Real Estate infocus

Move-In Checklist

2009-05-09T20:57:00.000-07:00

Give your unit a thorough inspection before you move in. It's best to inspect the premises before you move in; it will be easier to spot problems while the place is bare.

Don't neglect to check out things that might not be readily apparent, such as water pressure and sink drainage in the kitchen and bathrooms, the operation of appliances, the appearance of floors and walls, and the condition of the pads under the carpet.

Make a detailed inventory of what you find. The best way to do this is with a good checklist. The more you record about the unit when you move in, the better position you'll be in when moving out to show that certain problems already existed before you moved into the unit.

In some states, landlords are required to give new tenants a written statement on the condition of the unit at move-in time, including a comprehensive list of existing damage. In other states, many landlords provide a checklist to new tenants, but some do not. You can write up a checklist yourself.

Renter's Need to Know

2009-05-09T20:52:00.000-07:00

RIGHTS & DISPUTES
How Evictions Work
Your landlord can't evict you unless he has has gone to court and proved that you did something wrong that justifies ending the tenancy.

And your landlord can't proceed with an eviction lawsuit without terminating the tenancy first.

This usually means giving you adequate written notice, in a specified way and form.

If you don't move (or pay back rent) after proper notice, the landlord can file an eviction lawsuit.

7. Don't spend all your money on the down payment.

2009-04-17T21:17:00.000-07:00

If you're moving into your first home, you'll have to buy things you never needed before, such as lawn mowers, yard tools and major appliances. You'll need cash for these purchases unless you're planning to mire yourself in credit card debt.

Housing and Urban Development (HUD)

2009-04-17T21:14:00.001-07:00

The U.S. Department of Housing and Urban Development. This is the agency responsible for enforcing the federal Fair Housing Act.

Federal laws that prohibit housing discrimination on the basis of race or color, national origin, religion, sex, familial status or disability.

The federal Acts apply to all aspects of the landlord/tenant relationship, from refusing to rent to members of certain groups to providing different services during tenancy.

related articles:

PHOTO GALLERY OF TERRACE HOUSE
PHOTO GALLERY OF BUNGALOW
PHOTO GALLERY OF MANSION
PHOTO GALLERY OF PUBLIC HOUSING
SINGLE FAMILY DETACHED HOUSE
PHOTO GALLERY OF CONDOMINIUM
PHOTO GALLERY OF TOWER CONDOMINIUM

Home Warranty

2009-04-17T21:13:00.001-07:00

A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold.

The warranty guarantees repairs to the covered system and is renewable.

A Home warranty is a service contract that covers the repair and replacement costs of home appliances.

The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. that fail due to normal wear and tear.

Coverage varies significantly across warranty companies. Home warranty contracts do not cover all home repairs.

Basic coverage includes plumbing, electrical, heating systems and major appliances such as refrigerators, dishwashers, and ovens.

Many companies charge additional coverage for appliances such as clothes washers and clothes dryers, which are generally not covered.

6. Be ready to negotiate.

2009-04-17T19:59:00.000-07:00

We got the sellers to lower their price by $7,000 and throw in a one-year home warranty, which will cover the cost of repairing or replacing the home's mechanical systems and major appliances. And we got a good deal on our homeowners insurance, with guaranteed replacement coverage at no extra cost.

5. Pay attention to the little things.

2009-04-17T19:45:00.000-07:00

Because I thought I needed to rush to buy a home, I wasn't as objective during our home search as I should have been. When we finally walked into a house that met many of our requirements, we turned a blind eye to some things we should have paid closer attention to. And because the inspection didn't turn up any major problems, we decided to look past the minor ones. Well, it's the little things that can become big headaches once you move into a home.

Pay attention to how a home smells. A strong odor — especially a musty one — can be an indication of a bigger problem such as mold.
Look at small details, not just the big picture. If there are cobwebs in the corners, dirty windows, weeds in the lawn and leaves in the gutters, the sellers obviously didn't do a good job of keeping the property clean. If they haven't taken the time and money to maintain the little things, there's a chance they've let big things, such as plumbing or the heating and cooling system, fall into disrepair.

Don't think just because the house needs a few minor repairs or new paint on the walls, it will be cheap, quick and easy to tackle. Before you know it, the costs add up, it's taken a lot more time than expected and you've had to call in the experts to finish the jobs you couldn't handle on your own.

4. Accompany the inspector.

2009-04-17T19:22:00.001-07:00

Most stories on homebuying advise you to have a home-inspection clause in your contract, giving you the right to have the property inspected and to withdraw your offer if the inspection report isn't satisfactory to you for any reason. What these stories often neglect to mention is that you should be present during the inspection. We weren't because we didn't want to spend the money on a flight to Kentucky. Now we know it would have been money well spent.

Sure, you'll get an inspection report. But it can be difficult making heads or tails of it. If you're present during an inspection, you can see problems with your own eyes, get an idea of how serious they are and ask the inspector how much he might think it will cost to repair them.

3. Find the perfect homefety

2009-04-17T19:22:00.000-07:00

Realize you won't find the perfect home. Forget the idea of finding your dream home. It doesn't exist. You will not find a house that has everything you want, and none of the things you don't. Real-estate agents tell you to make a list of what's important to you — size, condition, location, style and price. That way you can zero in on a home that comes closest to suiting your wants and needs.

We wanted an old home with hardwood floors, a small yard, a garage that didn't face the street and a basement. We got a newer home with wall-to-wall carpeting, a big yard, a garage in the front of the house and a crawl space. That's because we had to give up some things to get others — like a big kitchen and plenty of bedrooms.

2. Take your time.

2009-04-17T19:21:00.001-07:00

We thought we were ahead of the game by looking on the Web for homes. But every house we found online that we really liked was snatched up before we had a chance to go to Kentucky to check them out. I started to worry that if we didn't move fast enough, all the "good" houses would be gone.

