Business organizations. And more. Personal Property and real property.
Personal Property is any property that is not considered Real Property. Real property is land and anything permanently attached to that land. Personal property can be tangible or intangible. Most personal poperty is acquired by purchase. Personal property can also be acquired through inheritance, or by being the creator of the property, or through the natural expansion of livestock or vegetable property.
Tenancy in common is where two or more people own an undivided interest in a piece of property. On the death of one of the owners, that owner’s interest passes to his or her heirs, not to the other tenant.
In Joint Tenancy, the opposite is true. On the death of one tenant, that tenant’s rights revert to the other tenants.
Tenancy by the Entirety is ownership by multiple people. Typically this occurs in married couple. No tenant has the right to transfer his or her interest in the property without the consent of the ther tenants.
Community Property exists in some states. Community property is jointly owned by married couples. Each spouse owns an undivided 50% share of the property.
In Texas, real property is divided into air rights, surface rights, and mineral rights. Surface rights include soil, plants, animals, and so forth. Mineral rights include hydrocarbons, precious minerals, and smi-precious minerals.
Fee absolute ownership gives the owner maximum rights to the property.
Life Estates are property which is not owned by the person who has full rights to use it. On the death of the user, the land reverts to the owner. Used to avoid taxes.
Lease Estates
A deed is the instrument of real property transfer.
Squatter’s rights, or adverse possession, occurs when a person improves and openly occupies and uses a piece of property for some number of years he gains ownership of it.