Q:

What does freehold property mean?

A:

Freehold property is any type of property that is free of any hold by any entity other than the owner of the property. It is not subjected to maintenance fees and must only follow the laws and regulations of the area that it is in.

Owners of freehold properties are able to do anything they want with the properties as long as their actions are within the legal limitations. Although a property can be used for many different things, an individual who owns a freehold company must be sure that he is following all the zoning regulations of an area. For example, a person cannot use a freehold property to run a business when the property is only zoned for residential use.

Freehold property is among the property types that can be inherited. When a person inherits the free property, he is able to treat the property in the same way that the previous owner had treated it. Other than local laws, there are no limitations or regulations that a person must follow when it comes to inherited free property. The property is also able to be transferred with less paperwork than a traditional property through the use of a simple sales deed registration of the property.

Sources:

  1. indiatimes.com

Is this answer helpful?

Similar Questions

  • Q:

    What are mobile home rentals?

    A:

    A mobile home rental is a situation in which one person pays a fee to the owner of a mobile home to live in it for a period of time. Mobile homes often sit stationary, though some are on wheels, allowing the owner to transport the home elsewhere.

    Full Answer >
    Filed Under:
  • Q:

    What is a net listing in real estate?

    A:

    Neal Hribar, a San Diego County realtor, reports that a net listing is when a real estate agent lists a property at the amount the seller wishes to gain from the sale. The agent can then add a desired commission amount to the purchase price.

    Full Answer >
    Filed Under:
  • Q:

    How can I find out how much houses have sold for on my street?

    A:

    Information on previous sales of existing properties is typically found in public records available from the county where the property is located. Websites such as Zillow provide quick access to home sales data on a specific street without having to check each property individually on the county records. Typing in the address of one home on a street brings up a map with clickable information on nearby properties.

    Full Answer >
    Filed Under:
  • Q:

    What happens when a landlord issues a three-day notice?

    A:

    A tenant who receives a three-day notice to pay or vacate the property from a landlord is obligated to either pay the rent owed within three days or face eviction. The matter is settled when the tenant pays. Alternatively, the tenant may choose not to pay rent and move out after getting the notice. In this situation, the landlord may apply the tenant's security deposit toward any rent money due.

    Full Answer >
    Filed Under:

Explore