By the time we actually went to Kentucky to look at homes, we had only two months before my husband had to start his new job. I was determined to find something — anything. My husband, the levelheaded one, urged me not to rush. Did I listen? No. As a result we settled for a house that had only a few of the things I wanted and many of the things I didn't want.

In retrospect, I realize homes constantly come on (and off) the market. You might not find your dream home, but you don't have to settle for any old house just because you feel under the gun to buy something. Consider renting to give yourself time to find the right home.

1. Lay the groundwork.

2009-04-17T19:21:00.000-07:00

Our first step was figuring out how much house we could afford and how much we could borrow. If you're moving to a new community, be sure to find out what home prices are there. Housing prices can change dramatically from state to state and even city to city. You might also want to talk to friends or colleagues in the area about neighborhoods and other considerations only a local might know.

Tips for Housing Maintenace 1

2009-04-17T19:19:00.002-07:00

Planned repair

Planned Repairs are non-urgent repairs or general maintenance jobs which will prevent your home falling into serious disrepair.

* Renewal of internal and external doors or windows.
* Renewal of baths, basins and toilets.
* Renewal of kitchen units and worktops.
* Rewiring (where this is not detrimental to health and safety of household).
* Renewal of paths (giving access to front or back doors) fences and gates.
* Repointing.
* Broken fences and gates.
* Badly fitting doors and windows.
* Replacement gutters and down pipes

Tips for Housing Maintenance 2

2009-04-17T19:19:00.001-07:00

Priority three

Routine Repairs are non-urgent, everyday repairs which need to be carried out as a result of normal usage.

* Landlords lighting (only one or two lights affected)
* Minor repairs to external doors and window frames
* Minor plastering
* Running overflows in the spring and summer months

Priority four

* Small renewals, i.e. wc pans, cisterns and taps

Priority five

* Loose or broken gutters,
* Cracked windows
* Dripping cold taps
* Reglazes

Tips for Housing Maintenance 3

2009-04-17T19:19:00.000-07:00

Priority two

Urgent Repairs are not emergencies but need to be carried out quickly in order to prevent further damage or discomfort.

* A partial loss of water or electricity supply
* A complete loss of heating and hot water sometime between April and October
* A partial loss of heating and hot water at any time of year
* Minor plumbing leaks
* A partly blocked sink
* A blocked bath or basin
* Running overflows
* Leaking hot taps where boiler fired up

Tips for Housing Maintenance 4

2009-04-17T19:18:00.000-07:00

Priority one

Emergency repairs are those that need to be done when you, your home, or surrounding homes are in danger.

* Fire damage
* Severe water leaks
* A total loss of water
* Unsafe gas or electricity
* A gas leak in the home
* A total loss of heating and hot water sometime between November and March
* Blocked toilet or drain (when only one wc in the property)
* Making a property safe after a break-in
* Gain access after tenant has lost keys
* Jetting main drainage system

Know The General Rule

2009-04-09T08:10:00.000-07:00

The general rule is that you are not responsible for normal wear and tear. For example, if the dishwasher must be replaced because it has simply worn out, that's the landlord's responsibility.

If you or your guest cause damage by your unreasonable carelessness or deliberate misuse, however, you must pay for it. The cost of replacing the dining room carpet because your fish tank sprang a leak will properly come out of the deposit. You must leave a rental at least as clean as it was when you moved in.

Because "normal wear and tear" can be interpreted many different ways, disputes often arise. The bottom line is that the better you itemize and document the condition of your unit when you move in, the better case you'll have against a landlord who tries to gouge you on the way out.

Homeowners Association

2009-04-07T20:11:00.000-07:00

An organization comprising neighbors concerned with managing the common areas of a subdivision or condominium complex. These associations take on issues such as salting and sanding a subdivision when it snows and collecting dues from residents.

The homeowners' association is also responsible for enforcing any covenants, conditions & restrictions that apply to the property.

A homeowners' association (abbrev. HOA) is a legal entity created by a real estate developer for the purpose of developing, managing and selling a development of homes.

It allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots.

It allows the municipality to increase its tax base, but reduce the amount of services it would ordinarily have to provide to non-homeowners association developments. This article covers this type of HOA.

Most homeowners' associations are non-profit corporations, and are subject to state statutes that govern non-profit corporations and homeowners' associations. State oversight of homeowners associations is inconsistent from state to state.

Some states have a strong body of homeowner association law such as Florida and California, and some states have virtually no homeowner association law such as Massachusetts.

Tenant Rights

2009-04-05T21:01:00.000-07:00

Tenant rights can either refer to the rights tenants enjoy by law, or to the movement to acquire such rights. Tenant rights generally seek to protect renters from landlord neglect and unfair eviction, as well as secure fair, affordable housing.

Laws dealing with the landlord-tenant relationship vary greatly between jurisdictions. These laws may provide some or all of the following for tenants:

remedies for bad conditions
privacy protections
protection from landlord retaliation
protection from exorbitant rent increases
protection for the right to organize
Just cause eviction controls

1. Bring your paperwork.

2009-04-05T20:22:00.000-07:00

I myself have an experience when we are (NPA) "No Permanent Address"period.
The best way to win over a prospective landlord is to be prepared.
To get a competitive edge over other applicants, bring the following when you meet the landlord: a completed rental application; written references from landlords, employers, and colleagues; and a current copy of your credit report.

2. Review the lease conditions

2009-04-05T20:21:00.000-07:00

Carefully review all of the conditions of the tenancy before you sign on the dotted line.

Your lease or rental agreement may contain a provision that you find unacceptable --

for example:

restrictions on guests.

pets.

design alterations.

running a home business.

3. Make all verbal talking in writing

2009-04-05T20:20:00.001-07:00

To avoid disputes or misunderstandings with your landlord, get everything in writing.

Keep copies of any correspondence and follow up an oral agreement with a letter, setting out your understandings.

