Situs Tag Archive

What is a Situs?

A situs refers to a real estate property’s location, for legal purposes. The concept is used to establish who has the legal authority over the property, as the situs of the property determines what is known as the lex situs. Basically, lex situs states what law is applicable to the property, by the jurisdiction in which it is located.
During legal disputes, the situs is important when an owner has several properties, located in different jurisdictions, and there are differences between the laws in the respective jurisdictions. In this instance, the situs of the property that is the subject of the legal dispute will determine by which law the dispute will be resolved.

It is also useful in determining who has the right to collect taxes for a certain property. For example, if a property has a county boundary going right through the middle of the parcel it stands on, the owner might receive tax bills from both counties, the percentage of the levied tax being split proportionally to the building’s surface area in each jurisdiction.

You might also be interested in:

What are adjoining owners?
What are capital improvements?
What are current assets?

Search other terms

A
B
C
D

E
F
G
H

I
J
K
L

M
N
O
P

Q
R
S
T

U
V
W
X

Y
Z

Popular terms

Amortization

Equity

Notary Public

Progression/Regression

Acquisition

Annuity

Asset

Fiduciary

Inflation

Contingency

Escrow

Power of attorney

Real Estate Agent

Eminent Domain

Liability

Statute of Limitations

Valid

Variance

Contiguous

Deficit

Nothing found here

Perhaps You will find something interesting from these lists...

All Blog Posts: