Property Transactions

Property transaction is the relationship between a person having rights with respect to any tangible or intangible object and all other persons. Real property is land and anything more or less permanently attached to it, whereas personal property is anything that is not real property. Personal property may be tangible (e.g., cars and jewellery) or intangible (e.g., bank accounts, insurance policies). Some intangible property is known as intellectual property. This includes trademarks, patents, trade secrets, and copyrights.

Deeds are legal documents that transfer ownership of real property. Temporary transfer of interest in property is accomplished with a lease. The owner of the property, the landlord, grants a tenant the right to occupy the property for a specific time period and for a rental fee.

The transfer of personal property is technically a transfer of title (ownership of the property). Normally, title passes from seller to buyer when the buyer's money is accepted and the vendor hands over the goods. But when property is bought cash on delivery (COD), title is not transferred until the buyer accepts the merchandise and pays for it. With instalment purchases, title typically passes when the purchaser takes possession of the property.

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