10 Easy but Essential Steps for Home Selling Success

Writen by Rhiannon Williamson

They say that the whole process of selling up, buying new and moving on is one of the most stressful series of events any of us goes through in a lifetime: and yet with careful planning, attention to detail and a clear focus, the whole process can be relatively stress free.

While there will always be factors outside the control of any home seller, those factors that fall within their control sphere can proceed fluidly and smoothly when they take the time to plan and think one step ahead.

By following these 10 easy but essential steps I can guarantee you home selling success!

1. Get free valuations and priceless advice.

Real estate agents will give you a home valuation for free because ultimately they hope you’ll engage their services when it comes to selling your home. Therefore use the experience of a handful of local and trusted agents who are renowned for their selling success and invite them to come and value your home. Then, ask them their opinion on what if anything can be done to raise the value of your property to the maximum.

Real estate agents spend their entire professional lives examining properties, they know what attracts a buyer, what turns a buyer away and what can and should be done to a property to enable the seller to get maximum returns from his property - request advice based on the benefit of their experience. Most real estate agents will be happy to give you any tips they feel are applicable to your home because if you can increase the value of it, they can raise the price of it and if they are asked to represent you they will ultimately make more from the sale! It is a symbiotic process!

This whole first step will arm you with two priceless facts - firstly you will know how much money you can work with when budgeting and planning for your next home. Secondly you will have a fair idea of what action you should and can take to ensure you get the maximum price for your home thus allowing you to begin planning the work that needs to be done.

2. Speak to your current mortgage lender.

You need to contact your current mortgage lender and ask them what penalties and fees you will incur for early repayment. Inform them that you are intending to sell your home and they will give you an up to date statement of the amount remaining and exactly how much selling up is going to cost you in real terms.

3. Work out total selling, buying and moving costs.

To assist you with this step ask one of your valuation real estate agents to give you a break down of all the local fees, taxes and costs you will likely incur when selling and buying. These will most likely include the real estate agent’s fees, a lawyer’s fees, surveyor’s costs, potential gain taxation and also consider factoring in the percentage of any annual taxes or charges on your home that you will have to pay.

Add to these expenses the costs you will incur when buying a new home and remember to include any deposit, mortgage arrangement fees, survey costs and insurances.

And last but not least, get a rough quotation for removal costs which are easy to gauge based on the size of your home and the distance you are likely to move.

4. Work out your budget.

By taking the original valuation sum given to you by the real estate agent and then deducting all of the totals from step 3 you will (hopefully) be left with a positive number! This is your clear profit, this is what you can then use towards your new home.

At this stage, if you have additional sums saved and you wish to add them to the above to increase your purchasing power you should do so. You will be left with an amount you can use as a down payment on your new home.

5. Get a loan agreed in theory.

Now you have to approach a mortgage lender and work with him to determine exactly how much you can comfortably afford to borrow. He will take into account many factors but these will include the amount you have as a down payment and the amount you earn. Ultimately he will arm you with a budget with which you can now work when searching for your new home.

6. Begin searching for your new house.

Now you have a budget to work with you can begin the exciting process of searching for a new home. It may seem dull to have to get all the financial facts and figures in place before heading off to find that dream house, but by doing all the ground work first you will be less likely to fall in love with an unsuitable, unaffordable home. You will not have set yourself up for a fall; you will once again have set yourself up for success.

7. Give your home a makeover!

Take the advice given to you by the real estate agents and get to work with the repairs, renovations and heavy work needed to bring your house up to the top of the market.

8. Find the best real estate agent.

Having already met and worked with real estate agents for the valuation of your home get back in touch with your preferred agent and ask them to revalue and then market your home. If you are in doubt about which agent to choose speak to any friends, family and colleagues in your local area who have recently bought, sold or rented property through an agent and ask for personal recommendations. You need to feel comfortable with the agent you choose to represent you, you need to make sure they will sell your house as quickly, efficiently, honestly and effectively as possible and that they are trust worthy to be left to show viewers around your home.

Once you choose your agent go through their entire marketing strategy for your home and make sure you are comfortable with their approach and that they are going to do everything required of them to assist you. Furthermore, ask them to revalue your home based on the work you have done to it and any market movements that have occurred in the interim.

