Most people intuitively know what is and what is not included in the sale of land (real property). This article will attempt to expand upon that knowledge, setting out some basic legal principles to help us determine what is included and what is excluded in a sale of real property. Often what is included and what is excluded in a real estate transaction comes down to whether the property in question is a chattel or a fixture.

Law firms often handle two types of real estate contracts: (1) contracts prepared by real estate agents; and (2) private contracts that are prepared by lawyers. In our experience, most residential contracts are prepared by real estate agents. These contracts are often delivered to lawyers after conditions have been satisfied.

Title insurance protects against losses incurred as a result of unknown defects with respect to title as well as certain off-title matters. Policies are available for a one time premium payable when your real estate transaction closes. Often policies protect anyone who inherits the property and certain family members if the property is transferred to them for nominal consideration.

When multiple parties take title to real property they can take title as joint tenants or as tenants in common. We refer to these ownership structures as joint tenancy and tenancy in common. Joint tenancy is where two or more persons each own an undivided interest in the whole.