Community property is a form of property of husband and wife during marriage that they want to own together. Under community ownership, each spouse owns (or owes) everything equally, regardless of who earned or spent the money. Thus, in the event of divorce or death, each spouse receives an equal division of real estate. In the United States, nine states have community property laws: California, Arizona, Nevada, Louisiana, Idaho, New Mexico, Washington, Texas and Wisconsin. Apart from immovable property, personal property acquired during the marriage, such as vehicles, furniture and works of art, may be considered community property. Real estate is divided into two classes: real estate and personal property. The legal nature of ownership determines a series of legal rights and obligations, in particular how to claim ownership and use. Whether an asset is real estate or personal property determines whether a transfer of ownership requires written documentation. In addition, whether personal property is a fixed point for land determines how it is transferred (i.e., as part of the land or otherwise).
Duties on real estate and personal property are distributed differently under inheritance law. Finally, whether a property is classified as real or personal may affect the environmental liability of a landowner in relation to another party who may have caused environmental damage to the land. The concept of successive interests describes title in a series where a person`s ownership begins with the end of the previous owner`s estate. These rights (i.e. possession) are never held at the same time. In his 1893 book «The Distribution of Wealth,» American economist John Rogers described common property as «not a single absolute right, but a set of rights» divided «between owners and society.» Real estate rights can be further separated, for example: The complete transfer of a right associated with a colocation requires the written transfer by all roommates. The consent of all roommates is required to sell, rent, give or pledge. Each roommate can transfer his interest, and the assignee becomes the new roommate of this interest alongside the others. Unless otherwise agreed, all roommates are equally involved in the income and rents of the property. For example, a deed signed by an owner does not transfer an interest in the entire property, but only its percentage of ownership (and again, not a specific part of the property). The new owner owns it with the other tenants. Similarly, a lease signed by one landlord is likely to be inapplicable to the entire property unless the other landlords sign it as well.
Depending on the community of property in which you live, property acquired during a common-law marriage may also be held as joint property. Texas, for example, is a communal state that also recognizes common-law relationships. Personal property is anything that is not property, such as money, farm equipment and tools, livestock, nursery supplies, cut wood, and household items such as cars, jewelry, bank accounts, stocks, and bonds. Personal property is what can be transported, and in short, almost anything that is not land (unless it is tied as described above). Personal property can be divided into tangible and intangible property. Material objects have their value in their physical form, such as a gold bar, a cow, a tractor or a weapon. Intangibles are assets represented by some form of documentation, such as a contractual right to income, ownership of an interest in a business entity (i.e., a share of the company`s shares), or ownership of a trademark or patent. The obvious disadvantage is the potential for legal problems related to the transfer of ownership in the event of the death or incapacity for work of the sole proprietor.
Unless specific legal documents, such as a will, transferring ownership upon death can be very problematic. If a will does not exist or can be found, or is not admitted to the estate for any reason, real estate (and personal) property rights pass to heirs by intestate succession under the North Carolina Intestate Succession Act.8 This law contains different forms of succession depending on its class (i.e. real or personal), according to the survival of a spouse and different categories of descendants in direct and lateral line. The valuation of ownership of real estate transferred by Intestacy may be difficult if probate proceedings have not been initiated and the property has been appointed by the court clerk. Homeowners also face obligations, such as paying taxes and maintaining liability insurance. If they do not comply with these obligations, they may lose one or more of their property rights. Possession is the actual possession of a thing, whether or not one has the right to do so. The right of possession is the legitimacy of possession (with or without actual possession), the proof of which is such that the law will maintain it unless a better claim is proven. Ownership is the right that, if all relevant facts were known (and admissible), would void all other claims. Each of them can be in a different person. Properties also include structures built on the land, such as houses, fences, sheds and barns, as well as other improvements that are otherwise not transferable in their useful condition once removed from the land. Note that for some land use improvements, although anchored to take on the character of furniture, these items may be considered personal property, especially if they are contractually declared as such.
When the land is leased by the landlord to a commercial tenant – including a farmer – improvements attached to the land, although considered real estate, can generally be withdrawn by the outgoing tenant as «commercial devices». The legal owners of a property are registered in the Land Registry and can be searched on the Land Registry website. Proof of ownership is provided by possession of a deed. In addition, you have the right to use the space above the property, including the right not to look directly above your property blocked by buildings on adjacent properties. When you acquire property, you must carefully determine whether any of these rights, such as air rights, have been sold or pledged. If married individuals wish to own real estate outside of their spouse, title insurance policies generally require the spouse to expressly relinquish ownership of the property. A joint tenancy means that two or more people own an undivided fraction of the same property. This is probably the most common form of inherited land ownership in families with more than one child. For example, if three children have inherited property from a parent «to divide and divide,» they also own the property as roommates, each owning an undivided third of the shares of the entire property, not a specific part of it. Each co-owner has the right to use and own all the property, but each co-owner cannot exclude another co-owner. Wing A belongs to Frank, who bought it in Chester.
By the time the title was transferred from Chester to Frank, Tract A had its full set of rights intact. After the purchase, Frank is approached by Dweezle, the owner of the adjacent B Wing, who must cross Wing A to get to the public alley. One of Frank`s proprietary rights (one of his «sticks») is the «right of exclusive possession». If he grants Dweezle servitude to cross his land, this right will be severed and – at least for the strip of land under servitude – now shared with wing B. Unless the easement is qualified by Dweezle`s continued ownership of Area B (i.e., it ends when Dweezle transfers Area B to another), the separate right remains the property of Area B. Dweezle later sold Tract B to Ralph.