9. Remember first impressions count!

Now the time has come for buyers to begin viewing your home. You have to go over every single aspect of your home with a very critical eye and consider what the potential purchaser will make of every aspect. Their first impression of your home will be as they look at it from the sidewalk, ensure the outside of your home is as clean, tidy and well presented as possible and then walk through every room and the garden and look at it with fresh eyes. What will a buyer’s eye be drawn to, the beautiful proportions of the room or the dirty window and vase of dead flowers?

Because first impressions count so very much take the time to consider every aspect of your home and then make time to clean, polish and present your home in the very best light possible.

10. Be as flexible as possible.

If you can be quick to react to a viewing request and flexible when it comes to a contract completion date you will be doing everything within your power to enable your buyer. By remaining on top of the upkeep of your home you should be able to say ‘yes’ to a viewing request at the drop of a hat. And if you remain on top of your home search and are at least mentally prepared to move out swiftly - even if this means moving into rental accommodation for a short period - you will be doing absolutely everything within your power for home selling success.

Rhiannon Williamson is the publisher of http://www.shelteroffshore.com/ the online resource for offshore and international real estate investors. If you’re thinking of buying real estate abroad for investment, retirement or you’re searching for a dream holiday home in the sun visit http://www.shelteroffshore.com/index.php/property/ for a comprehensive range of free guides and articles to help you on your way.

Why Commercial Real Estate is the Hottest Retirement Asset

Writen by Christopher Hurn

For small business owners, commercial real estate investment is the hottest new retirement asset. If your mind has already jumped to “REITs” or shares in Real Estate Investment Trusts think again. I’m referring to the ownership of the commercial facilities small business owners currently lease, or new commercial facilities they can buy or develop.

Small business owners can thank the U.S. Small Business Administration for this rather substantial opportunity.

The SBA sponsors a specialty lending program designed to assist successful small business owners who want to acquire or develop their own facilities. The SBA did not design the program as a vehicle for creating superior retirement assets, but it doesn’t take a financial genius to connect the dots and the business owners who have done so already are profiting enormously from their decision.

It’s called the SBA 504 program and it’s been around, though not well promoted, for nearly twenty years. If a banker failed to mention it as an alternative, don’t be too dismayed. Traditional lending institutions prefer conventional financial instruments because they offer traditional lending institutions greater profit margins. The SBA 504 program is clearly intended to benefit small business owners, not necessarily the financial community.

Here’s what SBA 504 loans offer qualified small business owners: below market fixed interest rates, longer terms and with a cash investment as low as 10 percent of the total project cost. Typically, small business owners can reduce real estate expenses by up to 40 percent while building an asset that benefits them long after they’ve sold or shuttered their business. As an investment, this type of financing offers the highest cash on cash return available for commercial real estate, which means not only does their capital work harder for them, but they keep more of it to grow their business too. You can’t find a traditional lending product that can beat this.

Next to home ownership, being your own boss is the number one American Dream. That’s why most small business owners started (or acquired) their own business. And their success is almost entirely dependent on their drive, ambition, innovation and attention to detail. Eventually, however, they’ll sell their business or pass it along to their children or shut it down (very few small businesses go public). With SBA 504 financing, they can turn that drive and ambition into another long term asset that offers immediate and significant tax advantages, as well as makes great sense for long term financial planning.

It’s important to take an innovative approach to commercial real estate ownership. For most clients, it is beneficial to establish a separate real estate holding company to own the real estate asset it separates their operating company - the one they may eventually sell or pass on to their children from this new and important real estate asset.

The result is that, in 10 years or 25, when a small business owner sells their business or gift it to their children or shutters it, the real estate asset will retain important appreciated value in a separate holding company.

They will also have been paying themselves rent instead of some faceless landlord, effectively growing their real estate asset, building their equity and benefiting from the tax advantages all at the same time.

And once they sell their business, they’ll still have an income generating asset that is one of the soundest long term investments anyone can make.

Small business owners can continue to be landlords in their retirement, or they can sell the asset typically at a rather significantly appreciated value.

Even if they gift the business to their children, the new owners will have to continue paying rent. Who would make a better landlord their children than themselves?

