Abstract
Property ownership is something that has been described by many analysts, philosophers, and scholars for very many centuries. According to the law, the property title is used as the legal evidence showing that a given individual has the right to own a specific asset or estate. This discussion begins by giving a detailed description of different forms of property within non Saudi societies. The paper will also analyze the major forms of property in different societies across the world. The discussion offers meaningful ideas that can guide individuals who want to make desirable investment decisions.
Introduction
The term “property” is widely used to denote anything that is owned by an individual (Hower, Walter, & Wright, 2017). The property can be in the form of an estate and might be owned by an individual, a community, or a group. This is the reason why the definition of property is unaccountable. Depending on the attributes or nature of the targeted property, the owner is entitled to share, rent, alter, destroy, and consume it (Hinkel, 2016). Although some people might think that the property owned by an individual is nothing but a will, the agreeable fact is that the owner should be supported by proper documentation. People can purchase, inherit, or be rewarded with a given property. Every society has its own unique forms or types of societies. The purpose of the discussion presented below is to illustrate the forms of property within non Saudi Societies.
Description of the Topic
The law asserts that people can have two forms of estates or property. The first category is known as real property. Hower et al. (2017) indicate that real property is a piece of land and the assets erected or attached to it. For instance, the crops growing a specific piece of land would definitely be referred to as real property. The second category is that of personal property. This bracket includes all intangible or movable assets that cannot be described as real property. The targeted topic focuses on the major forms of property within non Saudi societies. For instance, the global community is characterized by a number of property types that might be embraced in a given community and not another.
The concept of real property has emerged in the recent past in different parts of the world. This kind of property includes land and the developments or improvements on it. Personal property refers to the physical assets or possessions owned by a specific person. The private property focuses on business entities or assets owned by individuals or business entities (Hinkel, 2016). A right of ownership (also known as a title) is an indication that an individual can use his or her property in the manner he or she deems right. The topic will focus on the major forms of property embraced or held by people and corporations in different regions other than Saudi Arabia. Some of the major forms of the property include sole ownership, tenants in common, joint tenancy, community property, and tenancy in the entirety.
Relevance of the Topic
As mentioned earlier, property ownership is a concept that has been studied for very many years. A detailed analysis of the major forms of property within non Saudi societies can guide many people to have a clear knowledge whenever trying to invest or live in different regions across the globe (Meade, 2013). The topic will become a powerful guideline that can help more people to make decisions and know that form of property they can easily acquire, own, and utilize in order to realize their potential.
A detailed understanding of the major forms of property in a given society can ensure the owner is aware of the legal issues surrounding ownership. This is the case because every society tends to have its unique laws or regulations focusing on different forms of property. The understanding can make it easier for more individuals to acquire different assets such as land and use them to achieve their goals. This knowledge will empower many investors and be prepared against the changes experienced in different global markets (Hinkel, 2016). The topic will ensure the individuals are aware of the property issues arising from contingencies such as death.
The topic will guide more people to monitor the changing property ownership models in non Saudi societies. The process will guide the individuals to make timely decisions and invest wisely. This process is appropriate because ownership structures and models tend to differ significantly from society A to B. It is also agreeable that there are different types of rights to the property. For instance, the individual will learn more about customary rights embraced in non Saudi societies. Many people from Saudi Arabia will definitely find it easier to make wise decisions and achieve their goals in foreign societies (Hower et al., 2017). Such customary land rights are embraced in African societies.
That being the case, the proposed topic is relevant because it will outline the unique differences existing between the forms of property held in Saudi and non Saudi societies. The gathered information will guide more people to understand how property is owned in different American, European, African, and other Asian societies (Hinkel, 2016). Issues such as market value, investment patterns, property transfer, and utilization will also be described.
Many people spend a lot of time planning their assets and acquiring new property. This kind of practice is common in many societies as more people plan to become economically sustainable. Unfortunately, more people do not understand the manner in which different assets are owned or titled under the law. These attributes will definitely affect an individual’s financial situation (O’Neill & Williamson, 2012). The completed study will offer meaningful ideas and guidelines that can support the needs of individuals who want to make wise investment decisions.
