SITUS. Location;, Location. 5 animals. A. 524. 2. Real property always has a fixed location, while personal property does not have such a fixed location; The Law Rei website regulates ownership, but not personal wealth. History, Confl. of the laws, § 379. For example, the scene of a crime is where it was committed; The location of a trust is where the trustee carries out his or her functions of administering the trust. These sample phrases are automatically selected from various online information sources to reflect the current use of the word “situs”.
The views expressed in the examples do not represent the views of Merriam-Webster or its editors. Send us your feedback. The situs address is often found in government documents. Raw real estate data for real estate databases also includes the location address of a commercial property. The mailing address or contact address is not necessarily the same as the address or physical location. Situs is the physical location where a property or business is located. In legal terms, situs is used to establish jurisdiction over a property or facility. In the same sense, the location of a commercial property is used to determine its tax jurisdiction. Property taxes would be an example. “Situs.” Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/situs.
Retrieved 30 September 2022. In law, the situs (pronounced /ˈsaɪtəs/) (Latin for position or location) of a property is where the property is treated as a location for legal purposes. This may be important in determining which laws apply to the property, because the location of an object determines the lex situs, i.e. the law applicable in the country in which the object is located, which may differ from the lex fori, the law applicable in the country in which an action is brought. For example, real estate in England is governed by English law, real estate in Scotland is governed by Scots law, and real estate in France is governed by French law. The rules for determining location vary from jurisdiction to jurisdiction and may depend on the context. The English common law rules that apply in most common law jurisdictions are described as follows: A situs refers to the location of a property for legal purposes. The concept is used to determine who has legal authority over the property, as the location of the property determines what is known as the lex situs.
Basically, the lex situs indicates which law is applicable to the property, depending on the jurisdiction in which it is located. In litigation, situs is important when an owner owns multiple properties located in different jurisdictions and there are differences between the laws of the respective jurisdictions. In this case, the place of ownership that is the subject of the dispute determines the law under which the dispute is resolved. In commercial real estate, the definition of situs has been expanded beyond its legal use to include commercial property in the context of environmental factors that influence its value, utility and market position. It may be important to determine the location of an object and the lex situs, as there are important differences between laws from one country to another, for example: whether ownership has actually been transferred; which taxes apply (e.g. inheritance tax, inheritance tax, wealth tax, income tax and capital gains tax); and whether the rules of succession or compulsory succession apply. §258 Nature of interest arising from the transfer of movable property. [Latin, place; Location.] The place where a particular event occurs. Latin, position, location, sinere to leave in place, allow What are the adjacent owners? What is capital improvement? What are current assets? It is also useful in determining who has the right to levy taxes on a particular property. For example, if a property has a county boundary that runs through the middle of the property on which it sits, the owner may receive tax bills from both counties, with the percentage of tax levied divided proportionally to the square footage of the building in each jurisdiction. n.
Latin for location, whether it is the place where the crime or accident took place or where the building is located.