The value of the SBA 504 lending program is clear. Most business owners that are educated about this financial planning strategy adopt it.

For successful small business owners, this is almost a no brainer. If they haven’t already done so, it’s time to stop paying rent to someone else and consider owning for all the right reasons.

* * *

By Christopher Hurn

(Ed. Note Hurn is president and chief executive officer at Mercantile Commercial Capital based in Altamonte Springs. His company handles commercial loans and specializes in 90% financing for small business owners who want to acquire or develop their own facilities. The company, in business for 19 months, has closed some $30 million in loans already and opened offices in Miami, Tampa and Chicago.)

Second Home Investment Market in Real Estate Opens a New Niche For the Accountant

Writen by Maria Reyes

Second home investment market in real estate opens a new niche for the accountant.

The growing market for second home investment niche in the real estate market has opened a new niche for many industry related professionals. Among them are the CPAs or accountants who can now tap this growing market. Many investors in the second home market need the services of qualified accountants to help them in this very important investing process.

Sometimes professionals get caught in the same routine year after year. It is important to keep doing the things that make a business succeed without ignoring new trends that could affect one’s business. Thus the growing trend in the second home investment market in real estate is an area where industry professionals like accountants, real estate agents, mortgage professionals, home inspectors, intermediaries, attorneys, interior designers, moving companies, escrow officers, home cleaning businesses, landscapers, licensed contractors, interior designers, and other related businesses could start looking for more business.

This second home investment niche is a highly targeted market and tapping this market also means that you need to tap the publications or media that focus on this niche.

If you are an accountant or a professional who offers services in the second home investment market, be among the first ones to take the lead in getting ahead in the second home investment market niche. Just think about it, you could establish yourself early in this market before your competitor takes his or her share in the second home investment market niche.

Maria Reyes is the pen name for one of the writers for YourRealEstateMarket.com You can read more articles written by Maria Reyes regarding real estate marketing online and real estate advertising by visiting our second home investment magazine and directory.

5 Useful Tips in Buying a House

Writen by Ester Rebecca Del Fierro

Buying a house is a very serious matter that comes into people’s lives. It is very risky to invest your money in buying just any house you find. You must have some guidelines that can help you decide which house is the best for you. Here are some:

1. Determine your rights

When you are ready to buy your own house, be sure you understand your rights as a homebuyer. Knowing the process of buying a house prevents you from getting scammed. You can personally do your home work or seek for a knowledgeable person like a real estate agent or a broker. Make sure that the agent you hire is licensed and have a wide knowledge regarding the area.

2. Make sure you can afford it

Your budget is really a big deal in buying your own house. What you want is different from what you need, so be practical. You don’t really need a big house if you’re just one person that travels everyday, right? Make sure that you make the best for your money. Seek help or ask for suggestions especially for those who have knowledge in real estate prices. If you can’t stay for at least a year, buying a house is inappropriate for you. You may save a whole lot more of money if you sell it urgently.

3. Make sure it fits your lifestylet your money in buying just any house you find. You must have some guidelines that can help you decide which house is the best for you. Read the rest of

Make your house a home. Be sure it really fits your way of life and you are comfortable with it. A good example of this is if you’re working in an office, a good place to find is near or in the vicinity of your office. If you love nature, a good place to find is outside the city with clean air, near parks, has a mountain view or near at the beach. Your personality really matters in finding a good house. Make sure to look at its suburbs first and try to gather some information about the area and its surroundings. Try also to consider the kind of neighbors you will have.

4. Consider your future plan

If you’re newly married, you might to consider how many kids you want to have. You can assume the number of rooms or the home space you need. If you can afford a house that is near to a good school, it is better. School districts are more important to home buyers, therefore, it will increase your property values.

5. Be organized

It is very important to make your document files organized and safe. Because it will prove that you own the house. It will help you a lot especially when it comes in paying your house payments (taxes and amortization).

Ester is one of the SEOs of http://www.ozfreeonline.com and takes care of the Ozfree Online Real Estate Page where in it offers a comprehensive list of office & commercial real estates, homes for rent or sell and an apartment finder to thousands of properties in Australia. For more information, visit http://www.ozfreeonline.com/realestate.

