Residential land, also known as residential property, is utilized by individuals and families for private residences or dwellings. Residential land can be considered the primary residence of its occupants. Single-family and multifamily homes can be used primarily for residential purposes. The occupants who possess the land may acquire the land under contract or a property deed.
In real estate terminology, residential land, also known as residential property, is owner-occupied housing. Moreover, to qualify as residential property, 80 percent of the income from the property derives from dwelling units. Dwelling units are places where people reside and use for residential purposes. Single-family housing as well as multifamily units qualify as residential land or property.
There are various types of housing accommodations that are primarily residential property. Houses, apartments and condominiums can be used as residential land. A house is a single-dwelling unit. However, apartments and condominiums are considered multi-units, and the land, such as the sidewalks and hallways, are shared by different occupants.
When an occupant of a land or property has ownership rights in the property, he is entitled to possession and control of the property. He has the right to exclude others from the property and owns the title to the land. However, ownership of property can be divided among a class of individuals, including joint tenants and tenants in common. When the land ownership is divided into a class of persons, each individual may own a certain percentage of the land.
The owner of the property may have rights to a certain distance and altitude that surrounds the land. The landowner is otherwise considered the property owner of the lot that the dwelling unit sits on. The extent of the ownership of the acres that surround the property is dependent on the property deed.
Occupants of rental residences use the property space pursuant to a contract, usually a lease contract. There are short-term and long-term lease contracts, and there are month-to-month lease contracts. The occupants acquire possession of the property space for a certain time frame, but the occupants do not possess ownership of the property. Moreover, the tenants of the dwelling units utilize the space as a residence. Although the landlord of the property may have ownership rights, she does not have authority to oust the tenants from the property in violation of the lease agreement.
- Wirtschaft am See image by Petra Hilke from Fotolia.com