The Deed in a Residential Real Estate Sale

A transfer of land from a seller to a buyer must be accomplished through written documentation in order to satisfy requirements of the Statute of Frauds. Typically, real estate transactions involve many written documents from the offer, which is usually in the form of a contract to purchase, to the deed.

Land Trusts

A land trust is a device by which land is conveyed to a trustee for the benefit of another. A settlor is the owner of the property that is placed into the trust. A land trust is created when settlor expresses his or her intent to create a trust through a written instrument. The instrument must name the trustee and identify the trustee's powers, the beneficiaries, and any remaindermen. The settlor may be the trustee and, in most cases, the beneficiary of the land trust.

Types of Tenancies

Usually, when one thinks of the relationship between a landlord and a tenant, what comes to mind is a lease agreement between the parties where the tenant agrees to stay in the leased premises for a specified period of years and pay an agreed upon rent for the privilege of doing so. In actuality, the scenario described above is just one type of tenancy, a tenancy for years. The types of landlord/tenant relationships are as follows:

Tax Liens

A tax lien is a mechanism that is available to a taxing authority to insure the payment of taxes. With regard to real property, a tax lien may arise when a property owner fails to pay the taxes that are due on a property. A tax lien constitutes a cloud upon the property owner's title to the property.

Like-Kind Exchanges

Internal Revenue Code § 1031 provides the procedure for a little-used tax shelter known as a like-kind exchange. In essence, §1031 allows the exchange of business or investment property for other business or investment property of like-kind, with tax-deferral benefits.