WHAT IS ESTATE? CHARACTERISTICS OF ESTATE AND CONCEPT OF LAND IN ESTATE?

Estate is a legal entity appraising the identity and quality of rights that the owner possesses in a property. 

Estate, in the estate management context, may be defined as an interest or right held over land or landed property.

It is the amount, degree, nature and extent of a person's interest in, or ownership of, land.

Characteristics of estate

For anything to be called an estate, it must possess the following characteristics:  

1. Physical identity – An estate should be a substantial thing that can be described in terms of size, shape, design, and geographical area.

Also, the development and improvement of an estate statement in its natural state form parts of its physical identity.

2. Economic conditions- All estates should be characterized by their financial return level. The estate should be capable of yielding an income. 

Factors such as expected return on investment, yield, financial exposure, and the trend towards physical or functional obsolescence can help determine the economic condition of an estate.

3. Legal identity-  There must be certain rights exercisable on the ownership of an estate.

An estate presumes rights enforceable by law. It is these rights that define the degree of control the owner has over it.

4. Managerial character- each estate (interest) in a property should depict a distinct special unit of control.

The Concept Of Land In Estate

1. The physical concept of land: This views land from a physical perspective and physical terrain.

The land encompasses all the surface of the earth in which all human activities take place plus mineral resources beneath the earth and in the sea.

2. Spiritual Concept of landThis emanated from the ancestral belief that there are deities (of river, sky, and land) functioning as custodians of every aspect of society.

3. The economic concept of landHere, Land is seen as the base where all productive, profitable activities take place.

These productive activities guarantee and ensure human continuity. 

It serves as the base where animals are fed. Mineral resources (like Gold, Diamond) and oil, which are economically profitable, are also rooted in the land.

Not to mention that crops, which sustain human beings, are grown on land.

4. Socio-political conceptIn this concept, the land is regarded as a political division and socio-political being. 

Here, the land is viewed as people, a nation, a town, or even a village. 

You may have heard people talked about the land of Manchester, Igbo, Ijaw, which relates to people rather than the substantial land.

Socially, it can also suggest a man is from a particular niche. 

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5. The legal concept of land: Those rights that are derived from the ownership of the estate of land are the viewpoint of this concept.

Several rights may probably co-exist in an area of land.

For example, in a lease agreement where two interests may exist, a freeholder will transfer a fraction of his interest to another individual called the leaseholder.

The law will validate and protect various rights and interests on land.

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