Fredericksburg Texas Real Estate Terms

What is real estate ownership?

When you purchase real estate, ownership of that property is transferred to you through a ‘deed’. This ‘deed’ is the legal document that conveys ‘title’ or ‘recognition of ownership’. Title can be a confusing concept because the ownership of real estate has three components; ‘possession or occupation’ of the property, the ‘right of possession’ and also ‘right of property’.

‘Occupation or possession’ is the actual physical occupation of the real estate regardless of whether a person has any ownership right, a tenant or renter, for example.

The ‘right of possession’ refers to the legality of possession, the lien holder of a mortgage by a bank, for example. The mortgage company has a legal claim to possession by virtue of the lien.

And finally, the ‘right of property’ refers to ownership that would be uncontested if all information pertaining to the real estate property were available. It would be the claim above all claims upheld by law.

One or more different individuals can hold each type of ownership and each has certain rights of access, occupation and use.

Examples of the various types of ownership can be seen on the Main streets of Fredericksburg Texas. Many local shops are in buildings leased from an owner who has obtained financing from a mortgage company. Each of these entities has a form of ownership.

For more information about real estate terms or for any questions you might have about Texas Hill Country real estate, please feel free to call me at (830) 456-6243 or email me at (JavaScript must be enabled to view this email address).