Property
Property law often affects most people, even though they may not encounter issues with the law and may not even think twice about the law governing their property. Property law covers both personal property and real property. The essential distinction between the two properties is that real property pertains to land whereas personal property pertains to chattels.
Elements
The area of property law governs diverse forms of tenancy and ownership in both personal property and real property. Both personal and real property share fundamental elements. One such element is possession. The party must own the property involved. In order for a party to take action against someone interfering with their property, he or she must have possession of the land or goods in question. This is a general principle.
Another key element is the acquisition of property - whether it be personal or real. Means of acquisition can include: gift, deed, license, conquest, discovery and adverse possession - to name a few.
Transfer of property is also an element of both real and personal property. Acquiring properties as a result of consensual transactions with previous owners is the most common method. This could be through a gift or sale. Another method is distribution of a deceased individual's property that it outlined in a will. An interest in property may also be acquired by a trust that is established for the individual. Property can also be transferred independently of the consent of owner, which happens during bankruptcy.
Jurisdiction
The jurisdiction of property law in the United States falls primarily to the state governing body. In saying that, there are some federal influences. For instance a Residential Landlord and Tenant Act was developed at the federal level for states to follow, which most states do follow - at least in part. There are also occurrences where cities and counties are permitted to pass their own regulations in regards to property law. This happens when a state have more general or less strict laws than a county would like. The county may impose stricter regulations on their residents. One case of this is with a state that doesn't have security deposit limits and the city would like more stringent rules about this.
Lease
The definition of a lease is that it of a contractual agreement. In this agreement, there is a lessee (also known as a user) and there is a lessor (who is the owner). A lease is an arrangement between the lessee and the lessor for using an asset. In the arrangement, there are certain conditions that are included. Typically these conditions include naming the lessee and lessor, specifying the...
Read MorePriority
Priority in property law can be a complex term to understand in some cases. In essence, the legal concept of priority occurs when different parties claim interest in a property. Typically these claims are inconsistent of each other which may result in disputes, therefore needing the courts to become involved. A court will resolve the dispute by adjudicating all of the priorities of the interests...
Read MoreTransfer of Property
The transfer of property is exactly that – transferring the title of the piece of property to another person. The most typical way to transfer property is through a consensual transaction between the new owner and the previous owner. Sales or gifts of property are common examples of consensual transactions. A disposition is another consensual transaction, in which a deceased person’s...
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