Real Estate And Housing Tenure

Like most buildings, a house is also considered as a real estate, which is usually known as a residential real estate. However, the rights to occupy a dwelling is usually under the term called housing tenure.

The term real estate is usually used to describe a land along with its improvements such as buildings, fences, wells and other site improvements that are fixed in location, or in layman's term, immovable. The term is also considered as a body of laws, regulations, and legal codes that pertains to a particular jurisdiction that includes elements like commercial and residential real property transactions. Like most buildings, a house is also considered as a real estate, which is usually known as a residential real estate. However, the rights to occupy a dwelling is usually under the term called housing tenure.

What is Housing Tenure?

According to Real estate Philippines specialists, housing tenure usually refers to the financial arrangements in which a person would have rights to live in a house or apartment. The most frequent form of resident is tenancy and owner occupancy form is owner occupancy. So what are the difference between these two types of residence?

Owner Occupancy

Owner occupancy usually defines a person, which is called an owner-occupier, who lives in a house that he or she owns. Owner-occupancy is therefore also called home ownership. The home of the owner-occupier can range from condominums, apartments, to housing cooperatives. Home ownership gives occupants the right to modify the building and land as they please, protects them from eviction, and creates a right to occupation which can be inherited. In some jurisdictions, it also confers certain legal rights with regard to abutters.

Tenancy

According to Real estate Philippines professionals, tenancy would usually refer to an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. As lease is a legal estate, leasehold estate can be bought and sold on the open market. Until the end of the lease period the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to the owner.

Other types of Housing Tenure

Other than the owner occupancy and tenancy, according to Real estate Philippines professionals, housing tenure may also involve:

• Cooperative - Ownership of the entire building or complex is held in common by a homeowners' association.
• Condominium - Ownership of an apartment or house is assigned to an individual, but common areas such as hallways, heating system, elevators, and exterior areas are controlled by the homeowners' association. Fees are usually charged to tenants.
• Public Housing - Government-owned housing, whether provided for free or leased at a subsidised rate.
• Squatting - Occupation by non-owner without permission by the owner, if any.