Real Estate Law Week 1 Ind wrk - Research Paper Example

Real E Law Number Department The Darryl family Real e advisor Re: Purchasing a House and Real Estate Transaction First, I take this chance to congratulate you for the bold and insightful step you are taking to invest in a house. This is especially due, in light of the long-term and secure nature of housing investments. Nevertheless, it is important to pinpoint to you, the nature of the investment you are in the precipice of venturing into, in respect to the manner of transactions and legal implications it portends.

It is expedient that you take note of the fact that the house you are investing in is correctly categorized as real property, in lieu of personal property. This is because, unlike personal property which is essentially, movable items which are not part of the land, real property refers to land and the things that are permanently affixed to that land. In this regard, notice that even if you should intend to sell the land upon which the house rests, neither will unseat the house from the land, nor can you sell the house minus the land.

In another wavelength, it is imperative that you determine the type of real property ownership your house will be under. There is life estate where the right to possess, access and use this house will be limited to the proprietor’s (the Daryl’s) lifetime. In this case, the Darryls may give or sell away the property, later. The family can also resort to free simple which is outright ownership. There is also future interest where the family can seek the right to won the house sometime in future.

The Darryls may also consider contingent interest or lienholder where ownership is comes into existence only where specific conditions are fulfilled, or where the Darryls as the holder of a mortgage, judgment lien, deed of trust or mechanic’s lien on real estate take ownership interest in the real property, respectively (Elias, 2012). It is most advisable that the Darryls consider free simple ownership because of the legal implications it brings are less complex and are hence, more manageable, both presently, and in the future.

Warm regards,Attorney for Chicago Law Firm Carter, E. walker,Signature ReferencesElias, S. (2012). “Common Types of Real Property Ownership.” American Legal Encyclopedia, 7 (2), 2.