Last Updated on March 26, 2024

What is Ownership Interest In a Property? | Real Estate Definition

By Alan F Macdonald

What is Ownership Interest In a Property? | Real Estate Definition

What is Ownership Interest?

Property is always owned by someone, but that ownership status can be complicated. When a property is listed for sale in Edmonton, 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

Understanding the ownership interest of a property you are considering buying can help you understand any potential issues that may come with the sale.

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    The different kinds of property ownership interests are:

    Ownership Interest Abbreviation
    Bank/Financial Institution Owned BANK
    Bare Land Condo BAREL
    Co-operative CO-OP
    Condo/Strata Property CONDO
    Dower Consent Required DOWER
    Equitable Interest EQINT
    Estate Trust ESTAT
    Local Government GOV
    In Foreclosure IN-FC
    Intervening Buyer INTBU
    Joint Venture JOINT
    Judicial Sale JUDS
    Rental Lease LEASE
    Life Lease LIFE
    Registered Agreement For Non-Strata Property NOSTR
    Private PRIV
    Probate PROB
    Corporation Relocation RELOC
    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 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.

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