EAGLESTAR.NET LAND AND PROPERTY REVIEW
http://www.eaglestar.net
Issue #32
September 1, 2008
Happy Labor Day!

IN THIS ISSUE:
Properties of the Week:
- Rural Tennessee
Real Estate Roundup:
- Sole Ownership: Tenancy in Severalty
Sponsor's Corner:
- Lazy J Dude Ranch, Stites, ID
Auction News:
- Two Parcels, Farms and Timber, GA
- 3 Home Sites, Napa Valley, CA
LandTerms.com Term of the Week: Dam


"Labour without joy is base. Labour without sorrow is base. Sorrow without
labour is base. Joy without labour is base." - from 'Time and Tide' (1867)
- John Ruskin (English author, artist, and critic; b. 1819- d. 1900)


PROPERTIES OF THE WEEK: RURAL TENNESSEE
Listing ID: 21053
Home Site For Sale, Smoky Mountain Views
Gatlinburg, Sevier County, Tennessee
Own Lot 25 at The Enclave, a 1.9+/- acre lot in one of the most exclusive
mountain ridge developments in the East. Build your dream home overlooking the
Great Smoky Mountains National Park, Gatlinburg, and Pigeon Forge, Tennessee.
Lot owners have access to common areas, including a beautiful ramada complete
with stone fireplace. Secluded and exclusive, yet minutes from urban
attractions. See photos of the lot and ramada and view contact information at
http://www.eaglestar.net/edn1-.html.

Hunting or Farm Property, 150 Acres
Listing ID: 20430
Sunbright, Morgan County, Tennessee
This 150+/- acre parcel located at the end of a dead-end road has rolling
terrain and joins a creek on one side. The home located at the front of
property has 2 bedrooms and 2 baths. Great whitetail and turkey hunting and
beautiful building sites. 45 minutes from Big South Fork, TN and 60 minutes
from Knoxville, TN. Photo and additional information can be found at
http://www.eaglestar.net/mcl.html.

Historic Farm with Cave and Creek
Listing ID: 16387
Sevierville, Sevier County, Tennessee
The historic Chaney Family Farm, in the family for generations, is offered for
sale. This picturesque 106+/- acre farm has an original home built nearly 100
years ago, 2 large barns, a hay barn, a well, and a pond. The property has its
own cave, Flat Creek with trout, and plenty of trees. Located 10 miles from
Gatlinburg, TN and airport at Pigeon Forge, TN. Photos and additional details
are available at http://www.eaglestar.net/emm.html.


REAL ESTATE ROUNDUP
Sole Ownership: Tenancy in Severalty
In this issue we continue our series on title, estates, tenancies, and transfer
of ownership to real estate. Previous articles and FAQ's in this series can be
found at
http://www.eaglestar.net/newsletter. Use the links on the right to navigate to
the issues of your choice. Title FAQ's appeared in Issues 14, 15, and 16;
estates in real property were covered in Issue 18; and leases and leasehold
estates were discussed in Issues 20, 21, 23, 24, and 25.

A tenancy is best defined as the type of real estate ownership one has, or the
way the interest in the property is held or vested. Title to real property is
sometimes held by one natural person or legal entity; this form of ownership is
called "tenancy in severalty". It may seem counter-intuitive to refer to sole
ownership using the word "several", but here it is used in a legal sense, and
means that the interest in the property is severed or separate from other
interests. A "natural person" means a real, live human being, as distinguished
from a legal entity (an "artificial person") such as a corporation. A legal
entity is considered one person and is legally permitted to own property in
severalty, even though ownership decisions may be made by a group of people,
such as a board of directors.

In legal terms, a "single" person is one that has never been married, while an
"unmarried" person is one who has been married but is no longer. Tenancy in
severalty by single or unmarried persons is straightforward: the holder has all
the rights of ownership, and has sole discretion over the use, enjoyment,
possession, and disposition (sale or other transfer) of the property. When
property is owned in severalty by married persons, however, the question of how
ownership is vested becomes more complicated. This is due to the fact that
different states have different laws governing the ownership of property by
married couples. Some states have "community property" rights, meaning that
property acquired after the marriage belongs to both husband and wife equally,
with each having a 50% interest. Other states use "tenancy by the entirety", in
which both husband and wife own an equal, undivided interest in any property
acquired after the marriage began.

Whatever type of joint ownership by husband and wife is in effect, certain
general rules apply. First, any property owned in severalty by either spouse
prior to the marriage remains the sole and separate property of that spouse.
Second, any property that was willed to a spouse either prior to or during the
marriage is also considered to be owned in severalty by that spouse. Likewise,
any property received as a gift by a spouse prior to or during the marriage
remains the sole and separate property of that spouse. Next, any court award or
judgment received individually by either spouse during the marriage is owned in
severalty by that spouse. Finally, any income earned from property held in
severalty by either spouse belongs solely to the spouse who owns that property.