For example:

if you ask your landlord to make repairs, put your request in writing and keep a copy for yourself. If the landlord agrees orally, send a letter confirming this.

4. Always protect your rights

2009-04-05T20:19:00.000-07:00

Next to disputes over rent or security deposits, one of the most common and emotion-filled misunderstandings arises over the tension between a landlord's right to enter a rental unit and a tenant's right to be left alone.

If you understand your privacy rights

(for example, the amount of notice your landlord must provide before entering)

it will be easier to protect them. For more information,

5. Always tell to them all necessary repairs needed

2009-04-05T20:17:00.000-07:00

Know your rights to live in a habitable rental unit -- and don't give them up.
The vast majority of landlords are required to offer their tenants livable premises :

adequate weatherproofing.

heat.

water.

electricity.

clean.

sanitary.

structurally safe premises.

If your rental unit is not kept in good repair, you have a number of options, ranging from withholding a portion of the rent, to paying for repairs and deducting the cost from your rent, to calling the building inspector
(who may order the landlord to make repairs)
to moving out without liability for your future rent. For more information,

6. Be open, talk to them

2009-04-05T20:16:00.001-07:00

Keep communication open with your landlord.

If there's a problem --

for example:

if the landlord is slow to make repairs -- talk it over to see if the issue can be resolved short of a nasty legal battle.

7. Get Insurance

2009-04-05T20:15:00.000-07:00

Your landlord's insurance policy will not cover your losses due to theft or damage. Renters' insurance also covers you if you're sued by someone who claims to have been injured in your rental due to your carelessness.

Renters' insurance typically costs $350 a year for a $50,000 policy that covers loss due to theft or damage caused by other people or natural disasters; if you don't need that much coverage, there are cheaper policies.

8. Security deposit protection

2009-04-05T20:14:00.002-07:00

To protect yourself and avoid any misunderstandings, make sure your lease or rental agreement is clear on the use and refund of security deposits, including allowable deductions.

When you move in, do a walk-through with the landlord to record existing damage to the premises on a move-in statement or checklist.

Know the Requirements for Safety

2009-04-05T20:14:00.001-07:00

Learn whether your building and neighborhood are safe, and what you can expect your landlord to do about it if they aren't.

Get copies of any state or local laws that require safety devices such as deadbolts and window locks, check out the property's vulnerability to intrusion by a criminal, and learn whether criminal incidents have already occurred on the property or nearby.

If a crime is highly likely, your landlord may be obligated to take some steps to protect you.

Properly Fight an Eviction Notice

2009-04-05T20:11:00.000-07:00

Know when to fight an eviction notice -- and when to move. If you feel the landlord is clearly is the wrong
(for example, you haven't received proper notice, the premises are uninhabitable)

you may want to fight the eviction. But unless you have the law and provable facts on your side, fighting an eviction notice can be short-sighted.

If you lose an eviction lawsuit, you may end up hundreds (even thousands) of dollars in debt, which will damage your credit rating and your ability to easily rent from future landlords.

Know your rights as a tenants

2009-04-05T06:08:00.000-07:00

Know your rights when you rent a house or apartment. Make sure the dealing is follow according to what is suppose to be with regards to your Verbal and Written admission.

Renter's Right

2009-04-05T05:55:00.000-07:00

Get Your Security Deposit Back
Don't let your landlord stiff you -- know the law.

Most states hold landlords to strict guidelines as to when and how to return security deposits. Landlords who violate these laws can be held to stiff penalties.

Most states hold landlords to strict guidelines as to when and how to return security deposits. The general rule is that you are not responsible for normal wear and tear.

If you cause damage by your unreasonable carelessness or deliberate misuse, however, you must pay for it.

Landlords are typically required to return your security deposit, or give you an itemized accounting of the deductions from your security deposit, within 14 to 30 days after you move out.

Mortgage

2009-04-05T05:44:00.000-07:00

A loan in which the borrower puts up the title to real estate as security (collateral) for a loan.
If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.
A loan used to finance the purchase of real estate, generally with specified payment periods and interest rates.

A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt.

It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed.

In other words, the mortgage is a security for the loan that the lender makes to the borrower.

Short sale (of house)

2009-04-05T05:43:00.000-07:00

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.

By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.

When a property owner fails to make their mortgage payments for a number of months they are in default. The first step of the foreclosure process (which typically takes a number of months) that the lender will take is to file the notice of default.

This is a public document that is recorded. The property owner will contract to sell the home conditioned upon the lender accepting a lesser amount than what is owed on the mortgage. Note that there are no similarities between a real estate short sale and selling a stock short.

In many jurisdictions, including the United States, the seller is responsible for taxes on the amount of the mortgage left unpaid after the sale as ordinary income.

Short sale (real estate)

2009-04-05T05:39:00.000-07:00

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.

This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt.

In such instances, the lender would have the right to approve or disapprove of a proposed sale. Many Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable.

In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain as a potential liability for the Mortgagor / Borrower.

The bank's opportunity of pursuit of a deficiency judgment will vary from state to state. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property.

Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack of), by determining the probable selling price from a Broker Price Opinion BPO or through a valuation of an appraisal.

For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure.

In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit.

When it makes no business sense or is economically not feasible to retain an asset, businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.

PHOTO GALLERY OF TOWER CONDOMINIUM

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PHOTO GALLERY OF CONDOMINIUM

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SINGLE FAMILY DETACHED HOUSE

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PHOTO GALLERY OF PUBLIC HOUSING

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PHOTO GALLERY OF MANSION

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PHOTO GALLERY OF BUNGALOW

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PHOTO GALLERY OF TERRACE HOUSE

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TERRACE HOUSES

PHOTO GALLERY APARTMENTS

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APARTMENTS

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Real Estate

2009-04-03T00:52:00.001-07:00

Real Estate, in broad definition, land and everything made permanently a part thereof, and the nature and extent of one's interest therein.

