Buying Two Parcels of Property
Paper Masters has writers in a wide variety of business and economics fields. Our writers can produce a custom project on economics or even real estate, such as the example of a project that requires the examination of buying two parcels of property. Below you see a sample of what needs to be ascertained when writing on buying property.
You have a client who is interested in buying two parcels of property. One a commercial project is to be located in the New York City area. The second a residential project is to be located in Upstate, New York. Your client is a Puerto Rican, smart, intelligent, business woman. Her plans are to open a computer Internet business in New York City and to own a spacious sprawling home in Upstate, New York.
The home in Upstate New York is located by a small lake. There are approximately 3 acres. The property is being sold by a white male who is in the process of divorcing his wife. He does not have a separation judgment. He plans on selling the home and living in his newly built smaller home located in front of the home up for sale. The home in Upstate New York has a state of the art kitchen and bathroom fixtures and is surrounded by glorious trees. The seller has shown the home through his agent. Your client loves the place and has informed you that they want to buy the home. You have instructed a surveyor to provide details of the home. Your client would like a deed that provides the best protection. Your client also wants a detailed history of any and all encroachments on the property. Basically your client wants marketable title at the best price with the least legal entanglements.
Before you can provide your client with sound advice you must answer the following questions. Remember that Real Estate is based in several theories: such as Economics, Science, and Law.
- List and define the following key terms needed to begin your analysis. (I would begin with the necessary definitions)
- Explain the Physical and Economic Characteristics.
- With the above definitions and characteristics we can clearly see that there is more than what the physical eye can see. Please detail.
- Mineral Rights: (Discuss an Oil and Gas Lease).
- Water Theories: (Discuss the theories and the test that the courts use to determine if your client committed a violation)?
- Air Rights: what determines when it is an air right vs. trespassing?
- Mineral Rights: (Discuss an Oil and Gas Lease).
- The law gives the states certain rights that allow them to limit your client's ownership rights. What are these rights?
- What are the encroachments? (i.e. liens)
- Are there any easements? Negative or Affirmative? If so how were they created? Can they be terminated or extinguished?
- The title search will provide a record of all things recorded especially the deed. What is a deed? What is the best type of deed for your client and why?
- A search indicates that there are gaps in the record and that your client's deed was never recorded with the county records. What are the potential problems that may arise? What are the Recording Statutes? Which one does New York follow?
- A search indicates that the deed does not specify the type of ownership. We know that there are at least two owners (husband and wife). What are the ways that they can possess ownership together? Be specific and list elements.
- The current owner (seller) has informed you that he believes he owns the property as a Tenancy by Entirety. Is this allowed? How can he break this type of ownership? Given the facts above: Can he?
- The records also show that 100 years ago the property was given to the current owner's family as a Determinable Property. The deeds states it must be owned by white males only? Is it legal? It further states that it can only be used as a farm. What are the options? What happens next?
Use the following set of facts to answer the next set of questions. Also let us assume that the property has been purchased.
- On the day your client moved in they realize that all the beautiful trees have been cut. What do you advise them to do? What legal argument can they pursue in court?
- They also realize that some farming crops full of corn were taken away. Is this legal?
- During the summer your client notices that the same family comes and stays on their property nearest to the lake. Let's assume this has been going on for approximately 18 years on your watch and 5 on the past owners watch. Can your client lose its property? If so by what power?
- The house is so big that your client plans to rent out the bottom floor. What types of leases can the new tenants have?
- What type of tenancy will it be if the tenant remains after the expiration of the lease?
- Assume again that the tenant has a 5 year lease. Tenant has accepted a job in California. Tenant wants to leave but wants to assign or sublease the apartment (assume landlord consents!). Define assignment and subletting? What are the differences?
For the next set of questions focus on the NYC commercial property.
- Your client decides to rent space to commercial tenants. She has shown you a lease that does not contain a clause with regards to trade fixtures: What will happen to the new tenant's property if they sign this lease?
- Two years after the signing of the lease NYC decides to literally take the building. What power and what arguments can you use. What will you and your client get in return?
- Your client's commercial tenant sets up state of art mechanical systems: can they remove them when they move.