Real Estate Topic

23134. Mingyi XIE

Q1.

Properties are things that can be owned, for example, lands and all the object and rights. Tangible properties are things can be physically touched, such as a house, cars, etc. And rights are intangible property.

Q2.

Real property is immoveable, which is also called realty, such as the land and interests in land, such as things that growing on it and built on it, also some airspace above the land and anything that beneath the surface.

Q3.

Personal property means all other properties rather than realty. The two categories are 1) choses in possession (tangible items such as chattels that can be touch and moved) ;2) choses in action (intangible, no physical presence).

Q4.

Ownership can be defined as to having title to the property, which normally achieved by purchase, through a gift, by a gift in a will, by the establishment of a trust or by operation of law.

Q5.

Possession can be obtained legally or illegally; it is the right for a person to use or control a property. The law will protect a person’s right of legal possession. It can be tuned over by legal evidence of ownership of someone else.

Q6.

Other parties protect the indefeasible title from claims, such as a previous owner. The title is guaranteed and cannot be displaced if there is no fraud involved.

Q7.

The LINZ is the land information including all the registry of the title. LINZ updates the details in the registry and records the new owner’s name on the title after the sale complete.

Q8.

Certificate of titles is required when preparing a sale and purchases agreement, as it shows the important information. Such as the legal description of the land, the land size, ownership type, lot number and unique identifying number as well, whereas, the information the vendor is not always right and up to date.

Q9.

A mortgage is a registered security as it guarantees that the mortgage will be paid back to the bank. The bank is entitled to sell the property as a...