Research Findings
The conducted study indicates that there are different forms of property within non Saudi societies. As mentioned earlier, many African and western nations have unique laws that dictate the manner in which property and assets are owned by individuals. In Africa, for instance, there are customary assets governed by unique regulations and laws. Corporations in the western world qualify as citizens capable of owning, using, sharing, and disposing of property (Rosen, 2012). This attribute explains why corporations tend to occupy a unique position in many global economies. The property attributes should be clearly understood by people who might want to own, manage, or dispose of the property in a non-Saudi society.
The first common form of property in non Saudi societies is known as individual ownership. Meade (2013) argues that this form of property happens to be the commonest in different parts of the world. This is true because the property is usually owned by individuals. In non Saudi societies, co-ownership of property is not a new idea. Co-ownership forms have increased significantly in the recent past. This kind of ownership has remained relevant “in every estate planning process” (Hower et al., 2017, p. 83). According to Rosen (2012), individual ownership of property is also given the name “free simple ownership” in different societies or countries across Europe and North America.
Under the individual ownership form, it should be observed that the owner of the asset will have total control over it. This means that the individual will be free to sell, offer as a gift to someone else, or leave in his or her will (Rosen, 2012). This is something that can be done at any time, depending on the wishes and expectations of the owner. In many non-Saudi communities and regions, individual ownership is usually limited by the existing government (Meade, 2013). The government does this through the use of police power, escheat, eminent domain, or taxation (Rosen, 2012). These aspects are usually common in many societies.
The second form of property is grouped under the co-ownership category. Rosen (2012) argues that “co-ownership” is a situation whereby two or more persons will own a given asset or property. It should also be agreeable that all co-owned assets will not always be equal. The nature of co-ownership will impact the manner in which an individual uses or manages the property. More often than not, co-owners will be allowed by the law to access the specific property. This is a clear indication that the individuals might not be able to exclude one another (Rosen, 2012). The individuals can request for the profits and losses accrued from the property to be accounted for. They should also be updated about the improvements or adjustments made to the property.
In many societies, the co-owners will be required “to contribute to the major costs of owning the property” (Hower et al., 2017, p. 62). This means that the owners will have to cater for the maintenance costs, pay taxes, and compensate workers managing the property. It is also necessary to note that there are different forms of co-ownership. The major forms include tenancy by the entirety, joint tenancy, and tenancy in common (Rosen, 2012).
The first form of co-ownership is given the name tenancy in common. This type of ownership occurs when a given property is owned jointly by two or more individuals. These owners are usually known as tenants in common (Hudson, 2014). According to property law, each tenant in common is allowed to hold a given interest or portion of the asset. The individuals will own a specific part or percentage of the total property value. It is notable that the tenants in common will usually have dissimilar rights in the property. For example, one person might own around 70 % of a given property, and the other command the remaining 30 percent.
The tenants are usually allowed to transfer, sell, or give away their interest to a third party at any given time. This analysis shows clearly that “the tenants in common will not hold any right of survivorship” (Meade, 2013, p. 72). Destruction of the tenancy in common can be achieved through property partition after a legal process. Partition occurs when the property is divided among the owners depending on their respective interests. Whenever the partition process is impossible, it becomes necessary for the tenants in common to dispose of or sell the property.
The second form of co-ownership in many global societies is known as joint tenancy. This form of ownership usually brings together joint tenants who have survivorship rights. Additionally, the interest is usually undivided among the joint tenants. Under this form of property, the tenants are empowered by the law to own an equal share of the targeted piece of land or property. The joint tenancy agreement will be broken if one of the owners decides to transfer his or her interests to a different party. Due to the right of survivorship, the property interest usually passes to the living owner (or owners) in the event of death (Rosen, 2012). This form of ownership is common in many parts of the world, such as the Far East, America, and Africa. A good example is the kind of property owned by husbands and wives. The death of one person will indicate that the co-owned property will remain in the hands of the surviving individual.
