(Q4) Property, Transfer of Real Property, Purchase of Real Property

Property that is movable

• Property that can not be moved • includes the land and any permanent improvements to the land like buildings, fences, landscaping, driveways, sewers, or drains.

personal property permanently attached to the land or a permanent structure

Property that exists physically (i.e., you can touch it) and can be used or consumed

• Property without physical existence. ex. patents, trade names

• Purchase • Inherit • Gift • Accession • Creation • Accretion

• the acquisition of land by its addition to already owned real estate through human or natural processes. • ex. you build an addition to your house, so the house, along with the addition are considered yours

• You acquire property by creating it • Inventions, music, books, paintings

• Accretion is the process through which land surface grows and increases. • Accretion occurs by gradually depositing soil by water deposits on a river bank or a beach. ex. a home near a delta gradually acquires land on the edge of the property. That land that is being created by the delta is considered your property

Property that the owner intends to find and recovery

Finder has no right to ownership of lost property

• Property that the owner has no intention of finding and/or recovering • ownership depends on state laws

• Single • Joint Tenancy • Tenancy in Common • Tenancy by the entirety

• The right to the use of another’s land intermittently without ownership ex. Power company has the right to go into your yard to fix power lines

One owner of the property

• Owned together equally, but if one dies, the survivor receives the entire property • Joint tenancy overrides a will/probate

property is owned by multiple people, but if one dies, that persons heirs receive that part of the property

like joint tenancy, but for spouses only. if one owner dies, the creditor can not go after the survivor who now owns the property

Transfers title to real property

Transfers title to personal property

• A deed that guarantees complete ownership of the property • Best Deed to receive • guaranteeing that they have a defensible ownership interest in the property and can therefore transfer their ownership interest to the other party (the buyer).

• Transfers whatever interest the grantor may have • a quitclaim deed makes no ironclad promise about the title status of a property, or any liens against it or encumbrances. • usually done between people who are related (husband and wife, siblings etc.)

• Owners (trustors) put the deed (quitclaim) to the property in a trust but name themselves or others as beneficiaries

A deed executed by a trustee. - Transfers ownership from the trust to a third party