Immovable Property Examples.Real estate or also known as immovable property is part of the land with any improvement or adaptation, this improvement can be permanent, these adaptations can already be natural or man-made, for example water, trees, buildings, houses, fences and bridges.
10 Immovable Property Examples You Must Know
Urban property
It is characterized by being located in cities, towns, or any other type of region where there is a group of houses, apartments or commercial premises.They are normally used as family homes , and occasionally as commercial or business premises.
Rustic property
They are real estate used industrially , they are located in fields far from the cities.
Examples:
Farms producing any type of fruit or vegetables, mines of any type of settlement that cannot be moved and some type of industrial, livestock or agricultural business is produced.
- Real estate by incorporation
Goods that are incorporated into the soil and are unable to be mobilized or extracted.
Examples:
In this category are the constructions made with an anchor to the ground, such as buildings, houses or roads under construction.
- Properties by destination
Personal property belonging to the owner of a property. Because they are considered as accessories of the same and necessary for its use and exploitation, the laws have named them as real estate.
These are subdivided into four classes , taking into account their nature of exploitation of the property and the material support of the furniture.
There are four main forms of exploitation of real estate: agricultural, industrial, commercial and civil.
For example:
– Statues or other ornamental objects permanently attached to the ground– The machines or utensils intended for the service of a farm settled in a property, be it rustic, agricultural, industrial or commercial.
– The dovecotes, beehives, animal and livestock farms
– Fertilizers intended for cultivating land
– Dams and constructions that are intended to remain at a fixed point of a river or lake
- real estate by analogy
Although physically they are not, they are administrative concessions for public works, easements and real rights over real estate.
For example:
Mortgage loans
- Properties by accession
Elements that are part of the property, but that in themselves are movable property.
For example:
Doors and windows that are part of the house.In the factory they are movable property, but once they are installed in a house, they become immovable.
- real estate by nature
Everything that is stably attached to the earth, that has formed naturally.
– Trees and plants
– Mines and quarries
– Water, whether alive (rivers) or stagnant (lakes)And everything that is attached to a property in a fixed way
- Properties by representation
Documents Granting Title
For example:
The deed of a house to its owner.
Types of properties for types of clients
It is important to classify the types of clients and in this way, to be able to offer a type of property that suits their needs of the people.
Properties for clients seeking security
These properties must have protection and must be located in safe development zones . Factors such as the seismic index of the area, whether the area has surveillance, knowing what is in the surroundings, and the reputation of the builder and home consultant should be taken into accout.
- Properties by representation
Importance of Immovable Property In Our Life
The assets, which cannot be transferred physically from one place to another, are known as immovable properties like land, building etc. The lending of money against real property is not conducive to commercial banks, because of their less liquidity. However Agricultural, Industrial and Development Banks easily accept this kind of security against loan.
[ADVANTAGES]
- Reasonable Margin:
Normally the margin is high on this type of security i.e., the value of the property is much more than the loan granted against it.
- Source of Income:
Land and buildings may be source of income for the creditor during the period of loan.
- Certain Recovery:
Normally the property accepted, as security is of many time more value than the loan, so, its recovery is undoubted.
- Sale of Property:
In case of defaulter, the property is easily salable to’ recover the amount of loans.
- Increase in Price:
The price of real property generally has increasing trend in future, which makes it favourite for the lender (bank).
[DISADVANTAGES]
- Determination of Price:
It is difficult to calculate the price of such property, because its price can increase or decrease due to different factors.
- Real Ownership:
It is difficult to check the real ownership of borrower due to complications of law. Moreover, the borrower may not be a single owner.
- Cost:
It is often costly to mortgage immovable property for loan. Moreover, sometimes meeting of legal requirements become very difficult.
- Difficulty in Sale:
If the bank wants to sell immovable property incase of nonpayment of loan then it may face problems and has to incur heavy expenses.
- Maintenance:
The maintenance of property may be expenses. Sometimes huge repair charges have to be incurred to preserve the property.
- Natural Hazards:
There are always chances of destruction or loss of property due to the danger of natural hazards such as earthquake, fire or flood etc.
[PRECAUTIONS]
- Disputed Ownership:
Generally, immovable property is inherited, so there is a chance of co-ownership or disputed rights of ownership. The banker should keep an eagle eye for the fact.
- Already Secured:
If the property is already secured against any loan then it must be avoided.
- Transferability:
It is worthful to consider that the property’s rights can be transferred to another party. Non-transferable property will create problems for the lender (banker).
- Appearance/Condition:
The Physical conditions and appearance is worth consideration because all the maintenance charges are to be paid by the lender (banker).
- Margin:
The banker should be careful about the margin while accepting any kind of security.
- Insured:
The bank should give loan only against the insured immovable property.
- Expert’s Opinion:
While accepting a real property as security, it must be valued by the experts