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Design And Implementation Of A Real Estate Management System

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DESIGN AND IMPLEMENTATION OF A REAL ESTATE MANAGEMENT SYSTEM

 

Abstract

Estate Managers typically set the service standard and are responsible for the hiring, training, and ongoing management of staff required to meet the service needs of the household.   In addition to personnel management, the administrative functions are many. All related financial matters including accounting, budgets, and payroll normally pass through the eatate manager’s hands. Based on the size of the property the Estate Manager may wear many other hats. Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy their property, and/or to exclude others from doing these things. A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as they see fit. Some philosophers assert that property rights arise from social convention. Others find origins for them in morality or natural law. So, estate management system is needed to take care of keeping records of the estate transactions in terms of allocation, transfer of property, revoke or sale of a property. Maintaining such record manually will be cumbersome hence the need for an estate management system that will automate all estate transactions.

The software will be developed to keep record of estate management system. Hence detail information on property, location, ownership and amount to be paid as rate will be stored in a database for accounting purposes. The software will be developed using visual basic 6.0.

 

CHAPTER ONE

1.0       INTRODUCTION

1.1       Background of the Study

Land use, land valuation, and the determination of the incomes of landowners, are among the oldest questions in economic theory, Shavell (2004). Land is an essential input (factor of production) for agriculture, and agriculture is by far the most important economic activity in preindustrial societies. With the advent of industrialization, important new uses for land emerge, as sites for factories, warehouses, offices, and urban agglomerations. Also, the value of real property taking the form of man-made structures and machinery increases relative to the value of land alone. The concept of real property eventually comes to encompass effectively all forms of tangible fixed capital. with the rise of extractive industries, real property comes to encompass natural capital. With the rise of tourism and leisure, real property comes to include scenic and other amenity values.

Starting in the 1960s, as part of the emerging field of law and economics, economists and legal scholars began to study the property rights enjoyed by tenants under the various estates, and the economic benefits and costs of the various estates, Epstein (2007). This resulted in a much improved understanding of the:

Property rights enjoyed by tenants under the various estates. These include the right to:

  • Decide how a piece of real property is used;
  • Exclude others from enjoying the property;
  • Transfer (alienate) some or all of these rights to others on mutually agreeable terms;
  • Nature and consequences of transaction costs when changing and transferring estates.

1.1       Statement of the Problem

Keeping record in an estate concerning lands, buildings and their owners has been a great task to government and the governed. Access to estate information proves difficult that most times people are defrauded due to lack of property information. Illegal sales of lands and houses without the consent of the owner are very common. Valuation of estate for the purpose of paying tax to government is not achieved, hence the need for computerization of estate management system.

1.2       Aims and Objectives of the Study

The objective of this project is to develop software that will keep information on:

  1. Land size in the estate
  2. Land location in estate
  3. Land or building owners in the estate
  4. Land use information

 

1.3     Purpose of the Project

The purpose of this project work is to make estate information accessible to both government and individuals who may like to acquire building or land property.

 

1.4       Significance of the Study

The project work will help in a good number of ways to make estate information available to users. The software developed can:

o       Keep a database of all the lands and building in the estate

o       Enable retrieval of estate information

o       Guide buyers on how to buy and who to meet

o       Educate buyers on the type of land to build in an area for proper estate planning.

1.5       Scope of the Study

This research work is limited to estate information storage and retrieval using ministry of works and housing as a case study. The software developed will be carried out using Visual Basic to manage the database.

 

 1.6      Constraints and Limitations

Due to financial constraint, the information gathered was limited to house acquisition, usage and property ownership laws. All aspects left out were due to time and financial constraint.

 

 

1.7       Definition of Terms

Databases:  A systematically arranged collection of computer data, structured so that it can be automatically retrieved or manipulated. It is also called databank.

Fee tail. Under common law, this is hereditary, non-transferable ownership of real property.

Feudal land ownership, a system of mutual obligations under which a royal or noble personage granted a fiefdom

Life estate. Under common law, this is an interest in real property that ends at death.

