Editing Property law (section)

== Transfer of property ==
The term "transfer of property" means an act by which a living person, company, or state conveys property, in present or in future, to one or more other living persons, to himself and one or more other living persons, to the state, or to a private company. The transfer of property can be consensual or non-consensual, and to transfer property is to perform such an act.

=== Consensual transfers ===
The most common method of acquiring an interest in property is as the result of a consensual transaction with the previous owner, for example, a [[sales|sale]], a [[gift]], or through [[inheritance]]. In law, an inheritor is a person who is entitled to receive a share of the heritor's (the person who died) property, subject to the rules of inheritance in the [[jurisdiction]] of which the heritor was a citizen or where the heritor died or owned property at the time of death. Dispositions by [[Will contract|will]] may also be regarded as consensual transactions, since the effect of a will is to provide for the distribution of the deceased person's property to nominated beneficiaries. A person may also obtain an interest in property under a [[Trust law|trust]] established for his or her benefit by the owner of the property.

=== Non-consensual transfers ===
It is also possible for property to pass from one person to another independently of the consent of the property owner. For example, this occurs when a person dies [[intestate]], goes [[bankrupt]], or has the property taken in execution of a court judgment.

There are cases when a person is legally capable of owning property, but is not capable of maintaining and dealing with it (such as paying property taxes). This is the case for young children and mentally handicapped individuals. The state deems them incompetent in their capacity to deal with property. Thus, they must be appointed a legal guardian to deal with the property on the incompetent individual's behalf. In cases where the individual cannot find a legal guardian to deal with the property, the property is put up for sale and the incompetent individual is involuntarily deprived of such property.

[[Tax sale]]s are another process by which individuals can be forcibly deprived of their private property. A tax sale is the forced sale of property by the state due to unpaid taxes on that property. The property is typically auctioned off as a tax sale by the local government to payoff the delinquent taxes on that property. One could make the argument that, given the presence of property taxes, an individual never truly owns a piece of property; they rent it from the government.

Property can also pass from one person to the state independently of the consent of the property owner through the state's power of [[eminent domain]]. Eminent domain refers to the ability of the state to buyout private property from individuals at their will in order to use the property for public use. Eminent domain requires the state to "justly compensate" the property owner for the acquisition of their land. The practice dates back to at least the 17th century.<ref>{{Cite web|date=2015-04-13|title=History Of The Federal Use Of Eminent Domain|url=https://www.justice.gov/enrd/history-federal-use-eminent-domain|access-date=2020-12-18|website=www.justice.gov|language=en|archive-date=2020-11-28|archive-url=https://web.archive.org/web/20201128054156/https://www.justice.gov/enrd/history-federal-use-eminent-domain|url-status=live}}</ref> Common examples include buying land from individuals in order for the state to build public roads, transportation systems, governmental buildings, and to construct certain public goods. The state also uses its eminent domain power for large urban renewal projects by which it will buy out large portions of typically poor housing areas in order to rebuild it.

Eminent domain also consists of enabling the state to condemn certain real estate construction and development rights for various reasons. One must meet location specific regulatory standards and building codes in order to construct on property. The general rule for stairs (in the US) is 7-11 (a 7-inch rise and 11 inch run). More exactly, no more than 7 3/4 inches for the riser (vertical) and a minimum of 10 inches for the tread (horizontal or step). Failure to meet these regulatory standards can result in an inability to receive state building permits, state destruction of property, legal fines, and increased liability.

KELO V. NEW LONDON (04-108) 545 U.S. 469 (2005) was a pivotal case that increased the scope of the eminent domain power of the state. The U.S. supreme court ruled that private property could be condemned by the state ''and'' transferred to a private company.<ref>{{Citation|title=Kelo v. New London (Syllabus)|date=23 June 2005|url=https://www.law.cornell.edu/supct/html/04-108.ZS.html|volume=545|pages=469|language=en-us|access-date=2020-12-18|archive-date=2020-12-12|archive-url=https://web.archive.org/web/20201212181301/https://www.law.cornell.edu/supct/html/04-108.ZS.html|url-status=live}}</ref>

=== Legal successor ===
In property law, economics and finance, the term "legal successor" may refer to a legally established successor of property rights ([[inheritance]], [[interest]]) or in terms of liabilities ([[debt]]).

In the case of [[bankruptcy]] of a [[lender]], the legal successor in interest has the right to collect the debt.<ref>[https://www.moneymanagement.org/blog/what-happens-if-your-lender-goes-under "What Happens if Your Lender Goes Under?"] {{Webarchive|url=https://web.archive.org/web/20211120214820/https://www.moneymanagement.org/blog/what-happens-if-your-lender-goes-under |date=2021-11-20 }}, by Louis DeNicola, [[Money Management International]],  4/9/2021</ref>