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Sonic Realty

Understanding the Significance of the Right of Possession in Real Estate

Understanding the Significance of the Right of Possession in Real Estate

Introduction: The right of possession is a fundamental concept in real estate law that pertains to the legal authority to occupy and control a property. It is an essential property ownership rights and plays a crucial role in determining ownership rights, responsibilities, and disputes. In this blog post, we’ll delve into the meaning of the right of possession, its importance, and how it can impact property ownership and transactions.

What is the Right of Possession? The right of possession refers to the legal authority granted to an individual or entity to occupy, use, and control a property. It is often considered one of the most basic and essential rights associated with property ownership and is closely related to ownership, occupancy, and control.

Importance of the Right of Possession:

  1. Ownership Determination: The right of possession is a crucial indicator of property ownership. Generally, the individual or entity possessing a property is presumed to be the rightful owner, barring any conflicting claims or legal disputes.
  2. Occupancy Rights: Possession entitles individuals to occupy and reside on the property, whether as homeowners, tenants, or lessees. It grants them the right to use the property for residential, commercial, agricultural, or other lawful purposes.
  3. Control and Management: Possession confers the authority to control and manage the property, including making decisions about maintenance, improvements, and alterations, subject to legal restrictions or agreements.
  4. Legal Protections: Possession is often protected by law, and individuals who possess property have certain legal rights and remedies against unauthorized entry, trespass, or interference with their possession.

Factors Affecting the Right of Possession: Several factors can influence the right of possession, including:

  1. Title Documents: Ownership and possession are often established through title documents, such as deeds, leases, or rental agreements, which specify the rights and responsibilities of the parties involved.
  2. Tenancy Agreements: In landlord-tenant relationships, possession rights are governed by the terms of the lease or rental agreement, including the duration of the tenancy, rent payments, and occupancy conditions.
  3. Adverse Possession: Adverse possession is a legal doctrine that allows individuals to claim land ownership through continuous, open, and notorious possession for a specified period, typically ranging from several years to decades.
  4. Eminent Domain: Government entities may exercise the power of eminent domain to acquire private property for public use, subject to just compensation to the property owner.

Legal Remedies for Disputes: Disputes over the right of possession can arise due to conflicting claims, eviction proceedings, or unauthorized entry. Legal remedies for resolving possession disputes may include:

  1. Eviction Proceedings: Landlords may pursue eviction proceedings to remove tenants who violate the terms of their lease or fail to pay rent.
  2. Quiet Title Actions: Property owners can file quiet title actions to resolve disputes over ownership and possession, seeking a court order to establish a clear title.
  3. Trespass Claims: Individuals possessing a property may pursue legal action against trespassers or unauthorized occupants for damages and injunctive relief.

Conclusion: The right of possession is a fundamental aspect of property ownership that grants individuals the legal authority to occupy, use, and control their properties. Understanding the significance of the right of possession is essential for property owners, tenants, and anyone involved in real estate transactions to protect their interests and freedoms by the law.

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DJ Peterson

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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.