Real state property is property, primarily land, consisting of the structures on it, and its natural assets including water, crops or other immovable properties; a right vested in the person owning it an immovable asset of that nature, such as a house, buildings or other property in general. The concept of real state property was developed in the 1930’s by the economists Ewing Kauffman, Albert Schatzky and Frank Meyer. Real state property rights are generally based on the location of the building (land), the owner’s intent (is it a vacation home, apartment complex, condominium or business) and the location of the landowner’s place of employment or business.
Real state property rights are usually set up with a lien on the land, but they can be waived. This is done in different ways and is governed by the local laws of the locality where the land exists. A typical real state property right is that the owner does not have to pay taxes for twenty years on any structure that is on the property. However, there are some jurisdictions that impose restrictions on this lien on real property and do not allow owners to waive their lien rights.
The right to a lien on real state property is limited because of how difficult it is to be able to secure the right to waive a lien in a court of law. In most cases, the right to waive a lien can be granted by an individual who has sufficient funds to hire the services of a real estate attorney to represent him or her.
While the right to a lien on real state property is commonly limited in the jurisdictions that grant it, there are a few jurisdictions that do not have restrictions on the right to waive it. The Aston Some jurisdictions have a provision in the Code of Real Estate, which grants a non-waivable right to evict an owner of a structure on real state property. Another jurisdiction permits a non-waivable lien right on real state property to lapse at the end of a six month waiting period if the owner fails to make his or her monthly payments. In both jurisdictions, the owner still must pay taxes on his or her real property during the waiting period.
Property owners who live in areas that do not grant the right to waive a lien on real state property may wish to consider buying a piece of land from a local real estate agent to use as a holiday home in order to avoid the possibility of having to purchase a real estate mortgage and face the expense of paying back taxes for an existing structure. Some of the jurisdictions that do not limit the right to lien include the states of New York, Massachusetts, Montana and Wyoming.
The right to lien rights on real state property are important because the state owns the ownership of the assets underlying the property. If the owner of the land is unable to pay taxes, the state is able to use the assets of that owner to provide revenue to the state.