What are the Different Property Ownership Interests?
Property is always owned by someone, but that ownership status can be complicated. At the Edmonton Real Estate Board, when a property is listed, ownership interest is stated on the real estate listing. Also, this field is used to add extra information on who owns the property and some details of the sale.
Real Estate Agent Explains Ownership Interest
The different kinds of property ownership interests are:
|Bank/Financial Institution Owned||BANK|
|Bare Land Condo||BAREL|
|Dower Consent Required||DOWER|
|Registered Agreement For Non-Strata Property||NOSTR|
|Realtor/Seller ; Realtor Has Interest||RLTR|
|Seller May Consider Trade||TRADE|
Why Does It Matter?
For houses in Edmonton, private ownership is by far the most common, but each ownership interest has its own issues. For example, if a property has the ownership interest ‘probate’, then that means that this is an estate sale. That sometimes means a deal can take longer to be completed because probate still has to be granted by a judge so that the property can be sold. If a property is a foreclosure, the lender is selling forcing the sale of the property and that has its own complications. If there is a lease in place, the property will have to be sold with the tenants as the lease goes with the land.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com