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Fee simple ownership is the most common form of ownership.
Fee simple ownership applies to both residential and commercial properties, making it the most common form of real estate ownership in the United States. Owner rights are subject only to local laws and zoning regulations.
A T-47 affidavit, also known as the Affidavit of Physical Condition, is a legal document used in the state of Texas during a property sale. It is used to certify that the seller of a property has not made any changes or alterations to the property since the survey was completed.
The most common way that real property is acquired is through purchaseA method of acquisition of real property for ownership, involving trade of valuable consideration.. Property law is a state law matter, and state laws vary regarding conveyance of property.
In the U.S., most residential real estate is owned on a fee simple basis. A smaller percentage of home sales result in leasehold ownership. Under the leasehold model, one party owns a property while the tenant can use the land for a set number of years.
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Fee simple. This is the most common type of interest. It is outright ownership. Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple.
While anyone may use forms promulgated by TREC, the 150-plus Texas REALTORS forms are for the exclusive use of the associations members.
There is no standard residential real estate contract in Texas, at least not in the sense that any particular form is required. Contract forms published by the Texas Real Estate Commission (TREC) and Texas Realtors (TXR) are commonly used; however, they are optional.

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