Whenever forcing this kind of ownership, it should be indicated using clear language that the property belongs to persons A and B. By so doing; the individuals will be the joint tenants who have survivorship rights, unlike in tenants in common. In accordance with the law, this form of tenancy can be partitioned through a legal process (O’Neill & Williamson, 2012). The property can also be liquidated if it cannot be easily partitioned.
The third form of co-ownership is known as tenancy by the entirety. Hudson (2014) indicates that a tenancy by entirely is more or less similar to the joint tenancy described above. However, the ownership method can only be established by a wife and a husband. By so doing, these two persons will be able to own undivided interests in the stated property. Additionally, the individuals will have survivorship rights (O’Neill & Williamson, 2012). Another outstanding attribute of this form of ownership is that the creditors of any of the two individuals will be unable to demand a sale of his or her interest in the property.
The ownership form can only be destroyed when the individual decides to divorce. This form of property ownership is therefore common in many states across the world. In America, most of the assets owned by couples appear to fall under the tenancy by the entirety bracket. In different states such as Maryland, the property owned by married couples will be characterized or held in this form of ownership (O’Neill & Williamson, 2012). In order to overcome the legal constraints associated with this form of ownership, couples can use tenancy in commons or joint tenancy as pretexts for disposing or planning their estates.
Another common form of ownership practiced in different non Saudi societies is community property. This form of asset ownership has been observed in many regions such as India, South America, Europe, and Africa (Hudson, 2014). More often than not, joint ownership will exist between wives and their husbands. Each spouse, according to the law, will have rights of ownership in the community property. However, it should be observed that there are specific state regulations dictating the manner in which the property can be used.
Another common form of property is known as a title by contract. This form will cover different accounts such as Transfer on Death (TOD), Payable on Death (POD), Totten trusts, Revocable Living Trusts (RLTs), and life insurance (O’Neill & Williamson, 2012). Under this form of ownership, the owner will have 100 percent control of the property whenever he or she is alive. However, this is not the same case for life estates (Hudson, 2014). After the death of the owner, the property will definitely “pass outside of probate to the individuals (or beneficiaries) indicated by the owner” (O’Neill & Williamson, 2012, p. 46). Generally, the new beneficiary will be required to present a death certificate. This process is needed in order to claim new property ownership. Beneficiaries who fail to produce authentic documents will find it hard to have control or ownership of the targeted property.
Conclusion
Every society has its own laws and legal frameworks dictating the manner in which property is owned by one or more citizens. The forms of ownership, such as sole ownership, joint tenancy, community property, and tenancy in common, will be dictated by a number of requirements (Hinkel, 2016). The issue of titling is also critical whenever it comes to property ownership. Different complications will definitely emerge when co-owners are required to divide the property. Issues such as tax and property maintenance will always emerge whenever addressing various ownership concerns. That being the case, individuals who want to minimize the levels of complication should be ready to analyze and understand the different forms of ownership and classifications of property. As people focus on the best strategies to own property, it would be necessary to be aware of the major forms of property ownership and make appropriate decisions.
References
Hinkel, D. (2016). Essentials of practical real estate law (6th ed.). Boston, MA: Cengage Learning.
Hower, D., Walter, J., & Wright, E. (2017). Wills, trusts, and estate administration (8th ed.). Boston, MA: Cengage Learning.
Hudson, A. (2014). New perspectives on property law: Obligations and restitution (2nd ed.). New York, NY: Routledge.
Meade, J. (2013). Efficiency, equality and the ownership of property. New York, NY: Routledge.
O’Neill, M., & Williamson, T. (2012). Property-owning democracy: Rawls and beyond. New York, NY: Wiley.
Rosen, J. (2012). Individualism and collectiveness in intellectual property law. Northampton, MA: Edward Elgar.