Legal Definition of a Homeowner
If a person owns more than one dwelling, such as a vacation home or investment property, their principal residence is the place considered their legal residence. This legal status affects how their taxes are paid on that property, as opposed to their liability for taxes on their other properties. There are certain depreciations and deductions that can only be used for a person`s principal residence. Although it is full of emotional connotations, a house has specific legal connotations because it is used to determine many things, from tax liability to a person`s status in the country where they live. It can also be used to determine which state probate laws are followed, a state`s rights when collecting taxes, and citizenship if a person resides in a country other than the one in which they were born. These sample phrases are automatically selected from various online information sources to reflect the current use of the word «owner». The views expressed in the examples do not represent the views of Merriam-Webster or its editors. Send us your feedback. n.
someone who has a legal title or right to something. Contrary to the cynical adage that «possession is nine-tenths of the law,» possession does not necessarily make someone a legal owner. (See: clean) However, Kate Jones, its New York tenant, is eligible to take advantage of the state`s free classes. Although she doesn`t own the property where she lives, it`s her legal residence, and she calls New York, upstate New York home. A house is a physical residence or structure where a person or household lives. In the legal sense, a dwelling is the place of permanent residence to which one lives or wishes to return. While a home may be empty if a person travels for an extended period of time or has been hospitalized, the place is still legally considered their home if there is an intention to return and they have not claimed a place other than their legal or primary permanent residence. The type of home or risk insurance a person has in their home also varies depending on the type of occupation. Because a home is an owner-occupied property, some additional coverages apply – unlike a non-owner-occupied property, which may include only a policy that covers the building rather than its contents. The latter would be the case of property occupied by a person other than the owner, such as rental property. A tenant may choose to purchase their own tenant insurance to protect their property in the rented unit, but it is the building owner who can purchase home insurance (or a commercial version of it) – which would usually only cover the building and its infrastructure. «Homeowners.» Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/homeowner.
Retrieved 5 November 2022. For example, imagine that Mary Smith has three properties. The first is a beach house in New Jersey. She uses this property during the summer months with her children; In winter, the property remains empty. This is their holiday home. Now consider that Mary`s eldest child is ready to graduate from high school and is applying to college. New York State offers free tuition to residents, that is, people living in New York State. Although Mary owns a condominium in New York City, neither she nor her children call it State House. You will not be able to take advantage of New York`s free college program. Pamela Rodriguez is a certified financial planner® licensed in Series 7 and Series 66 with 10 years of experience in financial and retirement planning. She is the founder and CEO of Fulfilled Finances LLC, a Social Security Presenter for AARP, and Treasurer of NorCal`s Financial Planning Association. Skylar Clarine is a fact-checker and personal finance expert with extensive experience, including veterinary technology and film studies.
Your second property is a condominium in New York. She rents the condo to Kate Jones, who lives there full-time, and pays her $1,500 rent a month. This is their investment property. The person who is legally recognized as having ultimate control and right to use the property as long as the law permits and no agreement or agreement or agreement limits his rights. OWNER, property. The owner is one who dominates a real or personal, physical or incorporeal thing, which he enjoys and with which he can do what he wants, even corrupt or destroy it, to the extent permitted by law, unless he is bound by an agreement or covenant that limits his right, Prevented. 2. The right of the owner is broader than that of the one who can only use the thing.
The owner of an estate can therefore change the face of the estate; He can cut wood, demolish buildings, build new ones and dig wherever he wants, to find minerals, stone, plaster and things like that. He may commit something that would be considered wasteful if it were done by someone else. 3. The owner continues to have the same right even if he does not perform or is prevented from performing property deeds, and although another performs such acts without the knowledge or against the will of the owner. But the owner may lose his right to an object if he allows it to remain in the possession of a third party, for a sufficient time for the third party to acquire title to it by prescription, or if time passes. See Louis Civil Code. B. 2, t. 2, c.
1; Encyclopedia of M. D`Alembert, Owner. 4. If there are several co-owners of an object, such as a ship, the majority of them have the right to enter into contracts for that thing in the ordinary course of business or repair and the like, and the minority is bound by such contracts. Holt, p. 586; 1 Bell`s Com. 519, 5. Edition. See 5 Whart. No.
366. His third and final property is a two-story home in a suburb outside Philadelphia. She lives there with her husband and three children. Her children attend school in the local district, and she pays her state and local income taxes based on Pennsylvania tax rates. This is their domicile or principal residence.