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For example, in California, if the executor can sell the property for at least 90 percent of its appraised value, they may have the authority to move forward with the sale. So know your state’s ...
Consider the following scenario: A father wishes to transfer $1,000,000 to his son. If the father hands the son the amount in cash, the father will have to pay gift tax on the full amount, as that is the fair market value of the property given. One million dollars is worth exactly one million dollars.
Over the millennia and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Superimposed on the legal estate and interests in land, English courts created "equitable interests" over the same legal interests. These obligations are called trusts which will be enforceable in a court. A trustee is the person who holds the legal title to property, while the beneficiary is said to have an equitable interest in the property.
A land owner of an estate cannot give a "greater interest" in the estate than he or she owns. That is, a life estate owner cannot give complete and indefinite ownership to another person because the life tenant's ownership in the property ends when the person who is the measuring life dies. For instance, if Ashley conveyed to Bob for the life ...
Under s 37 of the 1882 Act the tenant for life has the power to sell heirlooms so long as he gets a court order – Re Earl of Radnor's Will Trusts 1890 45 Ch D402. Where land is involved the court will only intervene if the exercise of the power would financially affect the beneficiaries e.g. Re Earl Somers 1895 11 TLR 567.
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).