20 Critical Questions About Property Law and Ownership

General Property Law

What is property law?

Property law is the law relating to ownership, use, and transfer of real and personal property.

What are the two main types of property?

Real property is land and structures, while personal property includes movable items such as a vehicle or furniture.

What is the difference between freehold and leasehold property?

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Freehold property gives absolute ownership, whereas leasehold property gives rights for a fixed term subject to the terms of a lease.

What is a deed?

A deed transferring ownership of real property from one party to another.

What is title insurance?

Insurance protecting buyers and lenders of property against the possibility of someone else’s undisclosed claim or a dispute over who owns the property.

Property Ownership

What are the forms of property ownership?

Sole ownership, joint tenancy, tenancy in common, tenancy by entirety-married couples- and community property-in some states.

What is joint tenancy?

Co-ownership in which parties hold equal shares with right of survivorship. Ownership will pass to the surviving owners on one owner’s death.

What is adverse possession?

Legal principle permitting someone to acquire ownership of land, if that person uses the land openly and continuously for a statutory period.

Can a property be owned by more than one owner?

Yes, properties may be co-owned either equally or unequally according to agreement.

What is an easement?

A legal right to use another person’s property for a specific purpose, such as access to a road or utilities.

Buying and Selling Property

What is escrow in real estate transactions?

A neutral third party holds funds and documents during a property transaction to ensure all terms are met.

What are closing costs?

Fees associated with finalizing a property purchase, including taxes, title insurance, and legal fees.

What is a property survey?

A graphic, detailed description of a property’s boundaries, improvements, and features, often needed for title insurance.

What is a contingency in a property purchase contract?

Conditions, such as loan approval or inspections, that have to be met before the sale can close.

What if the seller does not disclose defects?

Buyers can sue for damages or seek rescission of the sale if the defects were concealed and material.

Leases and Tenancies

Difference between a lease and a rental agreement

A lease typically has a fixed term, while a rental agreement is month-to-month.

Rights of tenants

Rights vary by jurisdiction but typically include habitability, privacy, and protection against unlawful eviction.

What is an eviction?

This is the legal process to remove a tenant who breaches the terms of a lease, such as non-payment of rent.

Property Disputes

What does a lien on property mean?

A legal claim against a property for unpaid debts, such as mortgages, taxes, or contractor fees.

How are boundary disputes resolved?

Through surveys, negotiation, or court action to determine the accurate property line.

These questions address critical aspects of property law and ownership.