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
general
warranty deed
special
warranty deed
four main
types of deeds
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.