Chapter 4_updated

Chapter 4_updated - Chapter 4: Transferring Real Estate Hua...

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Unformatted text preview: Chapter 4: Transferring Real Estate Hua Sun Department of Accounting and Finance California State University, San Bernardino Jan 27, 2009 Hua Sun (CSUSB) Transferring Real Estate Jan 27, 2009 1 / 31 How real estate may be acquired Multiple ways of acquiring real estate I Succession or will I Accession F improvements, accretion, reliction I Occupancy F adverse possession or prescription I Transfer F public or private grant or other means Hua Sun (CSUSB) Transferring Real Estate Jan 27, 2009 2 / 31 How real estate may be acquired Acquisition by succession or will I dying with a will = testate F A testator is a person who makes a will; that person is said to die testate. F A devise is a transfer of real estate by will to a named devisee. F A bequest is a transfer of a legacy (usually personal property by will to a legatee). I A will can be amended by a codicil. I dying without a will = intestate F Intestate succession: follow California law on distribution rule. I A formal, witnessed will must follow legal formalities. The State Bar of California provides statutory will forms for a nominal fee. I A holographic will must be written entirely in the testators own handwriting, but need not be witnessed. Hua Sun (CSUSB) Transferring Real Estate Jan 27, 2009 3 / 31 How real estate may be acquired California Law of Intestate Succession Community property: goes to the surviving spouse. Separate property: I Surviving spouse + No child F Surviving spouse takes 1/2. F Other eligible heirs take 1/2. I Surviving spouse + One child F Surviving spouse takes 1/2. F Child takes 1/2. I Surviving spouse + More than one child F Surviving spouse takes 1/3. F Children divide 2/3 equally. I No surviving spouse or child F Prescribed by California law; if no heirs can located, escheat to the state. Hua Sun (CSUSB) Transferring Real Estate Jan 27, 2009 4 / 31 Discussion Hal and his wife own Sunny Acres as community property. They have no children. Who will have title to Sunny Acres if Hal dies without a will? If they have eight children and Hal dies without a will, who will receive title to Sunny Acres? I In both cases, Hals one half of the community property, including Sunny Acres, will go to his wife-regardless of the number of Children. Hua Sun (CSUSB) Transferring Real Estate Jan 27, 2009 5 / 31 How real estate may be acquired Acquisition by succession or will:(continued) I Probate is the court procedure for distributing a decedents property. F An executor is an estate representative who is named in a will. F An administrator is an estate representative appointed by the court. I Duties of the estate representative/administrator include: F Publishing notice to creditors F Conducting inventory and appraisal of estate property F Reporting estate assets and liabilities to the court F Distributing proceeds of estate as court directs I Upon approval by court, fees may be payable to representatives and attorneys....
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This note was uploaded on 02/23/2010 for the course FIN 81824 taught by Professor Mcgrath during the Winter '09 term at CSU San Bernardino.

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Chapter 4_updated - Chapter 4: Transferring Real Estate Hua...

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