Real estate Essay Example | Topics and Well Written Essays - 500 words

Real estate - Essay Example types of estates are basically determined from the type of language used in the ownership documents such as the deeds, wills, grants of land, lease and bills of sale, by which the real estate was acquired (Abts, 2002). Estates are usually distinguished by the different property rights vested in each type of real estate. Property may be transferred for various reasons, among them purchase, inheritance, gifts, and legal reasons (Abts, 2002). One can purchase real estate from another on the basis of willing buyer willing seller. This will involve transferring documents of ownership to indicate that the rights of ownership now belong to the buyer. Property can also be transferred in form of inheritance. An heir to the property will have to transfer the ownership documents to reflect his ownership. Property can also be given to another person as a reward or a gift. Property can also be transferred from one person to the other for various legal reasons, for instance, as part of a divorce case, if it was acquired illegally and has to be returned to the real owner. In all these circumstances, transfer of property has to be done carefully and often with the help of a legal advisor. In order to fully understand whatever type of property is being transferred, it is important to understand the various interests held by the two parties involved (Abts, 2002). Deeds can also affect the type of ownership being transferred. The various types of deeds involved in transfer of property include the general Warranty deed; this gives the new owner all the rights of ownership of the property without any limitations. A general warranty deed is good if property is being transferred to the buyer (Abts, 2002). A Special Warranty Deed on the other hand involves the grantor limiting the title warranty given to the grantee to anyone claiming from the grantor. The other important deed is the Quit Claim Deed, which conveys a grantor’s full interest in the property, but does not warrant that