Don’t Sell Your House Ever!

Writen by Neeraj Varma

Keeping your existing house when you buy a new one could be THE most profitable financial decision you could make. Consider the following:

1. Second stream of income: When you move to another place and keep your current house as a rental, this gives you an extra stream of income.

2. Pay less tax: Your rental property produces business income. When you have a business, you are entitled to tax write offs. This could save you a lot of money that you would normally pay to CCRA (Revenue Canada).

3. Fast wealth: Tenants will pay off your mortgage in a rental property. Your net worth will grow without you having to save out of your own income. When you have one or more tenants there is a team effort in building your wealth, fast!

4. Bargain priced: You will never again be able to buy the same type of property for the amount you paid for it originally. The value of all the other houses have gone up along with yours. You already own what an investor would consider a bargain in the current market.

5. High rate of return: The rent you can charge for your house is based on the current market. Rents have gone up but the cost of your house is still what you originally paid for it. You are getting a higher return on investment. In the current market you would have to spend a lot more to get the same rental income.

6. Guaranteed income: If you are willing to make some small changes to your house so it meets the standards required for disabled people, you will have a long list of potential tenants waiting for you. In many cases, some government agency will be paying their rent. You will get a good, stable, low maintenance tenant. You will also be helping someone in need. If you need money for the renovations, you can re finance as much as 90% to 100% of the market value of your house. Government grants may also be available.

7. Increased tax write offs: In most cases, you can write off the interest paid on the mortgage of a rental property. If you keep the mortgage as high as possible, you maximize the tax write offs.

8. Pay off your own home faster: Keep the mortgage on the rental property as high as possible by re financing to the max as the value goes up. Use that equity to pay off the home you live in, faster.

9. Tax free retirement income: After your house is paid off quickly by using the equity in the rental property, you may be able to use the refinanced cash as a tax free retirement income. Borrowed money may or may not be taxable. Check with your accountant.

10. Gain freedom from the slavery of a J.O.B.: It takes far less time to maintain rental properties than the amount of time you would spend in a job. If you build up your portfolio of rental properties to 5 or 10 and pay them off (or keep refinancing), you will have as much or more income than your present job. You can be your own boss, work only a few hours, spend time with your family, and really enjoy your life.

These strategies will not work for everyone. Before you implement your plans, check with an accountant, lawyer, mortgage broker or other professional. You may need to work with someone. Use your children, parents, brothers, sisters, good friends as a co signer or co investor. Grow wealthy together, with the people you love.

To qualify for the lowest mortgage rate in Canada, go to http://www.mortgage rate canada.com and click on Canadian “Mortgage Calculators”. Check out the “Pre Approvals” and “Credit Problems” pages to get the banker’s perspective on your credit profile.

For ideas on how to set up a reliable monthly income from rental properties when you have very little time or money go to: http://www.netman ecommerce guru.com/rental strategies

Warm Regards,

Neeraj Varma

About The Author

Get the inside scoop on what it takes to qualify for the lowest mortgage rates in Canada (http://www.mortgage rate canada.com). For personal service apply online.

Where are the Safest Places to Live?

Writen by Barbara Kimmel

A recent front page article in The New York Times noted that “the devastation from Gulf Coast hurricanes is serving as a strong reminder that possible disasters could lay waste to cities and states across the country.” Fortunately, environmental hazards are not uniformly distributed across America; many attractive locales are relatively safe.

Warren R. Bland, professor of geography at California State University, Northridge and author of Retire in Style: 60 Outstanding Places Across the USA and Canada, has prepared a list of ten U.S. places that are unusually safe in terms of potential exposure to five major environmental hazards. He considered degree of potential exposure to flooding due to hurricanes and tsunamis, as well as threats to life and property from earthquakes, tornadoes, radon gas, and air pollution. All ten places have a zero chance of catastrophic flooding from hurricanes and tsunamis, and in all ten the dangers from earthquakes, tornadoes and air pollution are in the zero to low threat range. Only radon gas, an often overlooked threat to health, is so widespread across America that it poses a significant risk, if unabated, in five of the ten environmentally safest cities and towns.

