Understanding Real Estate Property Meaning
During a chapter 7, Georgia state law permits a $10,000 exception for persons on disability retirement incomes who own real estate property, meaning that a disabled retiree is allowed to retain the property in the total amount of that dollar amount. Disabilities are defined as any physical condition which limits a person’s ability to earn an income, such as a physical impairment which prevents the disabled person from working or performing any other work related activities. The condition must be a permanent or temporary condition. The appropriate authority is contacted and the individual is given a new monthly wage and benefits.
An income is a regular monthly income received by an individual from a regular job. This income is verified through documents from the employer and supported by some form of verification, like pay stubs or banking statements. The property used to acquire the real property must not be the subject of a lien on any property held by the person that receives the benefits. To receive these benefits, the property owner must occupy the property, which is usually a residential property. There can be no leasehold property.
The property must also be owned by a person and the ownership must not be encumbered by a mortgage. The income test is a very narrow one and only, if the property is owned by the person who has the disability does it meet the requirements of the law. If the person who possesses the property does not have the required income, the property may still qualify as a disqualified property under the law.
In order to be considered as a qualified disability, the property owner must have a real property which serves a substantial and continuing need for income, and there must be an inability to perform the functions of the property. Disabilities are most often found in healthcare facilities and retirement communities. Any property which serves an educational purpose is also considered.
The second aspect of property meaning is the investment return. In a traditional real estate investment, the property usually appreciates in value. This increase is usually not as great as in other types of investments, but it can occur, especially if the right property location is found. For those with little money to invest, this can still be significant. Those with large capital amounts may find that the returns are much less than in other types of investments, although there may be risks involved.
Real estate property means different things to different people. Understanding the different legal meanings will help anyone who is considering investing in the market. People who have disabilities need to understand the different kinds of property they can buy so they do not get ripped off or confused. If you are interested in real property, then you should consult with a lawyer to ensure you are investing legally.