permanently attached to the land. Things that are permanently attached to the land, also can be referred to as improvements, include homes, garages, and buildings. Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. Other items which can be attached to the land, such as mobile Pasadena homes and tool sheds, are not considered to be real property. Before the property is sold, the mortgagor must be noticed and offered an opportunity to pay all delinquent payments and costs of foreclosure to save the property. In some states the property can be redeemed by such payment even after foreclosure. When the mortgage is paid in full, the lender is required to execute a "satisfaction of mortgage" (sometimes called a "discharge of mortgage") and record it to clear the title to the property. A purchase-money mortgage is one given by a purchaser to a seller of real property as partial payment. A mortgagor may sell the property either "subject to a mortgage" in which the property is still security and the seller is still liable for payment, or the buyer "assumes the mortgage" and becomes personally responsible for payment of the loan. Most states using mortgages treat them as liens on the property. Some states use a "deed of trust" (or "trust deed") as a mortgage. Under the deed of trust system title is technically given to a trustee to hold for the lender, who is called a beneficiary. |
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