Dr. Bland’s top ten environmentally safe places are: Austin, Texas; Fredericksburg Kerrville, Texas; Pinehurst Southern Pines, North Carolina; Prescott, Arizona; Colorado Springs, Colorado; Eugene, Oregon; Ithaca, New York; Portland, Oregon; San Antonio, Texas; and Tucson, Arizona.

Barbara Kimmel is an award winning book publisher, publishing consultant and publicist. She is the publisher of Warren Bland’s book, Retire in Style 60 Outstanding Places Across the USA and Canada. Books are available through all major bookstores, at Amazon.com or direct from the publisher at http://www.nextdecade.com

Do Newspaper Ads and Home Guides Help Sell Your Home?

Writen by Bill Brynelsen

Suppose you and your family were out for a walk and you came to a very busy intersection in your hometown. Now, just before you’re about to cross you remember reading an article on the Internet about the number of pedestrian fatalities at that particular intersection published by the Department of Transportation and Safety. The report stated that the fatalities were so bad that there was only a 5% chance of folks making it safely to the other side and a 95% chance they wouldn’t. Would you still cross that street? Well unless you’re the type of person that enjoys base jumping or wing walking you would I’m sure find a safer route to take. My example I know is very extreme, but when you’re trying to expose decades of corporate advertising that has conditioned home sellers to believe that advertising their home will actually help sell it, you need to be extreme.

Every year the National Association of Realtors

Investing in Real Estate Profitably: Financing Options for Purchase of Rental Houses, Part 1.

Writen by Jeanette Joy Fisher

This is not an article about tricks for 100% (no money down) financing. Even if you do take advantage of various no money down strategies from time to time, these strategies are not generally applicable when you begin investing systematically in multiple rental homes with the goal of making significant rental income.

This is because some of these strategies require a degree of deceit and careful timing, others require difficult to find pricing or seller situations, and others require sophisticated legal instruments and training, or a combination of all of the above. These complex strategies are good for selling mentoring programs, books and training courses.

However, none of these methods are practical, in our opinion, as a consistent practice for profitable and stress free ethical investing. For a consistent winning program of investing, you want to be able to act quickly, repeatedly, openly and consistently, which will enable you to build up a portfolio of rental properties in a relatively short period of time.

It is therefore much more profitable and sensible in our opinion to play it safe and keep it simple. This means to focus on obtaining good investments from the point of view of future rental income and appreciation, and pay whatever down payment the banks require.

Simple as that. If you do this, you will be able to build up a portfolio of properties quickly.

You can still get very good loan deals by shopping around for financing, or by using an independent loan broker. Make sure your loan broker shops around on your behalf. Standard bank financing at good interest rates generally needs only a 5% to 10% down payment for investment property, which is not very much in the big picture.

Unless you are going to flip a property quickly, you probably want to maintain positive cash flow for most of the time you own a rental property. This is true even if you eventually plan to sell the property at a profit. After all, you never know how long you may have to hold the property before its value appreciates significantly, particularly if you have to survive the inevitable down turn in property values which can last a year or more. The only way to ensure you can comfortably hold the property as long as you need is to have positive cash flow each month.

To this end, consider the advantages of paying a full 20% to 25% down payment. This will allow you to qualify for the lowest interest rate programs. Lower interest rates mean lower monthly payments, which mean positive cash flow. In fact, with a 20% to 25% down, you may qualify for so called “payment option loans” with minimum payment rates as low as 1%. With these loans, the minimum payment stays low for the first 5 years, with a payment increase cap each year of just 1.075 times the previous year’s monthly payment. At these levels, you will almost assuredly achieve a very good positive cash flow.

With such minimum payment loans, you still have to pay the current adjustable rate (usually around 4.5% today). However, most of the interest is deferred. At the end of 5 years, the deferred interest is added onto the loan balance. This will probably be much less than the property has appreciated. Therefore, it is a small price to pay for the positive cash flow gained during the first 5 years.

Another option readily available today is “interest only” payments. The “payment option loans” described above usually include an interest only option. That is, each month you have the option of paying either the minimum payment described above or an interest only payment. Other loans do not have the minimum payment option and have only an interest only payment option. In any case, when you make an interest only payment, you are paying only the interest for the month, and not paying down the principle. This reduces your monthly payment allowing positive cash flow in most cases, but of course you do not build up any equity in the property.

