Real Property Attorneys Provide Invaluable Help
What is “real property”? It is land along with any attached property to the land that is not movable. Real properties include roads, buildings, machinery and canals. Attachments can be man-made and/or natural resources. The term is often used when describing land law. It includes land and any interest or estate in land.
Real Property Classification
Real property is classified as:
- Freehold estates – individual has ownership for an indefinite period of time. Examples include the “life estate”, where an individual retains possession of the land for life;
- Non-freehold estates – property interests of limited duration, not inheritable and no ownership rights; and
- Concurrent estates – property is owned simultaneously by two or more individuals.
Individuals and families are able to transfer real property, which are often conducted through the exchange of a deed of title to the land. It is crucial for such deeds to be recorded with the county recorder’s office. There are several different methods for real property to be transferred including via sale and purchase, as a gift from one individual to another, and through a device such as a will.
Real property transactions consist of two components:
- Obligation – a promise/agreement by the borrower to repay fees plus interest to a lender; and
- Security – interest in one or more assets that lender may reach if the obligation is not carried out, i.e., an interest in real property and at times, personal property.
When acquiring ownership of real property, a “bundle of rights” is transferred from seller to buyer upon the sale. Such rights include:
- Right of possession;
- Right of disposition;
- Right of control;
- Right of exclusion; and
- Right of enjoyment.
Real property transfers can be quite complicated at times and difficult to comprehend. Disputes often arise. Fortunately, if you hire an experienced and knowledgeable real property attorney, you arm yourself with the relevant information. Seek legal counsel from such an attorney before any transactions and don’t put all of the stress on yourself. Your attorney can expedite matters by helping you file your claim, if needed, and represent you during court proceedings. He/she will gather and accurately prepare the necessary forms.
Remember to carefully review the property distribution laws for the specific state where you reside, since every state has different rules and regulations. During a divorce, real property is not always easy to divide between the two parties involved. Since this is a complex matter, it is best to seek advice from real property attorneys.
Connect With a Real Property Attorney Today
If you need any type of real property transaction, or need to better understand application of real property laws in your state, contact Stokes O’Brien at (619) 648-2793 to get the most qualified and experienced real property attorney. Our legal professionals will help you remain calm as they navigate the legal arena to present all options.