In law, the word real, as it relates to property, means land as distinguished from personal property; and estate is defined as the interest one has in property.

Real estate may be acquired, owned, and conveyed (or transferred).

by individuals
business corporations
charitable
religious
educational
fraternal

Various other nonprofit corporations;

fiduciaries
trustees and executors
partnerships

And generally by any legal entity as determined and defined by the laws of the various states of the U.S.

Limitations are established in connection with sales of real estate by minors, incompetents, and certain types of corporations, and generally in cases involving some form of legal disability or lack of capacity.

In such instances, it is necessary in some jurisdictions to make application to the courts for permission to sell; in other jurisdictions such transfers are governed by statute.
Real property is generally acquired by purchase, by descent and devise, or by gift.

When acquired by purchase, a deed is given by the seller, or grantor, to the purchaser, or grantee. The deed contains a legal description of the property conveyed; it must be drawn, executed, and acknowledged in proper form to be entitled to record.

It is customary for the seller and the purchaser to enter into a contract, at which time the purchaser makes a deposit on account of the purchase price.

The purchaser engages an attorney or a title company to search the title to the property. The title company ensures that the seller can convey clear title. The transaction is then closed; that is, the property title is transferred and the balance of the purchase price is paid.

When an owner of real property has died intestate, or without leaving a will, title to the property is said to pass by descent to the heirs; when he has died testate, or leaving a will that has been probated, the property passes by devise to the person or persons so designated in the will.

Transfer of real property by gift, as, for instance, to churches, educational institutions, or fraternal orders, is easily accomplished merely by the execution and delivery of a deed.

The greatest and most extensive interest that may be acquired in realty is described in law as a fee interest, a term that implies a proprietary ownership, free and clear of conditions.

Fee interest is the most common form of ownership; with certain exceptions.

private homes
apartment buildings
factories
office buildings

Similar properties are owned in fee.

Master of Real Estate Development

2009-04-03T00:50:00.000-07:00

The Master of Real Estate Development, Master of Science in Real Estate Development, MRED or MsRED, is a degree offered at several universities in the United States. MRED programs generally focus on the three main elements of real estate development; design, finance, and policy.

Students are generally exposed to the full range of development functions - market analysis, finance, site planning, and project management and operations, in addition to all real estate product types - residential, retail, office, hospitality, and industrial.

Whether in the context of urban redevelopment, historic preservation, or suburban growth, MRED students learn from the developer's perspective the importance of relevant issues in law, economics, finance, market analysis, negotiation, architecture, urban history, planning, and construction project management.

The programs are a full-immersion focusing on the entire real estate development process-from dirt-to-deal, finance to façade-and includes industry topics presented by leading local and national developers.

The typical MRED student is a highly motivated individual who seeks to radically alter or enhance their career paths and join the real estate development industry. Students who graduate from the programs are committed to a career in real estate development.

For a long time, those wishing to study real estate development had to content themselves with pursuing a Master of Business Administration degree, perhaps with the option of concentration in real estate, and usually with a focus in finance.

Seeking to fill a gap in the scope of the traditional MBA, real estate development leaders across the country needed a way to education men and women to compete in the global market with superior qualifications — providing the research-based expertise necessary to solve complex problems in contemporary real estate development.

In the past three decades, a number of top academic institutions in the United States have created masters degrees specifically in real estate development.

Formal graduate education in real estate development began with the founding of the MIT Center for Real Estate in 1983. Other universities followed in establishing masters level programs with:

University of Southern California (1986)
Arizona State University (2003)
Clemson University (2004),
University of Maryland (2006)
University of Miami (2008).

George Mason University in Fairfax, Virginia is currently seeking approval to offer a degree program by September 2009

Zoning

2009-04-03T00:03:00.000-07:00

Zoning is a device of land use regulation used by local governments in most developed countries.

The word is derived from the practice of designating permitted uses of land based on mapped zones which separate one set of land uses from another.

Zoning may be use-based (regulating the uses to which land may be put), or it may regulate building height, lot coverage, and similar characteristics, or some combination of these.

Theoretically, the primary purpose of zoning is to segregate uses that are thought to be incompatible. In practice, zoning is used to prevent new development from interfereing with existing residents or businesses and to preserve the "character" of a community.

Zoning is commonly controlled by local governments such as counties or municipalities, though the nature of the zoning regime may be determined or limited by state or national planning authorities or through enabling legislation.

Title (property)

2009-04-03T00:01:00.000-07:00

Title (Legal Definition)
Evidence of ownership of real estate.
A legal document that provides evidence of ownership.

Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest.

The rights in the bundle may be separated and held by different parties.

It may also refer to a formal document that serves as evidence of ownership.

Conveyance of the document may be required in order to transfer ownership in the property to another person.

Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it.

In many cases, both possession and title may be transferred independently of each other.

Torrens title

2009-04-03T00:00:00.000-07:00

Torrens title is a system of land title where a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register.

The system was formulated to combat the problems of uncertainty, complexity and cost associated with old-system title, which depended on proof of an unbroken chain of title back to a good root of title.

The Torrens title system was introduced in South Australia in 1858, formulated by then colonial Premier of South Australia Sir Robert Torrens.

Since then, it has become pervasive around the Commonwealth of Nations and very common around the globe.

Title insurance in the United States

2009-04-02T23:59:00.000-07:00

Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the US land records laws.

It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.

The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.[1] Title insurance was created in the United States by William Penn and the vast majority of title insurance policies are written on land within the U.S.

Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance.

Title insurance is available in many other countries, such as Canada, Australia, United Kingdom, Northern Ireland, Mexico, New Zealand, China, Korea and throughout Europe. However, while a substantial number of properties located in these countries are insured by US title insurers, they do not constitute a significant share of the real estate transactions in those countries.

They also do not constitute a large share of US title insurers' revenues. In many cases these are properties to be used for commercial purposes by US companies doing business abroad, or properties financed by US lenders.

