Blog Assignment #2

BLOG ASSIGNMENT #2

1. Real Estate is the land and anthing reasonalby fixed to the land. Real propety is the rights associated with owning real estate.
2. In an article from the LA Times Mike and Chantell Sackett wanted to build a home on Priest Lake in Idaho but couldn't afford it. So they bought a residential lot across the road that offered a distant view of the water. They cleared the land and laid gravel in hopes of building their dream home. But instead, the Sacketts found themselves trapped in a four-year legal battle with the Environmental Protection Agency over whether their dry lot is a protected "wetlands,” making it off-limits for building. The Sacketts are clearly in a tough position and did not clearly understand the full property rights before purchasing the property. Which is most likely why the property was cheaper than some of the others they had looked at.
3. Private restrictions or encumbrances are restrictions and limitations on the fee simple ownership rights that generally run with the land. Examples include Covenants, Liens, Easements, Profit a prendre, Adverse possession, and Encroachments.
4. In Thornton, Colorado, Century Community townhome owners are facing liens placed by a painting company. The painting company claims it is owed 44,000 dollars from the developer and is demanding payment. Century Community claims it has already paid the painters for the work done. Clearly these home owners are caught in the middle of a dispute they had little to do with. In addition to this problem many of the townhome owners have encountered other problems from the developer. Century Community might be in bigger trouble than being late on payments to a painting company.
5. Public restrictions on real estate, also called government powers is where Governments create limitations on the ownership of real estate. Examples include Taxation, Eminent Domain, Police Power, and Escheat.
6. In Atlantic City, New Jersey a man is fighting an eminent domain case against the Casino Reinvestment Development Authority. The CRDA wants to take his home he inherited from his parents. The house is located on the boardwalk near the recently closed Revel Casino Hotel. The state is trying to obtain the house under its efforts to revitalize it’s slumping gambling and tourism industry. The man has signed a petition and has people behind him, but it may be for not because a judge has ruled against him. The man is appealing the case. The land is planned to be used for a mixed land use project.