What are different ways in which real property is acquired? Explain in detail.

Question

What will be an ideal response?

Answer 1

Acquisition of real property may occur in several different ways: 1. Purchase; 2. Gift; 3. Government Taking or Condemnation; 4. Descent/Devise; or 5. Adverse Possession. Purchase (contract or sale) is established through the performance of a written contract through the execution of a valid deed. As in a purchase, a gift of real property is made through the execution and delivery of a deed of the real property to the donee during the donor's lifetime. Condemnation is the manner in which a governmental authority may acquire real property by exercising its power of eminent domain. A certified copy of the judgment of condemnation from the court proceedings will be lodged in the recorder’s office for the jurisdiction where the real property is located to show transfer to the governmental entity as a matter of record. If a property owner dies intestate (without a will), the real property is inherited or descends to the owner's next of kin. One who dies testate (with a will), may determine to whom the real property will devise. A Certificate of Descent/Devise or other documentation from the court should be recorded on the land records in the jurisdiction where the property is located to show, as a matter of record, that the property has been acquired through a decedent's estate. A party may acquire title or ownership of real property through adverse possession superior to the record owner. Adverse possession must meet all of the typical requirements of actual, hostile, notorious, exclusive, continuous and under claim of right for a statutory period of time from 15 to 40 years.