The US companies involved buy title insurance to obtain the security of a US insurer backing up the evidence of title that they receive from the other country's land registration system, and payment of legal defense costs if the title is challenged.

Real estate trends

2009-04-02T23:57:00.000-07:00

Real estate trends is a generic term used to describe any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change. This phenomenon can be a result of the economy, a change in mortgage rates, consumer speculations, or other fundamental and non-fundamental reasons.

A real estate trend is the catalyst for the change, and it is usually a concept, a belief, a philosophy, or an event. Sometimes a real estate trend evolves to meet a specific need, while others evolve when new products or solutions are launched.

For example, when more lenders began offering creative financing products, more borrowers were able to afford a mortgage (at least on paper). At other times, a trend from another industry spills over into the real estate industry and is adopted.

Real estate trading

2009-04-02T23:56:00.000-07:00

Real estate trading (also referred to as permanent Real estate swapping), is a type of

"I buy yours you buy mine"

arrangement. This is distinct from vacation home swapping.

The deteriorating real estate market (circa 2006+) has led many to realize that trading may be an extremely viable approach to selling one's real estate. This approach only works if the seller is also looking to buy another property, such as a move or relocation. However, it is possible to move up or down in price, size, etc, or even trade to another city or state entirely.

While related, real estate trading is different than 1031 Exchanges. 1031 exchanges are a way to defer capital gains tax on investment properties. 1031 exchanges do need to involve an actual trade of real estate between two parties.

Real estate investment trust

2009-04-02T23:55:00.000-07:00

A Real Estate Investment Trust or REIT (pronounced /ˈriːt/) is a tax designation for a corporation investing in real estate that reduces or eliminates corporate income taxes. In return, REITs are required to distribute 90% of their income, which may be taxable, into the hands of the investors. The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks.

Like other corporations, REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges like shares of common stock in other firms.

REITs can be classified as equity, mortgage or hybrid.

The key statistics to look at in a REIT are its NAV (Net asset value), AFFO (Adjusted Funds From Operations) and CAD (Cash Available for Distribution). REITs face challenges from both a slowing economy and the global financial crisis, depressing share values by 40 to 70 per cent in some cases

Real estate development

2009-04-02T23:54:00.000-07:00

Real estate development is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing building to the purchase of raw land and the sale of improve parcels to others.

Developers are the coordinators of those activities, converting ideas on paper into real property. They create, imagine, fund, control and orchestrate the process of development from the beginning to end.

Developers usually take the greatest risk in the creation or renovation of real estate -- and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approvals and financing, build the structure, and lease, manage, and ultimately sell it.

Private equity real estate

2009-04-02T23:53:00.000-07:00

In investment finance, private equity real estate is an asset class consisting of equity and debt investments in property. Investments typically involve an active management strategy ranging from moderate reposition or releasing of properties to development or extensive redevelopment.

Investments are typically made via private equity real estate fund, a collective investment scheme, which pools capital from investors. These funds typically have ten year life span consisting of a 2-3 year investment period during which properties are acquired and a holding period during which active asset management will be carried out and the properties will be sold.

Appraised value

2009-04-02T23:50:00.000-07:00

An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a financial institution.

When obtaining a mortgage the funding lender relies on the standardized valuation methods of an appraiser to asses a monetary value for the specific piece of real property on which a loan will be secured (e.g. a residence). The lender will then justify the loan amount (and other risk-based pricing) factors as a percentage of the appraised value of the property.

Appraised values can also be made after a property sale. For example, home owners wishing to gain access to their increased equity in their home may obtain a mortgage valuation to prove its value has risen and thus justify increasing the amount of their mortgage. Also, the various states of Australia each have a Valuer-General's Department, which regularly assess land values in all municipalities and shires for the purpose of issuing property tax notices.

A low appraised value will affect a buyer's ability to purchase a property. This is because the loan amount would seem too high with respect to the value. Unless the buyer can come up with the difference, the buyer will unlikely be able to qualify for the loan.

Real estate appraisal

2009-04-02T23:48:00.000-07:00

Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value.

The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value.

So there cannot exist a centralised Walrasian auction setting for the trading of property assets, as there exists for trade in corporate stock. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.

Although some areas require no license or certification at all, a real estate appraisal is generally performed by a licensed or certified appraiser (in many countries known as a property valuer or land valuer and in British English as a "valuation surveyor").

If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.

Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.

Abstract of title

2009-04-02T23:46:00.000-07:00

An abstract of title is the condensed history of title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.

In the United States, the abstract of title furnishes the raw data for the preparation of a policy of title insurance for the parcel of land in question. An abstract of title should be distinguished from an opinion of title.

While an abstract states that all of the public record documents concerning the property in question are contained therein, an opinion states the professional judgment of the person giving the opinion as to the vesting of the title and other matters concerning the status of the chain of title.

Many jurisdictions define the giving of an opinion of title as the practice of law, thus making it unlawful for a non-attorney to do so

Mansion

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A mansion is a large dwelling house. The word itself derives (through Old French) from the Latin word mansiō ("act of remaining or staying", a verbal noun from manere "to remain" or "to stay".) In the Roman Empire, a mansio was an official stopping place on a Roman road, or via, where cities sprang up, and where the villas of provincial officials came to be placed. The Scots word "manse" originally defined a property large enough for the Minister of the parish to maintain himself, but a mansion is no longer self-sustaining in this way (compare a Roman or medieval villa). 'Manor' comes from the same root — territorial holdings granted to a lord who would remain there — hence it can be seen how the word 'Mansion' came to have its meaning.

Villa

2009-04-02T23:11:00.001-07:00

A villa was originally an upper-class country house, though since its origins in Roman times the idea and function of a villa has evolved considerably. After the fall of the Republic, a villa became a small, fortified farming compound, gradually re-evolving through the Middle Ages into luxurious, upper-class country homes. In modern parlance it can refer to a specific type of detached suburban dwelling.

