General Property Law
What is property law?
Property law deals with the ownership, use, and transfer of land as well as personal property.
What are the principal types of properties?
Real estate refers to land and other permanent structures, while personal property consists of movable goods, such as cars or household furniture.
What is a deed?
A legal document transferring real property from one party to another.
Also read:
- https://prolegalinsights.com/20-critical-questions-about-property-law-and-ownership/
- https://prolegalinsights.com/25-property-law-questions-land-leasing-and-transactions-explained/
- https://prolegalinsights.com/30-property-law-faqs-for-buyers-sellers-and-renters/
What is a title?
In law, a term used to describe property ownership-rights and claims.
What is title insurance?
Insurance that protects buyers and lenders from claims against the ownership of a property.
Types of Property Ownership
What are the different forms of property ownership?
Sole ownership, joint tenancy, tenancy in common, tenancy by entirety for married couples, and community property.
What is joint tenancy?
Co-ownership in which each party holds equal shares with rights of survivorship. That means ownership is transferred to the remaining owners in case one or more owners die.
What is a life estate?
Ownership for the period of a person’s lifetime and then passes ownership to another party known as the remainderman.
What is adverse possession?
A legal principle that enables one to acquire land ownership after overtly and undisturbed use for a prescriptive period of time.
What is an easement?
The legal right granted to use other people’s properties for a certain purpose, say to access a road or connect utilities.
Transactions in Property
What is real estate escrow?
A neutral third party holds funds and documents until all conditions of a property transaction are met.
What are closing costs?
Taxes, title insurance, and attorney fees paid in closing a property purchase.
What is a purchase agreement?
A legal contract between buyer and seller detailing the terms of a property sale.
What is a contingency in a property contract?
Conditions that need to be met for a sale to go through, such as getting financing or a satisfactory inspection.
What if a seller doesn’t disclose defects in the property?
Buyers can sue for damages, rescind the sale, or demand repairs if the defect violates disclosure laws.
What is a short sale?
The sale of a property for less than the mortgage balance, usually requiring lender approval.
What is a property survey?
A detailed map showing property boundaries, structures, and easements, often required for title insurance.
What is dual agency in real estate?
When one agent represents both the buyer and seller, requiring full disclosure and consent.
What is earnest money?
A deposit showing the buyer’s serious intent to purchase, often forfeited if the buyer backs out without valid reasons.
Can you sell a property with a lien?
Yes, but the lien must be satisfied or resolved before the sale is finalized.
Land Use and Zoning
What is zoning?
Local regulations dictating how land can be used, such as residential, commercial, or industrial purposes.
What is eminent domain?
The government’s right to take private property for public use, with fair compensation.
What is a restrictive covenant?
A condition in a deed limiting property use, like prohibiting commercial activities in residential areas.
What is variance in zoning?
An exception by local authorities that allows property use outside current regulations.
Landlocked Property
Property without direct access to public roads, usually requiring easements for access.
Leasing and Tenancies
What is the difference between a lease and a rental agreement?
A lease is a fixed-term contract, such as one year. A rental agreement is usually month-to-month.
What are tenants’ rights?
Rights to a habitable property, privacy, and not to be thrown out of possession without due cause.
Can one raise the lease rent during term?
Only under special conditions specifically provided for in the contract or with tenant’s consent on an increase.
What is Security Deposit?
Repayable cash advance given the tenant to reserve damages or late payment of arrears left unpaid at expiration of the Lease, after netting legitimate withdrawals.
What’s subleasing?
Subletting end
When a tenant rents their leased property to another person, usually requiring the landlord’s consent.
Property Disputes
What is a property lien?
A legal claim against property as collateral for unpaid debts, such as mortgages or contractor fees.
How are boundary disputes resolved?
Through surveys, negotiation, mediation, or court action to determine property lines.
What is quiet title action?
A lawsuit to resolve disputes or remove clouds on a property title, ensuring clear ownership.
What if there’s a title defect?
It has to be cured before the property can be sold through the settlement of liens and correction of ownership problems.
What is encroachment?
The intrusion of one structure on another, usually a case of dispute or litigation.
Miscellaneous Property Law Questions
What is a homestead exemption?
A legal provision which protects the homeowner’s equity from the creditors or reduces property taxes.
What is a deed restriction?
A restriction in the deed on how the property may be used, such as prohibiting certain types of buildings.
What is tax foreclosure?
When the government takes possession of a property due to unpaid property taxes.
What is tenancy in common?
Co-ownership where each party owns a specific share of the property, which can be transferred without the other owners’ consent.
What is community property?
It is a system in some states whereby property acquired during marriage is held equally between spouses.
This FAQs covers fundamental issues of the law of property for real estate enthusiasts.