Leasehold or rental. Under both common law and civil law, land may be leased or rented by its owner to another party; a wide range of arrangements are possible, ranging from very short terms to the 99-year leases, allowing various degrees of freedom in the use of the property.

Property is any physical or intangible entity that is owned by a person or jointly by a group of persons.

 

CHAPTER TWO

2.0       LITERATURE REVIEW

 

2.1       Land Property

Property is any physical or intangible entity that is owned by a person or jointly by a group of persons, Richard Pipes, (1999). Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy their property, and/or to exclude others from doing these things. Important widely recognized types of property include real property (land), personal property (physical possessions belonging to a person), private property (property owned by legal persons or business entities), public property (state owned or publicly owned and available possessions) and intellectual property (exclusive rights over artistic creations, inventions, etc.), although the latter is not always as widely recognized or enforced, Richard Pipes, (1999). A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as they see fit. Some philosophers assert that property rights arise from social convention. Others find origins for them in morality or natural law.

Various scholarly disciplines (such as law, economics, anthropology or sociology) may treat the concept more systematically, but definitions vary within and between fields. Scholars in the social sciences frequently conceive of property as a bundle of rights. They stress that property is not a relationship between people and things, but a relationship between people with regard to things.

Property is usually thought of as being defined and protected by the local sovereignty, John P., (2004). Ownership, however, does not necessarily equate with sovereignty. If ownership gave supreme authority, it would be sovereignty, not ownership. These are two different concepts.

Public property is any property that is controlled by a state or by a whole community. Private property is any property that is not public property. Private property may be under the control of a single person or by a group of persons jointly.

Modern property rights are based on conceptions of ownership and possession as belonging to legal persons, even if the legal person is not a natural person, Edwin (2010). In most countries, corporations, for example, have legal rights similar to those of citizens. Therefore, the corporation is a juristic person or artificial legal entity, under a concept that some refer to as "corporate personhood".

Property rights are protected in the current laws of most states, usually in their constitution or in a bill of rights. Protection is also prescribed in the United Nations' Universal Declaration of Human Rights, Article 17, and in the European Convention on Human Rights (ECHR), Protocol 1.

Traditional principles of property rights include:

  • control of the use of the property
  • the right to any benefit from the property (examples: mining rights and rent)
  • a right to transfer or sell the property
  • a right to exclude others from the property.

Traditional property rights do not include:

  • uses that unreasonably interfere with the property rights of another private party (the right of quiet enjoyment)
  • uses that unreasonably interfere with public property rights, including uses that interfere with public health, safety, peace or convenience.

Not every person or entity with an interest in a given piece of property may be able to exercise all possible property rights, Edwin (2010). For example, as a lessee of a particular piece of property, you may not sell the property, because a tenant is only in possession and does not have title to transfer. Similarly, while you are a lessee, the owner cannot use their right to exclude to keep you from the property, or, if they do, you may be entitled to stop paying rent or sue for access.

Further, property may be held in a number of forms, such as through joint ownership, community property, sole ownership or lease, Edwin (2010). These different types of ownership may complicate an owner's ability to exercise property rights unilaterally. For example, if two people own a single piece of land as joint tenants then, depending on the law in the jurisdiction, each may have limited recourse for the actions of the other. For example, one of the owners might sell their interest in the property to a stranger whom the other owner does not particularly like.

Legal systems have evolved to cover transactions and disputes that arise over the possession, use, transfer, and disposal of property, most particularly involving contracts. Positive law defines such rights, and the judiciary is used to adjudicate and to enforce property rights.

According to Adam Smith, the expectation of profit from "improving one's stock of capital" rests on private property rights. It is an assumption central to capitalism that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and better standards of living.

In his text The Common Law, Oliver Wendell Holmes describes property as having two fundamental aspects. The first is possession, which can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second is title, which is the expectation that others will recognize rights to control resource, even when it is not in possession. He elaborates the differences between these two concepts, and proposes a history of how they came to be attached to persons, as opposed to families or entities such as the church.



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