Bungalow

2009-04-02T22:27:00.001-07:00

A bungalow is a type of single-story house that originated in India. The word derives from the Gujarati word baṅglo, which in turn came from Hindustani baṅglā. It means "Bengali", used elliptically for a "house in the Bengal style. Such houses were traditionally small, only one story, thatched and had a wide veranda. Bungalows today are a type of house that is usually single story or one and a half stories, and can be quite large.

Bungalows are very convenient for the homeowner in that all living areas are on a single storey and there are no stairs between living areas. A bungalow is well suited to those who are mobility impaired, e.g. the elderly or those in wheelchairs.

Neighborhoods of only bungalows offer more privacy than similar neighborhoods with two-story houses. With bungalows, strategically planted trees and shrubs are usually sufficient to block the view of neighbors. With two-story houses, the extra height requires much taller trees to accomplish the same, and it may not be practical to place such tall trees close to the house to obscure the view from the second floor of the next door neighbor. On the other hand, even closely spaced bungalows make for quite low density neighborhoods, contributing to urban sprawl.

Single-family detached home

2009-04-02T21:59:00.000-07:00

There are advantages and disadvantages to single-detached homes. Advantages are that the entire space around the building is private to the owner and family, in most cases (depending on federal, state/provincial and local laws) you can add on to the existing house if more room is needed and there are generally no property management fees such as the ones associated with condominiums and townhomes.

There are also many disadvantages to owning a single-family detached home. All maintenance and repair costs—interior, exterior and everything in between—are at the owner's expense. There is often a lack of amenities such as pools and playgrounds (although some single-detached homes do have these features within the lot or nearby, their owners are commonly required to pay a homeowners fee as those in condos or townhomes).
Landscaping and lawn upkeep costs are at the owner's expense.

Public Housing

2009-04-02T20:38:00.000-07:00

Public housing is a form of housing tenure in which the property is owned by a government authority, which may be central or local. Social housing is an umbrella term referring to rental housing which may be owned and managed by the state, by not-for-profit organizations, or by a combination of the two, usually with the aim of providing affordable housing.

Public housing was only built with the blessing of the local government, and projects were almost never built on suburban greenfields , but through regeneration of older neighborhoods. The destruction of tenements and eviction of their low-income residents consistently created problems in nearby neighborhoods with "soft" real estate markets.

Houses, apartments or other residential units are usually subsidized on a rent-geared-to-income (RGI) basis. Some communities have now embraced a mixed income, with both assisted and market rents, when allocating homes as they become available.

Cohousing

2009-04-02T20:05:00.000-07:00

A cohousing community is a type of intentional community composed of private homes with full kitchens, supplemented by extensive common facilities. A cohousing community is planned, owned and managed by the residents, groups of people who want more interaction with their neighbours. Common facilities vary but usually include a large kitchen and dining room where residents can take turns cooking for the community. Other facilities may include a laundry, pool, child care facilities, offices, internet access, game room, TV room, tool room or a gym. Through spatial design and shared social and management activities, cohousing facilitates intergenerational interaction among neighbors, for the social and practical benefits. There are also economic and environmental benefits to sharing resources, space and items.

The Sunward Cohousing community illustrating greenspace preservation, tightly clustered housing, and parking on periphery, Ann Arbor, Michigan, 2003.

Design:

Because each cohousing community is planned in its context, a key feature of this model is its flexibility to the needs and values of its residents and the characteristics of the site. Cohousing can be urban, suburban or rural. The physical form is typically compact but varies from low-rise apartments to townhouses to clustered detached houses.

They tend to keep cars to the periphery which promotes walking through the community and interacting with neighbors as well as increasing safety for children at play within the community. Shared green space is another characteristic, whether for gardening, play, or places to gather.

When more land is available than is needed for the physical structures, the structures are usually clustered closely together, leaving as much of the land as possible "open" for shared use. This aspect of cohousing directly addresses the growing problem of suburban sprawl.

Single-family detached home

2009-04-02T19:40:00.000-07:00

A single-family detached home, or single-family home or detached house for short, also variously known as a single-detached dwelling or separate house (see below), is a free-standing residential building. Most single-family homes are built on lots larger than the structure itself, adding an area surrounding the house, which is commonly called a yard in North American English or a garden in British English. Garages can also be found on most lots. In older homes, they are typically detached, standing as a separate building, either near a driveway or facing an alley in urban areas. Newer homes in North America favor attached garages, often facing the street, as most recent developments do not include alleys.

A sample floor plan of a single-detached home

Common Single-family homes in the United States and Canada

Duflex House

2009-04-02T19:31:00.000-07:00

A duplex house is a dwelling comprising two units either side-by-side or on two different floors. The former often looks like two houses put together, sharing a wall (compare semi-detached); the latter usually appears as a townhouse, but with two different entrances.

The term "duplex" can also be extended to three-unit and four-unit buildings, or they can be referred to with specific terms such as triplex and fourplex or quadplex.[1] Because of the flexibility of the term, the line between an apartment building and a duplex is somewhat blurred, with apartment buildings tending to be bigger, while duplexes are usually the size of a normal house.

A duplex may be purchased a single piece of real estate, or there can be separate titles for each unit. The latter is more common with semi-detached buildings where the units only share a common party wall, however it is possible for units of a duplex (or triplex or fourplex) to be owned by different owners.

This is an example of a common 20th Century duplex home built in New England.

Condominium

2009-04-02T19:24:00.000-07:00

A condominium, or condo, is a form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment".

A condominium may be simply defined as an "apartment" that the tenant "owns" as opposed to rents.

