Section 9.2 Buying a Home

Section 9.2 Buying a Home Real property is land and everything permanently attached to it, such as buildings and trees, soil and minerals, and the usable airspace above.

Section 9.2 Buying a Home Ownership of real property can come about by: deed inheritance law

Section 9.2 Buying a Home A deed is a written document that transfers ownership of property. The person transferring ownership is the grantor. The person receiving ownership is the grantee.

Section 9.2 Buying a Home four main types of deeds general warranty deed special warranty deed bargain and sale deed quitclaim deed

Section 9.2 Buying a Home A general warranty deed is an express warranty by the grantor that title to the property is good and has no defects.

Section 9.2 Buying a Home A special warranty deed warrants that no defects arose in the title while the grantor owned the property, but does not make any warranties about defects that arose before the grantor owned it.

Section 9.2 Buying a Home A bargain and sale deed transfers ownership of property without giving any warranties.

Section 9.2 Buying a Home A quitclaim deed transfers whatever rights or interest the grantor has in the property. It does not, however, warrant that the grantor actually owns or has title to the property.

Section 9.2 Buying a Home There are legal limits on the use and ownership of real property, including: zoning laws eminent domain adverse possession

Section 9.2 Buying a Home Zoning laws limit how property may be used in certain areas, such as allowing only residences or businesses, or restricting the size of buildings.

Section 9.2 Buying a Home Eminent domain is the right of the government to take private property for public use, such as building a highway, school, or power plant.

Section 9.2 Buying a Home In 2005, the Supreme Court held that the government could also take private property to promote private economic development.

Section 9.2 Buying a Home Adverse possession is when someone who does not own property takes possession of it by occupying it openly for a period of time set by state law—usually 20 years.