What does Real Property include?
Real property includes:
- Land
- Buildings fixed to the land, and
- Property under/above the land.
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What are the characteristics of a deed?
A deed must be in writing.
Signed Description of Property Delivered and Recorded.
What are the characteristics of a Mortgage?
A mortgage must be in writing.
Signed Description of property Delivered.
What are the characteristics of a lease?
- No writing required if less than one year.
- Warranty of habitability is implied.
- Death does not terminate a lease.
- Sale of property does not terminate a lease.
What is personal property?
Personal property includes:
- Tangible property such as cars, equipment, etc.
- Intangible property such as patents, trademarks, copyrights etc.
What are the three requirements for a gift?
Three requirements for a gift:
- Intent for it to be a gift
- Delivery of the gift
- Acceptance of the gift
What are the rights of found property?
Lost property - Finder’s rights to property are less than Owner’s.
Abandoned property - Finder’s rights to property are greater than Owner’s.
What is tenancy in common?
There is an undivided interest in a portion of the property.
Upon death, the property goes to decedent’s heirs.
What is joint tenancy?
In a joint tenancy, there is an undivided interest in the entire property.
Upon death, the property goes to other joint tenants.
