What does Real Property include?
Land, Buildings fixed to the land, and Property under/above the land.
What are the characteristics of a deed?
Must be in writing Signed Description of Property Delivered Recorded
What are the characteristics of a Mortgage?
Must be in writing Signed Description of property Delivered
What are the characteristics of a lease?
No writing required if < 1 year Warranty of habitability is implied Death does not terminate a lease Sale of property does not terminate a lease
What is personal property?
Tangible property; such as cars; equipment; etc. Intangible property such as patents; trademarks; copyrights; etc.
What are the 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?
Undivided interest in a portion of the property Upon death; property goes to decedent's heirs
What is joint tenancy?
Undivided interest in entire property Upon death; property goes to other joint tenants