Monday, August 25, 2014

Who determines market value if an appraiser is responsible for determining "appraised value?"

When property taxes are being determined, the fair market value is actually determined by the tax assessor of the county.  This process is not a simple one.  However, it is derived using a combination of the amount of property owned, the location of the property and assigned value of properties in the area.

Appraisers, on the other hand, use information obtained from research of the market and the activity of buyers of other properties.  They use this information to form an opinion of value or appraised value.

Sunday, August 24, 2014

If airplanes go over an owner's house, is the owner entitled to reimbursement of air rights the planes took?

First it should be understood that the state sold properties to citizens with the exception of several routes (air rights).  One would need to go back and research the actual owner of the air rights.  It is more than likely the case that the air rights were either sold to the airport, an airline or included as an exception in a deed.

If a wife's name is on the title, deed and mortgage, is the husband absolved of all late payment punishments?

If the husband is not listed on the mortgage, then he does not have any responsibility/liability to the debt.

Is there an easier way to remember the major difference between an appurtenant and a tenement?

An appurtenant is something that may or may not be attached to the land, but it is a part.  So think of the "appurt" portion of the word as "a part that comes with the land."

On the other hand tenements are always attached to the land.

Does an owner of a parcel of land have the right to build a shed over a dry streambed on his property?

This question can only be answered with, "it depends."  If there is a zoning law that prevents this action, then the answer is no.  Also, there may be deed restrictions which could prevent this action as well.  However, I would say that this action would be allowable as long as the streambed is not obstructed or blocked.

Wednesday, August 20, 2014

Land trusts are created by the Trustor usually for the benefit of remaining anonymous to sellers. How does turning real estate into personal property make this so? HOw is that relevenat? Also, how does this help avoid creditors? Do those exercising the other trusts not have the right to remain anonymous as well?

First understand that a trust of any kind is a legal arrangement where one person (trustee) holds property for another person's benefit (beneficiary).  The original owner never gives up control of the assets, but the trustee becomes the owner for public appearances and legal purposes -- to sell, to enter into contracts to sell, to mortgage and subdivide land.  The beneficiary has the right to possess the property, the income generated and the proceeds from a sale of the property.

All trusts provide anonymity to the owner and protects the original owner from certain legal proceedings and tax/credit obligations.  When a trust has been established it survives eternally.  The original owner can name additional beneficiaries.  Since the beneficiary has already been named and the trust never dies, there is no need for probate.

When a land trust is established, the identity of the trustor(s) is protected.  The identity of the original owner can only be revealed by court order.  Being anonymous means that the trustor can avoid law suits which include those from creditors.  Taxes are paid by trusts.  But the original owner does not pay taxes on the assets held within a trust.

A great example of how land trusts are used involved the created of Disney World in Florida.  Since Walt Disney had already built Disney Land in California and was, at the time, one of the wealthiest men in the country, he could not go to Florida and purchase the 27,000 acres at fair market value ($180 per acre at the time).  So in order for him to acquire the property at fair prices, he established several land trusts.  The sellers only dealt with the trustee of each land trust and sold for fair prices.