Question

Describe the two terms: personal property and real property, and would be visual examples for each. Define the types of personal property and the types of real estate ownership. Explain the procedures for acquiring each type of property. Explain the procedures for transferring each type of property. Provide one legal tip related to personal property and one legal tip related to real property that are important to know but people might not be aware of. Add one statistics related to personal property and one statistics related to real property (e.g. number of lawsuits, number of sales, number of creation of property, number of specific problems experienced when acquiring/transfering, most common crimes, etc.).

Answer 1

Personal property is movable and purchased property, such as cars, furniture, tools, fixtures, and equipment.

Real property can not move from one location to another, such as land, farm, ponds, canal, machinery.

Personal property is three types tangible, intangible, and listed.

In the tangible property, physical objects are included, such as a vehicle, furniture.

In the intangible property included stake, bonds, intellectual property.

Suppose we talk about listed property, which is a part of personal and working purposes, both such as a computer. Types of real estate ownership are joint tenancy that holds a single unified interest in the property.

Tenancy in common that owned by more than one person.

Tenants by entirely do not allow one partner to transmit his interest to another third party.

The whole personal property is acquired by investing money, and some are considered by law, such as vehicles. Some are not recognized by statutes, such as furniture and equipment. Real property is acquired by purchase, inherited, gift, and adverse possession.

To transfer the real property, discuss the terms of deed with the new owner, hire a real estate, review the treaty, sign the deal in front of a local notary, the file the agreement on the public record.

To transfer the personal property, the owner can give his private property rights by merely selling the property.

Legal tip- Wages and bank accounts are a part of personal property.

There are several time limits and the legislation of restrictions considered in real estate property.

A person can sales any number of personal property.

A person can only buy or sell some real estate property under the law.