Understanding Real Estate


Real estate is the land along with any permanent improvements attached to the land, whether natural or man-made- including trees, water, minerals, Buildings, homes, fences and bridges.

Gracias Morganite Estate Eleko l

Physical Characteristics of Real Estate

  1. Immobility – The geographic location of any parcel of land can never be changed.
  2. Indestructibility – Land is durable and indestructible (permanent).
  3. Uniqueness – No two parcels off land can be exactly the same. They may share similarities but every parcel differs geographically.

Types of Real Estate

  1. Residential real estate – For residential purposes
  2. Commercial Real Estate – Business purposes
  3. Industrial Real Estate – Manufacturing, production , distribution, storage, research and development.
  4. Special purpose – Property used by public such as cemeteries, government buildings, libraries, parks, place of worship and schools.

Understanding Residential Properties

Apartments Buildings

An apartment is a housing unit with all the living spaces inside the unit.

In apartment buildings, all the units are in one building all owned by one entity.

There is a key difference between a Condo and an apartment.

With a Condo individual entities (persons or corporation own the units), whereas with apartments, all the units in the building are owned by one entity.

Types of apartment

  1. Maisonette:

A maisonette is a unit where the balcony acts both as an entrance/exit of the unit as well as a spot for relaxation and viewing the environment. The major difference between a maisonette and a flat is this single feature. With flats or apartments, the balcony has no entrance/exit feature.

Bedroom maisonette
  1. Bungalow

A bungalow is a small, square , single-storey home with front porch. .It has different variations:

Bedroom Apartment in Hill City, Ogun State
  1. Duplex

A duplex is two units of flats or apartments connected by an internal staircase. There are varieties of duplexes:

the signature terraces and house
the signature terraces and house

i. Fully detached – This is a stand alone duplex

ii. Semi-detached – two duplexes sharing a common wall with one having a mirror image of the other. These duplexes are like identical twins.

iii. Terrace Duplex – These are duplexes in a row sharing common wall like the semi-detached duplex.

Estate in Real Property

The amount and kind of interest a person has in real property is called an “Estate in land”.

There are two major classifications:

Freehold estates and Non-freehold estates.

Freehold Estates

They have indefinite duration and can last for a lifetime or forever. It involves ownership. Examples are:

Fee Simple – the holder is entitled to all rights in the property. It is the highest type of interest in real estate recognized by law.

real estate in Epe free hold

The estate is of unlimited duration, and when the owner dies, the estate passes to the owner’s heirs.

This is the type of titles we have in Epe. But the moment they sell, it is no longer a freehold.

With freehold lands, getting your C of O is faster.

See related searches: Affordable property in Epe City Lagos with title “Free Hold”

Life estate – A life estate is limited in duration to the life of the owner, or to the live or lives of some other designated person(s). Unlike a fee simple estate, a life estate is not considered an estate of inheritance.

Non-freehold estates

These estates involve leases. They are not inheritable and exist without ownership” . It is also known as leasehold. They are created through written and oral leases and rental agreements. Examples are:

Tenancy for years – A tenancy created by lease with a definite beginning and end. The lease terminates automatically at the specified end.

Tenancy from period to period – a tenancy for a definite initial time but is automatically renewable for an indefinite period unless the owner or tenant terminates it with prior notice. Also called Estate from year to year . Example monthly or yearly rent paid for use of real property.

Tenancy at will: This tenancy can be terminated at any by either the owner or tenant. Also called estate at will.

Tenancy at sufferance – this is the lowest form known by law. It exists indirectly as a result of circumstance and is never created deliberately.

It happens when a person who had a legal right to use the property remains on the property without the a legal right to do so-and without the owner’s consent.

Credit: Kome Ibagere

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This is the best time to invest in real estate. Now you have understand how real estate works, then talk to us to help you out and present to you property within your range.