Posted By on Tuesday, July 14, 2009 11:58:00 AM |
Comment on This PostAre you interested in buying a luxury home in Louisville, KY? Throughout the Louisville, KY area you will find luxury homes in neighborhoods and subdivisions, in addition to finding the homes in unique locations without subdivision restrictions. Louisville boasts of a large number of historically and architecturally significant luxury homes, as well as modern architectural masterpieces complete with the latest in luxury amenities.
Buying a luxury home is similar to buying any other home, but typically you will find more complex mechanical and structural systems in the home. This means that you will need a thorough home inspection by a very competent inspector who understands these systems and can verify their proper operation.
In addition, luxury homes tend to be custom built for a specific owner so you may find features that may not be to your tastes. This can especially be true of the paint colors and the wall covering selection. You may need to consider having a portion, or all, of the home painted and the wallpaper removed or added to fit your needs. This can be a point of negotiation that you should consider when buying a luxury home.
Buying a luxury home in Louisville, KY is an exciting experience. The variety of architectural styles, plus the abundance of high-quality amenities make luxury homes distinct and desirable. Contact me if you have any quesitons about luxury homes in Louisville, KY.
Posted By on Monday, July 13, 2009 11:48:00 AM |
Comment on This PostWhat is an Easement? An easement is a right to use land for a particular purpose, granted by the land owner. There are two basic types of easments - appurtenant easement and an easement in gross.
An appurtenant easement is annexed (attached) to the ownership of one parcel of land and is used for its benefit on the land of another. The definition of an appurtenant easement in layman's terms is having the rights to use a neighbor's land for a specific purpose. These rights stay with the property that is using them. For example, if a buyer purchased land that did not have access to a public road, that land would require an appurtenant easement on the land of the buyer's neighbor to reach the road. This is specifically called an “Easement by Necessity” because it is necessary for the owner of that land to have access to their property. The key to an appurtenant easement is that the two parcels of land must be adjoining.
The definition of an easement in gross is an interest or a right to use someone else’s land. While this sounds like the same as an appurtenant easement, and easement in gross does not have to be with an adjoining property. The most common type of an easement in gross is a commercial easement in gross. This occurs when a utility company, for example, installs power lines on a land owner's property. The power company with an easement in gross has an interest (or right) to the land that their poles are installed upon.
Another key difference between an appurtenant easement and an easement in gross is that an appurtenant easement is said to “run with the land” which means it cannot be assigned to anyone else, but stays with the rights of the property that the easement is attached to. An easement in gross typically terminates upon the death of the easement owner.
When buying a home it is very important to be aware of any easments that may affect your rights to the property you are intending to purchase. It is possible that you may be restricted from modifying certain parts of the property because there is an easement in force on the property. Always reasearch the property's bundle of rights and discover if easements are in force when you buy a home.
Posted By on Friday, July 10, 2009 9:10:00 AM |
Comment on This PostThe legal description of land, or a parcel of land, is the exact location of the parcel of land according to an established system. The description is legally sufficient if a competent surveyor can locate the parcel of land using that description. If someone is interested in conveying property to another person, there needs to be a detailed way of describing the boundaries of the property. A typical street address is not legally sufficient as it does not describe the boundaries of the property, only the general location.
There are three systems currently used to legally describe property. The first is the “Metes and Bounds” system. This system uses permanent landmarks with “Metes” (distances) and “Bounds” (compass directions). A surveyor would have a particular “Point of Beginning”. Then the surveyor would use measured distances and compass directions to describe the boundaries of the property and end back at the “Point of Beginning”.
The next system is the “Rectangular Survey System”. This system uses Meridian (North and South lines) and Base (East and West lines) lines to create a grid. The grid is broken down into 6 by 6 mile blocks called “Townships”. These townships are further divided into 1 by 1 mile blocks called sections. A parcel of land is described by using township names and section numbers, then specific portions of each section. For example “the North West ¼ of the 14th section of Newtown Township”.
The last system of legally describing property is the “Lot and Block” system. Almost all subdivisions use this system. A surveyor creates a “Plat Map” that shows the dimensions of each property. A plat map will also show any easements used by the utility companies and the governing municipality for the property.
If you are planning on purchasing a home, make sure you understand how your property boundaries are defined. The state of Kentucky uses the Metes and Bounds system as well as the Lot and Block system. These legal descriptions can usually be found where ever public records are kept, i.e. the county court house.
Posted By on Tuesday, July 07, 2009 10:30:00 AM |
Comment on This PostWhen negotiating to buy a home in Louisville, who gets to keep the stove? Almost everything in a real estate transaction is negotiable, therefore it is important to understand the various terms used in real estate. One important term to know in real estate is the term “fixture”. The definition of a fixture is an article that was once personal property but has been affixed to the land or a building that the law now recognizes as part of the real property.
An example of a fixture would be a kitchen stove. Originally when it was purchased, the stove was not connected to the house. Yet once the stove was installed, it became a fixture and now is part of the home. A seller does not have the right to take the stove with them when they sell the house; that is unless either the buyer or seller included that term in the real estate contract and it is accepted. There are some exceptions to this because there are stoves that are NOT fixtures. Ensure you know the difference when negotiating to buy a home.
The legal test for a fixture includes the intention of the person installing the fixture, how it was installed in the real estate and if there is any agreement to it staying with the real property. In the stove example, the seller could legally take the stove with them when they sell the house if the seller and the buyer mutually agree to it. If there is no agreement, the fact that it is presently installed and it was meant to stay that way would dictate that the stove stays with the house. Again, there are exceptions, so make sure you know for certain when you negotiate for your home.
Some fixtures are easier to identify than others. That is why it is very important for buyers to always negotiate in WRITING for any appliances, window coverings, ceiling lights and fans, or anything else that may be ruled as personal property that they wish to have remain with the home. Otherwise, you may walk in and find a disappointing surprise to discover the stove you thought was a fixture is actually not and has been removed from the home.
Source: Dearborne
Posted By on Friday, July 03, 2009 12:06:00 AM |
Comment on This PostHave you considered buying land in Louisville, KY? What exactly is the definition of “Land”? What if something is built on the land? Is that included in the definition of land? What is the difference between “Land” and “Real Estate”? It is important for someone in the market for Land or Real Estate to know the legal definition of Land, Real Estate, and Real Property.
Land is defined as the Earth's surface extending downward to the center of the Earth and upward to infinity, including permanently attached natural objects.
The definition of Real Estate includes everything in the definition of Land, plus all things permanently attached to it naturally or artificially.
The definition of Real Property includes Real Estate plus the interests, benefits and rights automatically included with the ownership of the Real Estate - Possession, Control, Enjoyment, Exclusion and Disposition.
While we typically take these rights for granted when we purchase a home, it is important to know what these rights include and do not include. Lets review what these rights included in the definition of “Real Property” mean.
- Possession is the right to occupy the premises.
- Control is the right to determine interests for others.
- Enjoyment is the right to possess your land without harassment or interference.
- Exclusion is being able to legally refuse other interests in your property.
- Disposition is the right to determine how the property will be disposed of.
Together, these rights are known as the “bundle of rights” that are included in ownership of real property.
While there are some restrictions to these rights and definitions, now you know that land is different than real estate and real estate is different than real property. In common language, the term “realty” is used to describe “real property”.
Source: Dearborne