As a general rule in most states, most loans are available with interest only options nowadays. Sometimes you have to pay a small fee at closing for this option (typically .125% to .250%) and sometimes there is no charge. If there is no charge, you may find that the interest rate is a little higher. You just have to shop and compare loans to get the best deal, as stated earlier, or make sure your independent loan broker is shopping for you.

Here is a comparison of three monthly payments plans

1) A typical minimum payment (in a payment option loan)

2) An interest only payment (in a payment option loan or any interest only loan)

3) A fully amortized payment (in which you are paying down the principle a little each month.)

For a $200,000 loan, a 1% minimum payment is $643 per month. By comparison, a typical 4.5% interest only adjustable rate loan produces a monthly payment of $750. Lastly, a fully amortized 4.5% payment is $1013.

You can see that the minimum payment and the interest only options are low and fairly close but the fully amortized loan can make a significant dent in your cash flow.

Beware that the minimum payment in a payment option loan and the interest only option in any loan program lasts (generally) for only 5 years. However, there are interest only loans where the interest only option lasts 10 years. The latter is preferable if your intention is to hold the property for more than 5 years without refinancing.

Beware also that, in order to get the low interest only rate I have used in the example above (about 4.5%), you would need to accept an adjustable rate mortgage (ARM) program where the rates adjust annually or even more often. If interest rates jump significantly in the next two years, you could get stuck with a relatively high payment.

We are recommending for most borrowers who plan to hold properties for more than a year or two to either:

1) Obtain a “payment option loan” as described earlier with minimum payments that last a full 5 years, or

2) Obtain an adjustable rate mortgage (ARM) loan with an initial fixed interest period of 5 years. This will cost 1% to 2% more in rate, but the insurance is absolutely worth it, in our opinion, at this time in the real estate cycle.

This article has reviewed some modern strategies for minimizing your loan payments when purchasing investment rental homes. There is much more to say on this topic. So keep an eye out for additional articles by the same authors on this and related topics.

(c) Copyright 2004, Jeanette J. Fisher and Robert S. Kramarz. All rights reserved.

Jeanette Fisher, Design Psychology Professor, is the author of “Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits,” the only book to reveal interior design secrets on how to make top dollar investing in real estate. For real estate and interior design psychology books, articles, tips, and newsletters: http://www.doghousetodollhousefordollars.com.

Robert S. Kramarz is a loan officer for a major loan brokerage. He has over 20 years experience in finance and business management and comes from a family a long background in real estate investing and banking. He specializes in providing financing for purchase of investment real estate. He can be reached by email at MrFunding@22cv.com. Further information is available at the website http://www.sweetloan.info.

Easements

Writen by Luigi Frascati

At Common Law, the Doctrine Of Privity Of Contracts states that only the parties to a contract can enforce the rights under it. This Doctrine, however, does not apply to contracts which create an interest in land. Therefore, if ‘A’ grants a right of way over his property to ‘B’, and ‘A’ then sells his property to ‘C’, ‘C’ is bound by the agreement between ‘A’ and ‘B’ if he had notice of it before he bought. As a result, interests in land are said ‘to run with the land‘. In order to be enforceable, of course, agreement creating an interest in land, such as the aforesaid right of way, must be registered on title.

One important classification of an interest that attaches to a parcel of land as opposed to an individual, and which therefore runs with the land, is that created by an easement. In its simplest form, an easement is a privilege acquired by a landowner for the benefit of his land over the land of another. The land receiving the benefit is the dominant tenement, and the land over which the right is exercisable is the servient tenement. Real property law stipulates that, in order to constitute an easement, three elements must be present:

[ ] There Must Be A Dominant And Servient Tenement.

Simply put, this means that there must be two parcels of land affected by each and every easement. In other word, ‘A’ cannot grant an easement over his property to ‘B’, unless ‘B’ owns a piece of property either adjacent to ‘A’’s or sufficiently near ‘A’’s, which is to benefit from the easement. Attempting to create an easement without attachment to a parcel of land is referred to as an ‘easement in gross’, and it is not a true easement.

[ ] The Easement Must Accommodate The Dominant Tenement.