An interesting point with regard to tenancies by the entirety is that even
though one spouse may own property in severalty and therefore has sole
discretion over its disposition, the signatures of both spouses may be required
in order to convey that property to another person. This is due to the very
nature of this type of ownership, which is intended to provide a continued
means of support for the surviving spouse. A tenancy by the entirety creates a
legal life estate that supersedes other legal interests in the property, even
in property held in severalty. This means that the surviving spouse, upon the
death of the other spouse, may in fact claim at least partial ownership of
property that was held in severalty by the deceased spouse. This situation does
not occur in community property states, although one spouse may have the other
sign a "disclaimer deed", which disavows spousal interest in property held in
severalty.

Of course, marriage to many is about sharing and equal partnership, so one
spouse may wish to convert sole and separate property to marital property owned
by both. This is relatively easy in community property states, where it is
legal for one spouse to deed property owned in severalty to both spouses. In
states that practice tenancy by the entirety, it is slightly more complex. In
many of these states, it is illegal for one to deed property to oneself, so a
"straw party" is necessary. This party, which may be an acquaintance of the
married couple but is more often a professional (attorney) or entity (title
company) that provides the service for a fee, accepts the transferred property
then deeds it back to both spouses, thus converting sole and separate property
into marital property owned by both spouses. In an upcoming issue, we will
discuss in more detail the creation and termination of property held jointly by
two or more parties, including marital property.


SPONSOR'S CORNER
The EagleStar.net Land and Property Review would like to thank this week's
sponsor, Lazy J Dude Ranch.
Lazy J Dude Ranch, Stites, Idaho County, Idaho
Listing ID: 21062
This 1,126+/- acre parcel offers numerous springs, ponds, and some timber along
with breathtaking views of the surrounding mountains, river, and valley below.
The 5,000+/- square foot, 3 bedroom, 3 bath mountaintop home is currently run
with a generator, with a propane refrigerator, hot water heater, and cook
stove. The home is heated with wood stoves. Water comes from a spring located
on the property.
Enjoy some of the best hunting and fishing around. From birds to big game you
will find it all on your very own hunting reserve. Elk, whitetail, mule deer,
bear, cougar and more visit this area. The area is also known for its
world-class sparkling rivers with steel head, cutthroat, salmon, rainbow trout,
bass, whitefish and other popular game fish species.
Photos and additional information are available at
http://www.eaglestar.net/knp6-.html.


AUCTION NEWS
http://www.eaglestar.net/Land_Auction_Calendar/index.html

Two Parcels in Georgia, Farms and Timberland
Colquitt County and Brooks County, Georgia
Saturday, September 6, 2008
Listing ID: 20905
Parcel #1 (Colquitt County): 436+/- acres, including 236+/- acres cropland and
187+/- base acres. This property features merchantable timber and plantation
pines as well as a large creek-fed pond. Includes 2800+/- square foot country
home and excellent fencing. This property offers hunting, fishing, and other
recreation opportunities. Great investment or farm income potential.
Parcel #2 (Brooks County): 42+/- acres featuring pasture and woodland home
sites with great road frontage.
Both properties are conveniently located between Moultrie and Thomasville, one
hour north of Tallahassee, Florida and Interstate 10 and forty minutes west of
Valdosta, Georgia and Interstate 75. Photos and additional information
available at http://www.eaglestar.net/Detailed/20905.html.

Absolute Auction, 3 Home Sites, Napa Valley
Saint Helena - Calistoga Valley, California
Listing ID: 21052
Three spectacular home sites with views of the Napa Valley vineyards and Mount
St. Helena, located in the coveted and prestigious Saint Helena - Calistoga
Valley. These home sites range from 0.42+/- to 1.08+/- acres and are being
offered at absolute auction - selling regardless of price. The views are
staggering, and plans have already been designed to maximize the surrounding
vistas. The current owner has already taken many of the steps necessary to
build on these lots, including perc tests, soil reports and environmental
reports. The surrounding community is home to more than 300 wineries as well as
well as dozens of attractions that draw more than 5 million visitors each year.
Visit the listing web page for photos and additional information.
http://www.eaglestar.net/Detailed/21052.html


LANDTERMS.COM TERM OF THE WEEK
http://landterms.com
Each issue we feature a real estate, forestry, natural sciences or other
land-related term from our partner site, LandTerms.com.

This week's term: Dam
A structure acting as a barrier to hold back water, usually erected as a bank
or wall across a free-flowing watercourse such as a stream or river. Dams may
be constructed of earth, rocks, logs, or anything else that will create a
reservoir; large modern dams are usually constructed almost wholly of concrete
reinforced with steel. The purposes of dams include flood control, irrigation,
navigation, recreation, and the generation of hydroelectric power. Nearly every
major river in the world has at least one dam. Dams are extremely important
both socially and economically, but they do have environmental drawbacks. Some
of these include degraded habitat for fish, birds and other wildlife;
reductions in water quality; reduced streamflows; and interruption or
alteration of the natural sediment deposition cycle.

Explore thousands of terms and phrases, FAQ's, articles, abbreviations, and
quotations about land and its many uses at
http://landterms.com/categories.html.


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