Alienation
The definition of alienation in real estate stands for the legal action that is done voluntarily by an owner to dispose of their property. It also encompasses a property’s right to be sold or given to someone else. Most of the properties can be alienated but there are some that are under the influence of restraint of alienation.
The status or authority of a property to be alienated is specified in a contract in something that is called an alienation clause. Through an alienation clause, it can be stipulated whether or not a property can be sold or transferred to another owner. The alienation clause is the situation in which alienation as a concept is implemented through law. The term “alienation” has a long history but it is commonly used today in real estate contracts, mortgages, insurance policies, law, and wills.
The History of Alienation
In the old age of the feudal system in England, a system that was the beginning of modern-day alienation was known as subinfeudation. As the act of alienation today, subinfeudation required the license of the overlord, in other words, the blessing of the owner, for the property to be transferred and alienated to another.
And like nowadays, there are some items, objects or … let’s call them assets that can not be alienated. These assets are known as inalienable. Some examples of these are body parts, people, or aboriginal titles. Tickets or licenses also can not be given to someone else but they can be alienated in the sense that they are discarded, surrendered, or just disposed of.
Not to be confused with that 90’s movie/TV series “ Alien Nation”.
An alien is something foreign that does not belong to that place or person. So, in the real estate world, alienation is the voluntary and purposeful act of transferring an asset to a different party, making it no longer belonging to that person or place. Once an alienation is done, the titles of possession are transferred from one person to another.
Real Estate tips:
Don't let knowledge become a foreign concept to you! Search through our Glossary Terms and get up to speed with all these complex terms!
And once you're ready to play: find an agent and start putting that knowledge to work!
Popular Real Estate Terms
Justifiable and fair amount for a real estate transaction based on the conditions and limitations involved in the exchange. ...
The consolidation of items that have been considered a part of property but are not actually annexed, secured, or joined to it. ...
If you’re a renter and you own a pet, you might be familiar with the term pet rent. There has been a lot of discussion about the meaning of pet rent and controversy as it isn’t ...
Ownership rights to real or other types of tangible or intangible property. Property rights include exclusive occupancy, possession, use, and the right of disposition. Individuals groups, ...
The net operating income definition is the total profit generated by a business or real estate development after the necessary operating expenses are taken out. In order to determine the ...
Interest based on a 360-day year instead of a 365-day year. The former is referred to as simple interest and the latter is termed exact interest. The difference between the two types of ...
Mortgage clause causing the mortgagor to pledge additional properties, mortgaged or not, as collateral to the present mortgage. Failure to pay any of the other mortgages causes a ...
An accounting methodology for separately depreciating individual parts or elements of a building or improvement qualifying as business use or a depreciable asset under the IRS tax code. ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
Have a question or comment?
We're here to help.