It is the land that must benefit from the easement, not merely the landowner. If the owner alone obtains the benefit, then it is not an interest in land. The right would only be a contractual licence, and the Doctrine Of Privity Of Contracts would apply. The test applied by the Courts to determine whether an easement or a licence has been created, is whether or not the right makes the dominant tenement a better and more usable piece of property. For example, a right of way may give better access to the dominant property. In some cases, where the right benefits a long established trade conducted on the property, this has been held to be sufficient to create an easement. It is important to note that the servient tenement must be close enough to provide a practical benefit, although it does not need to be adjoining to the dominant tenement.

[ ] The Easement Must Be Capable Of Forming The Subject Matter Of A Grant.

In other words, the easement must be capable of a reasonably exact definition. This means that one must be able to identify its boundaries, and the person granting the easement and the person whose land receives the benefit of the easement must both have the necessary legal capacity to be grantor and grantee respectively. For example, a tenant cannot create an easement which binds the property after the tenancy expires.

Examples of easements include rights of way, rights to light and rights of support, as in the case of buildings. Every parcel of land has a natural legal right to receive both vertical and lateral support from the adjacent soil. So therefore, if a neighbour excavates up to the property line and, as a result, the adjoining lot subsides or collapse, he will be liable in damages for depriving the adjoining owner of his right to support. However, buildings on the land do not have the natural right of support at law given to the land itself, so it is necessary to grant an easement of support in order to protect them.

Easements may be granted for any length of time. They may be created by statute, in an express document, by implication of law or by ‘prescription’ (at Common Law known as “squatters’ rights”). A statutory easement does not, of course, need to fit the above listed requirements. Examples include public rights of way, such as those needed to construct power lines. An example of an easement created by an express document would arise where a deed of property granted or reserved a right of way. This type of easement is by agreement between the owners of the dominant and servient tenements.

An implied easement will result if the intention of the party granting the easement has not been sufficiently explicit. Implied easements may arise in a number of situations. For example, an implied easement would arise in the case where one of two commonly supported houses has been sold, and no mention was made of any easement of support (as it is common in the sale of one half of a side by side duplex). Finally, an easement of necessity will be implied in the instance where a building is severed, and commonly used stove pipes interconnect both buildings.

An easement may be released by an express agreement between the current owners of the dominant and servient tenements. It will also be released by implication, if the dominant owner shows an intention to release it, for example, by abandonment.

Luigi Frascati

Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton Centre Realty in Burnaby, BC.

Luigi is very proud to be an EzineArticles Platinum Expert Author. Your rating at the footer of this Article is very much appreciated. Thank you.

House Repossessions Going Through the Roof

Writen by Mark Brogan

Nationally, over 2005 mortgage arrears have increased by 23.3% , personal debt rose by 10.2% , and repossession actions entered grew by 48.2% from 2004.

“Top 7 house repossession tips”

1. "Call your lender" - Don't ignore the calls or letters, the problem won't go away. The courts will look more favourably if you have cooperated. House repossession is the lender's last resort. 2. "Discuss your options" - Depending on your personal circumstances, your lender may agree to defer payment, extend the terms of the mortgage or change the type of mortgage. 3. "Prioritise your bills" - It is crucial to prioritise when paying your bills. Go out and do the food shopping, pay the water and electricity and then pay the mortgage bill. Some companies may pester you for the money they are owed - remember the house is the priority! 4. "Sell and rent back" - If your mortgage arrears and other debts are building and you are heading down the road of repossession, "Sell and Rent Back" is definitely an option. 5. "Look out for predators" - People may try to panic you into taking out high cost mortgages which may make your financial difficulties worse in the long run in exchange for a short term solution. 6. "Avoid borrowing more money to pay off existing debt" - This is likely to create problems further on down the line. 7. "Never give up!" - Until the day you're evicted from a property there is always chance of finding a solution.

About - Sell Quick (http://www.sell quick.co.uk) is an established nationwide property purchaser specialising in residential house repossession and the “sell and rent back” solution. Sell Quick buys property for cash fast without any fees in exchange for a below market value purchase. The vendor has the option to rent the property back at the going market rental rate. Telephone 0800 404 77 44