Question

Please Answer the following questions, USA based

1) What is the difference between Real Property and Personal Property?

2) Name and Explain one Classification of Estates?

3) What is a Mechanics Lien?

Answer 1

1. Personal property is referred to as movable property. On the other hand real property is immovable property which is land. Personal property can include your personal belongings like clothes, mobile phones, vehicles like cars, jewellery, etc. Immovable property only refers to land. Sometimes you may have personal property like furnaces and chattel that are fixtures to the real property. However, these do not become a part of real property and are still referred to as fixtures to real property and are classified as a separate head of personal property

2. The one classification of estate is called “life estate”. Life estate is the ownership of the land for the entire duration of the lifetime of an individual. In legal terms estate is a real property. The ownership of the land will be in the hands of the life estate holder until his or her death after which the property passes to the original owner or some other designated person. For example: A man may leave the life estate to the wife and make son as the owner. This means, the land will belong to the wife until she lives after which it will be transferred to the son.

3. A mechanics lien refers to an interest in the title of the property for the people who fulfilled the need in the form of materials or labor for the development or betterment of the property.   This type of lien can be applied to bother personal and real property.