FIN 3713 Chapter Notes - Chapter 1: Flowchart, Quitclaim Deed, Warranty Deed
Document Summary
Real in real estate derived from realty, which means land and all things permanently attached . Other items not designated as realty are considered personalty, including all intangible and movable objects. (cars, shares of stock, bank accounts, patents) Thus real estate is derived to mean land and all things permanently attached. Because of numerous disputes, old english legal system evolved to require that all real estate transactions be evidenced by a written and signed contract in order to be enforceable. This system of written contracts, survey methods, and public records still exists in the us today. In addition to the acquisition of physical assets of land and structures, real estate investors also acquire certain rights to the land. Right to control, occupy, develop, improve, exploit, pledge, lease, exclude, and sell real estate. An interest in a real estate property denotes a property right.
