Those who purchase real estate usually do so for usually one or more of three central purposes: as an an investment, for professional use, or for personal use.property for either residential or recreational purposes.
Residential property encompasses several structures, most typically in the form of a house on a specified plot of land, but in recent decades the concept of residential ownership has taken on many new and varied forms.
Beginning with the emergence of the condominium (an apartment or residence that is part of a larger structure or conglomeration or community) in the 1960s, the traditional house and garage paradigm is no longer always the standard. Some people also own vacation homes or timeshares-apartments or houses where ownership or residency is for a set duration per year, which serve as secondary residences.
The responsibilities for property ownership generally entail three forms of culpability: legal, fiscal, and municipal (all three of which can often prove to be interrelated). Legal culpability essentially means that the owner is legally responsible for what happens on the property they are using, both under criminal and civil law. Criminal, naturally refers to crimes committed on a given property, while civil can refer to conflicts between parties that may arise as the result of the property.
Fiscal culpability can sometimes go in unison with legal and even municipal culpability, but in general terms, it refers to property value of the lot in question. Property, even personal use property, is an investment, and if the owner wants to maintain a considerable return on his/her investment, maintenance of the property is crucial to increasing the eventual financial worth of the property.
Municipal culpability often relates to the property’s responsibility to the overall community. property taxes, as well as insuring that the property is appraised properly for purposes of the taxation (and property value).
Owning property for personal use, especially in the residential sense, is a major step for any individual. As long as one is prepared and understands their responsibilities in the eyes of the law, it can be a valuable experience, both as an investment and as a much desired luxury or convenience.