Forum 5 Module 7 PLST.pdf - Personal Property There are two...

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Personal PropertyThere are two types of property; personal property and real property. Real property consists of land and the property that is attached to that land, while personal property consists of everything that is not real property. For example, household goods, furniture, and pictures are all personal property, and may be removed from the house once it is sold. (Goldman & Cheeseman 2017, pg. 577) Personal property can be tangible, or intangible. Tangible property is physically defined property; goods, animals, or minerals. Computers, furniture, and tools are all examples of tangible personal property. Intangible property refers to rights that cannot be reduced to physical form; stock certificates, bonds, or copyrights. Brand identity is an example of intangible property. (Goldman & Cheeseman 2017, pg. 577) Recording StatueA recording statue is a law that establishes the requirements for recording a deed or other property interest and the priorities of competing claims against the same property. These statues are intended to prevent fraud and to establish certainty in the ownership and transfer of property. Anyone interested in purchasing properties can check these records to see whether the grantor owns property, and whether any other parties have an interest in the property. (Goldman & Cheeseman 2017, pgs. 586 & 590) Registrar of DeedsA registrar of deeds maintains publics records and documents of real estate, claims against real estate, and the forms of mortgages. The registrar of deeds may be an elected or appointed official. The records may be hard copies, or electronic copies. The registrar of deeds charges a fee for filing documents, which could also include additional charges if a certain number of pages is exceeded. They

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