Aqua waterfront condos in Long Beach, California

The interior of a loft condominium

A historic mansion converted into luxury condominiums in Chicago

Terrace Houses

2009-04-02T18:59:00.001-07:00

In architecture and city planning, a terrace(d) or row house or townhouse (though the latter term can also refer to patio houses) is a style of medium-density housing that originated in Europe in the late 17th century, where a row of identical or mirror-image houses share side walls. The first and last of these houses is called an end terrace, and is often larger than those houses in the middle.

The terrace house has housed different parts of the social spectrum in western society. Originally associated with the working class, in modern times, historical and reproduction terraces have been widely associated with the process of gentrification.

Terraced houses in Fortuneswell, Isle of Portland, Dorset, UK

A street of British Victorian/Edwardian terraced homes.

Grosvenor Square, one of the earliest terraces in England

East side of the Place des Vosges, Paris. One of the earliest examples of terraced housing

Carlton House Terrace, London

Royal Crescent, Bath (1767-1777)

Park Crescent, Regent's Park, London

Dormer top terraces

BedZED zero energy terraced houses in Beddington, London

Gambier Terrace in Liverpool

Apartments

2009-04-02T18:27:00.000-07:00

An apartment is a self-contained housing unit that occupies only part of a building. Apartments may be owned (by an owner/occupier) or rented (by tenants).

A common alternative term for apartment is flat. The term apartment is favored in North America, whereas the term flat is commonly, but not exclusively, used in the United Kingdom, Ireland and the Commonwealth nations.

In Malaysian English, flat often denotes a housing block of lesser quality meant for lower-income groups, while apartment is more generic and may also include luxury condominiums.

Apartment is constructed in Daegu, Korea.

Apartment Complex in Daegu, South Korea.

Garden apartments in Seattle, Washington.

A living room in Avalon Riverview North, a New York city luxury apartment building.

Northern European apartment building.

An apartment in the Philippines.

An apartment estate in Singapore. Such blocks make up the majority of public housing and also housing in general in Singapore.

Upmarket apartments in Bristol, United Kingdom

An apartment complex in Gurgaon, India.

Under construction Residential House in Subdivision , Malolos Bulacan, Philippines.

Brokers Requirements (California Estate)

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A minimum of two years full-time licensed salesperson experience within the last five years or the equivalent is required. Following are acceptable methods of documenting the experience requirement for the broker examination.

Full-time salesperson activity means at least 40 hours per week devoted to activities that require a real estate license. No additional credit will be given for more than 40 hours of activity.
Part-time activity as a real estate salesperson will be given credit on a prorated basis.
For example, 20 hours of activity per week would be given credit as half time employment, and four years of such employment would be required to qualify for a broker license. No credit is given for less than 10 hours of activity per week.
Salespersons who claim full-time employment for 40 hours per week, but who are employed as full-time employees in another industry, will not, ordinarily, be credited in excess of 20 hours per week maximum (or half-time employment in the real estate business).

An applicant with a four-year degree from an accredited college may be exempt from the two-year salesperson experience requirement. This may be verified by submitting either a copy of the diploma or transcript showing the degree earned.

Regardless of the degree, the applicant must show evidence (transcripts) of having completed the eight required college-level courses at the time of filing the application. The eight required courses, which is considered the equivalent of a minor in Real Estate, may be part of the degree requirements or they may be completed separately from the degree course work.

Purchasing real estate

2009-04-02T17:54:00.001-07:00

The purchase of real estate is the largest single investment most Californians make during their lifetimes. Subdivision laws enforced by the Department help ensure that subdividers deliver to buyers what was agreed to at the time of sale.

These laws cover most standard subdivisions and various types of common interest developments (of 5 or more lots or units), time-shares, certain undivided interest developments, and out-of-state time-share subdivisions offered for sale in California.

Before real property which has been subdivided can be marketed in California, the subdivider must obtain a public report from the DRE. The public report discloses to prospective buyers pertinent information about a particular subdivision. Prior to the issuance of a public report, the subdivider must file an application along with supporting documents with respect to representations made in the application. If improvements to the subdivision are not complete at the time of filing the application, the subdivider must also submit evidence to the Department that adequate financial arrangements have been made for their completion.

Real estate brokers and sellers

2009-04-02T17:43:00.000-07:00

Services provided to seller as client

Upon signing a listing contract with the seller wishing to sell the real estate, the brokerage attempts to earn a commission by finding a buyer for the sellers' property for highest possible price on the best terms for the seller. In Canada, most provinces' laws require the real estate agent to forward all written offers to the seller for consideration or review.

To help accomplish this goal of finding buyers, a real estate agency commonly does the following:

Listing the property for sale to the public, often on a Multiple Listing Service, in addition to any other methods.
Based on the law in several states, providing the seller with a real property condition disclosure form, and other forms which may be needed.
Preparing necessary papers describing the property for advertising, pamphlets, open houses, etc.
Generally placing a "For Sale" sign on the property indicating how to contact the real estate office and agent.
Advertising the property. Advertising is often the biggest outside expense in listing a property.
In some cases, holding an Open house to show the property.
Being a contact person available to answer any questions about the property and to schedule showing appointments
Ensuring buyers are prescreened so that they are financially qualified to buy the property; the more highly financially qualified the buyer is, the more likely the closing will succeed.
Negotiating price on behalf of the sellers. The seller's agent acts as a fiduciary for the seller. This may involve preparing a standard real estate purchase contract by filling in the blanks in the contract form.
In some cases, holding an earnest payment cheque in escrow from the buyer(s) until the closing. In many states, the closing is the meeting between the buyer and seller where the property is transferred and the title is conveyed by a deed. In other states, especially those in the West, closings take place during a defined escrow period when buyers and sellers each sign the appropriate papers transferring title, but do not meet each other.

Real estate agent's education

2009-04-02T17:38:00.000-07:00

A person may attend a pre-license course (often 60 actual hours) and be tested by the state for a real estate agent's license. Chapters of Alison Rogers' book Diary of a Real Estate Rookie describes the author's experience taking a 75-hour pre-license course in New Jersey and a 75-hour pre-license course in New York.

