fbpx

Sonic Realty

Understanding the Right of Use in Real Estate Transactions

Understanding the Right of Use in Real Estate Transactions

Introduction: The right of use is a fundamental concept in real estate law that governs the ability of property owners to utilize and enjoy their properties. Understanding this right is essential for property owners, tenants, and anyone involved in real estate transactions. In this blog post, we’ll explore the meaning of the right of use, its implications, and how it can affect property ownership and usage.

What is the Right of Use? The right of use, also known as the right of enjoyment, is the legal right granted to property owners to utilize and enjoy their properties by applicable laws and regulations. It encompasses various activities and privileges associated with property ownership, including the right to occupy, use, and access the property, as well as the right to exclude others from interfering with these rights.

Implications of the Right of Use:

  1. Occupancy Rights: The right of use allows property owners to occupy and reside on their properties, whether they be residential dwellings, commercial spaces, or vacant land.
  2. Usage Rights: Property owners can use their properties for various purposes, such as residential, commercial, agricultural, recreational, or industrial activities, depending on zoning regulations and other legal restrictions.
  3. Access Rights: Property owners can access their properties and use any easements or rights-of-way necessary for ingress and egress.
  4. Exclusionary Rights: Subject to certain legal limitations, property owners can prevent others from trespassing on their properties or interfering with their use and enjoyment.

Factors Affecting the Right of Use:

  1. Zoning Regulations: Local zoning laws and regulations dictate how properties can be used and developed within specific areas, influencing the scope of the right of use.
  2. Deed Restrictions: Property deeds may contain restrictions or covenants that limit specific uses or activities on the property, such as architectural requirements or prohibitions on certain businesses.
  3. Easements: Easements grant specific rights to individuals or entities to use or access portions of a property for particular purposes, such as utilities, roadways, or pedestrian access.
  4. Homeowners Associations (HOAs): Properties located within HOAs may be subject to additional rules and regulations governing property usage and maintenance, which affect homeowners’ rights of use.

Legal Protections of the Right of Use: The right of use is protected by various legal principles and statutes, including:

  1. Constitutional Protections: The right of use is often considered a fundamental property right protected by state and federal constitutions.
  2. Property Laws: Property laws and statutes govern the rights and responsibilities of property owners, tenants, and other parties involved in real estate transactions.
  3. Civil Remedies: Property owners have legal recourse through civil lawsuits for violations of their right of use, such as trespass, nuisance, or interference with property rights.

Conclusion: The right of use is a fundamental aspect of property ownership that grants owners the ability to utilize and enjoy their properties according to their needs and preferences. Understanding the implications and legal protections of the right of use is essential for ensuring property rights are upheld and respected in real estate transactions.

Weekly News

DJ Peterson

Website:

Affiliated Business Arrangement Disclosure Statement
This is to give you notice that Sonic Loans Inc., Sonic Title Agency LLC, and Sonic Realty LLC have a business relationship. The nature of the relationship between the Referring Party and the provider(s), including percentage of ownership interest, if applicable, is: Sonic Loans Inc., Sonic Title Agency LLC, and Sonic Realty LLC are all 100% owned by the same party. Because of this relationship, this referral may provide any of the above parties with financial or other benefit.
A. Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required to use the listed provider(s) as a condition for settlement of your loan on, or purchase, sale, or refinance of, the subject property.
THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
Provider and Settlement Service Charge or Range of Charges
Sonic Realty LLC 1%-6% of purchase price
Sonic Title Agency, LLC Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.)
Title Search Fee: $250 - $325 (where applicable)
Closing Fee: $450 - $650
Sonic Loans Inc.

This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing.

Loan Origination Charge: 0-3 % of loan amount (may include 3rd party fees)
Loan Discount Fee/points: 0.5%-6% of loan amount.
Application/Processing Fee: $0.00 - $875.00
Flood and tax service: $0.00 - $95.00
Underwriting Fee: $0.00 - $1295.00
Document Review Fee: $0.00 - $400.00
Appraisal Fee: $0.00 - $850.00
Credit Report Fee: $0.00 - $135.00

Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing.
B. Set forth below is the estimated charge or range of charges for the settlement services of an attorney, credit reportingagency, or real estate appraiser that we, as your lender, will require you to use, as a condition of your loan on this property, to represent our interests in the transaction.
Sonic Loans Inc. provides mortgage lender/broker services. Sonic Realty LLC provides real estate brokerage services. Sonic Title Agency LLC provides title insurance and settlement services.

Provider and Settlement Service Charge or Range of Charges
Appraisal Fee $0-$800
Credit Report Fee $63-$125
 Actual charges may vary depending on the lender and loan program selected which can be found on your loan estimate.
ACKNOWLEDGMENT
I/we have read this disclosure form and understand that Sonic Loans Inc., Sonic Realty, LLC, or Sonic Title Agency LLC are referring me/us to purchase the above-described settlement service(s) and may receive a financial or other benefit as the result of this referral.