Real estate, in broad definition, is land and everything made permanently a part thereof, and the nature and extent of one's interest therein. In law, the word real, as it relates to property, means land as distinguished from personal property; and estate is defined as the interest one has in property.
Real estate may be acquired, owned, and conveyed (or transferred) by individuals; business corporations; charitable, religious, educational, fraternal, and various other nonprofit corporations; fiduciaries, such as trustees and executors; partnerships; and generally by any legal entity as determined and defined by the laws of the various states of the US Limitations are established in connection with sales of real estate by minors, incompetents, and certain types of corporations, and generally in cases involving some form. of legal disability or lack of capacity.
(82) In such instances, it is necessary in some jurisdictions to make application to the courts for permission to sell, in other jurisdictions such transfers are governed by statute.
(83) Real property is generally acquired by purchase, by descent and devise, or by gift. When acquired by purchase, a deed is given by the seller, or grantor, to the purchaser, or grantee.
The deed contains a legal description of the property conveyed. It must be drawn, executed, and acknowledged in proper form. to be entitled to record. (84)It is customary for the seller and the purchaser to enter into a contract, at which time the purchaser makes a deposit on account of the purchase price.
(85) The purchaser engages an attorney or a title company to search the title to the property. The title company ensures that the seller can convey clear title, the transaction is then closed.
(81)