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For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
The act of embarkation or disembarkation is related to various legal issues such a liability for accidents, or in relation to immigration and refugee status. [3] [4] Generally liability for an accident prior to embarkation or boarding, such as during a security check is considered to not be part of the embarkation system. [5]
The distinction between extraordinary assumptions and hypothetical conditions can be a matter of law or professional standards in the field of real estate appraisal in the United States where the distinction is not only codified in USPAP, but enforced by various state real estate appraiser commissions or professional boards. However, the ...
As of 2014, the Restatement's failure to address basic doctrines like adverse possession and real estate transfers had never been corrected over 75 years, three Restatements series, and 17 volumes. [2] In the 1970s, the Uniform Law Commission's project to standardize state real property law was a spectacular failure. [3] [4] [5]
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
Property law is characterised by a great deal of historical continuity and technical terminology. The basic distinction in common law systems is between real property (land) and personal property (chattels). Before the mid-19th century, the principles governing the transfer of real property and personal property on an intestacy were quite ...
The manifest can also be prepared for regulatory purposes, specifically the customs manifest which needs to be sent to customs when arriving in the first port in a country. The difference in information on the customs manifest and the freight manifest is usually marginal, but the legal status of the two documents is completely different.
Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...