| Tangible and Intangible Property |
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| Property is an external thing that can be owned or possessed. Property can be divided into two categories: tangible and intangible. The word tangible refers to something that has a definable physical form that can be felt or touched. The word intangible refers to something that cannot be perceived by the senses.
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| Estates in Property -- Fee Simple |
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| Fee simple is the type of ownership that embraces every interest in property. In other words, when a person owns property in fee simple, there are no limitations on his or her right to possess, use, sell, or pass the property on to his or her descendants through a will or a trust. The owner of a fee simple estate owns the whole bundle of rights.More... |
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| Marketable Title and How It Is Affected by Liens |
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| A entered into an agreement of sale with B wherein A agreed to purchase certain real estate. Among other items in the agreement, B specifically agreed to convey "marketable title" to A. The title inspection ordered by A revealed numerous liens against the real estate, including tax liens and judgment liens.More... |
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| Lead Hazards |
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| The issue of lead hazards is of particular concern with regard to dwellings built prior to 1978. In fact, the presence of lead, lead dust, or lead-based paint chips, presents serious hazards to children, as well as adults. More... |
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| Foreign Investment in Real Property Tax Act FIRPTA |
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| In the year 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA). The law can be found at 26 U.S.C.S. § 1445. Briefly stated, the law provides that if a seller of real property is a "foreign person," the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the law.
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