Upon passing, the new licensee must place their license with an established real estate firm, managed by a broker. Requirements vary by state but after some period of time working as an agent, one may return to the classroom and test to become a broker. Brokers may manage or own firms. Each branch office of a larger real estate firm must be managed by a broker.

States issue licenses for a multi year period and require real estate agents and brokers to complete continuing education prior to renewing their licenses. Many states recognize licenses from other states and issue licenses upon request to existing agents and firms upon request without additional education or testing however the license must be granted before real estate service is provided in the state.

Real estate developer

2009-03-31T23:50:00.000-07:00

Trump, Donald John (1946- ), American real estate developer, born in Queens, New York City, educated at Fordham University and the University of Pennsylvania's Wharton School. Known as one of Manhattan's most grandiose and controversial builders, Trump first made his mark at age 28 when he convinced the city to build a convention center on the site of the defunct Penn Central railroad yards, on which he had secured options; he also negotiated with the city and Hyatt Corporation to renovate the Commodore Hotel into the Grand Hyatt Hotel (1980). He is perhaps best known for building Trump Tower, on Fifth Avenue.

At its peak in the late 1980s Trump's billion- dollar empire included Trump Parc; more than 24,000 rental and co-op apartments; the Trump Shuttle airline, ownership of the New Jersey Generals of the United States Football League; and casinos in Atlantic City, New Jersey, including Trump's Castle, as well as sumptuous private homes. He was the author of Trump: The Art of the Deal (1987) and other books about his career.

By 1990 Trump was facing bankruptcy, unable to meet payments on over $2 billion in loans owed to banks. He was able to secure emergency financing at various times but had to cede operational control of most of his real estate to the creditor banks and gradually traded control of considerable parts of his empire including the Trump Shuttle, casinos, and the Plaza Hotel in order to secure more favorable debt restructuring.

Real estate developer

2009-03-31T23:49:00.000-07:00

Jones, Jesse Holman (1874-1956), American financier, builder, and public official who played an important role in the management and disbursement of government funds during the Great Depression of the United States. Born in Robertson County, Tennessee, Jones was educated in the public schools in Tennessee and Texas.

In 1894 he entered the lumber business in Dallas, Texas, but four years later he left Dallas to establish himself in Houston. In 1902 he organized the South Texas Lumber Company, which he continued to operate for many years. During the so-called money panic of 1907, Jones organized the Bankers’ Mortgage Company in Houston to rescue and reorganize several unstable banks.

In 1908 Jones entered the construction business in Houston and began erecting buildings in the city’s downtown area. At one time people said that he had single-handedly created the skyline of Houston with his various hotels and business buildings.

By 1930 he was credited with owning more office buildings—in Houston, New York City, Saint Louis, Dallas, Fort Worth, and other cities—than any one man had ever owned. He organized the National Bank of Commerce in Houston in 1912 and helped lead the construction of the 50-mile ship channel to the Gulf of Mexico that opened in 1914, making Houston a seaport.

In 1917 Jones was appointed director general of military relief for the American Red Cross, and with banker Henry P. Davison he completely rearranged the organization. At the end of World War I (1914-1918), he and Davison organized the League of Red Cross Societies of the World (which later became the International Federation of the Red Cross).

In 1920 Jones returned to Houston, and in 1926 he purchased the Houston Chronicle and became the newspaper’s publisher. Active in Democratic politics, he vied for the 1928 presidential nomination and received the support of several states, including his own state of Texas.

When the Reconstruction Finance Corporation (RFC) was organized in 1932 to provide financial institutions and companies with emergency funding, President Herbert C. Hoover appointed Jones one of its five directors. The following year, when President Franklin D. Roosevelt took office, Jones assumed the chairmanship of the organization.

In 1940 Congress passed special legislation so that Jones might serve simultaneously as administrator of the Federal Loan Agency and as a member of the cabinet, and it was under this statute that he served as secretary of commerce from 1940 to 1945.

Five years before his death Jones published Fifty Billion Dollars (1951), an account of his disbursement of public money during the Great Depression of the 1930s and World War II (1939-1945).

Real estate developer

2009-03-31T23:47:00.000-07:00

Huntington, Henry Edwards (1850-1927), American railway executive and philanthropist. The nephew of Collis Potter Huntington, he was born in Oneonta, New York. He left school at an early age to work in a hardware store.

In 1871 he became associated with his uncle's railway enterprises. After his uncle's death in 1900, he sold his major share in the Southern Pacific Company to the American financier Edward Harriman. Huntington became interested in urban mass transit, electric power development, and real estate and was responsible for much of the development of southern California.

On his estate at San Marino, California, he built a library and an art gallery, both of which are now maintained as a public trust. The library has his vast collection of books, especially incunabula, and of paintings, featuring British masters Thomas Gainsborough and Sir Joshua Reynolds.

Real estate developer

2009-03-31T23:46:00.000-07:00

Campeau, Robert (1924- ), Canadian financier, born in Sudbury, Ontario. Campeau left school at 14 to work as a machinist and in 1949 became a carpenter, eventually building a small subdivision in Ottawa. His company, Campeau Construction Corp. was incorporated in 1953. Campeau began to develop commercial properties in the early 1960s and won important government contracts through his friendship with Prime Minister Pierre Trudeau.

In business Campeau was unorthodox and willing to take great risks. In 1980 he sought control of a leading Canadian financial institution, the Royal Trust. Although he failed, his next bid, for the United States-based Allied Stores, the third largest retailer in the country, was successful in 1986. He then took over Federated Department Stores (1988), which included the prestigious Bloomingdale's department store.

To pay for these new assets he sold others and borrowed heavily. As a result of his ensuing debts, he was forced first to auction off Bloomingdale's and then to step down as head of his corporation, sharing control with Olympia & York, a Canadian developer. Campeau then returned to real estate, taking a more cautious approach to investment.