Real
Estate, in broad definition, land and everything made permanently a part
thereof, and the nature and extent of one's interest therein. In law, the word
real, as it relates to property, means land as distinguished from personal
property; and estate is defined as the interest one has in property.
Real
estate may be acquired, owned, and conveyed (or transferred) by individuals;
business corporations; charitable, religious, educational, fraternal, and
various other nonprofit corporations; fiduciaries, such as trustees and
executors; partnerships; and generally by any legal entity as determined and
defined by the laws of the various states of the U.S.
Limitations
are established in connection with sales of real estate by minors,
incompetents, and certain types of corporations, and generally in cases
involving some form of legal disability or lack of capacity. In such instances,
it is necessary in some jurisdictions to make application to the courts for
permission to sell; in other jurisdictions such transfers are governed by
statute. Real property is generally acquired by purchase, by descent and
devise, or by gift. When acquired by purchase, a deed is given by the seller,
or grantor, to the purchaser, or grantee.
The deed
contains a legal description of the property conveyed; it must be drawn,
executed, and acknowledged in proper form to be entitled to record. It is
customary for the seller and the purchaser to enter into a contract, at which
time the purchaser makes a deposit on account of the purchase price. The
purchaser engages an attorney or a title company to search the title to the
property. The title company ensures that the seller can convey clear title. The
transaction is then closed; that is, the property title is transferred and the
balance of the purchase price is paid. See also Torrens System. When an owner
of real property has died intestate, or without leaving a will, title to the
property is said to pass by descent to the heirs; when he has died testate, or
leaving a will that has been probated, the property passes by devise to the
person or persons so designated in the will. Transfer of real property by gift,
as, for instance, to churches, educational institutions, or fraternal orders,
is easily accomplished merely by the execution and delivery of a deed.
The
greatest and most extensive interest that may be acquired in realty is
described in law as a fee interest, a term that implies a proprietary
ownership, free and clear of conditions. Fee interest is the most common form
of ownership; with certain exceptions, private homes, apartment buildings,
factories, office buildings, and similar properties are owned in fee.
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