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Legally Managing Property
Transcript of Legally Managing Property
Legally Managing Property
I. Introduction to Property
In general it includes money, tangible items, and intangible rights that have a value or a source of income.
In the hospitality industry it refers to the grounds and building of a hotel
1. Real Property - refers to land and all things that are permanently attached to it
Real Estate - refers to land, including soil and water, buildings, trees, crops, improvements, and the rights to the air above, and the mineral below the land
Improvements - is an addition to a real property that ordinarily enhances its value
2. Personal Property - is anything that isn't nailed down, dug into or built into the land.
a. Tangible Property - is a personal property that has physical substance and can be held or touched.
b. Intangible Property - is a personal property that cannot be held or touched
Chattel - a personal property, movable or immovable, that is not considered real property
Fixtures - all things that are permanently attached to property
II. Purchasing Property
A. Purchasing Real Property
In order to sell property legally, the seller must have a legal title to the property. It is the responsibility of the buyer to verify this right.
TITLE - refers to the sum total of all legally recognized rights to the possession and ownership of property.
Title to real property can be transferred from an owner in a variety of ways such as:
An act of the courts
In the transfer of ownership of real property from one person or entity to another, a deed is needed.
- is a written formal document for the transfer of land or other real property from one person to another. Deeds may be either:
1. Warranty Deed - provides that the person granting the deeds agrees to defend the title from claims of others.
2. Quitclaim Deed - conveys only such rights as the grantor has.
A deed will consist of:
2. names and descriptions of the parties involved in the transfer
4. full description of the property
5. any exception to the transfer
Title search - is a review of land records to determine the ownership and description of a piece of real property
Bill of Sale - is a formal document used to transfer ownership of personal property from one individual or entity to another.
The following items are included in a bill of sale:
1. Name of seller
2. Name of buyer
4. Description of the property
5. Statement of ownership of seller
6. Date of sale
Free on board - shippers are responsible for the care and safety of goods until they are delivered to the buyers designated location.
III. Financing the Purchase Property
A. Debtor and Creditor Relationship
- is a claim against property that gives the creditor (lien holder) the right to repose and/or sell that property if the debtor does not repay his or her debt in a timely manner
- is an asset a person agree to give up if he or she does not repay a loan
- is the pledging of real property by a debtor to a creditor to secure payment of a debt
Deed of trust
- places legal title to a real property in the hands of a trustee until the debtor has completed paying for the property.
Creditors protect and establish their interest by means of a security agreement.
- a contract between a lender and borrower that states the lender can repose the personal property a person has offered as collateral if the loan is not paid as agreed.
IV. Leasing Property
- a contract that establishes the rights and obligations of each party with respect to property owned by one entity but occupied or used by another
- the entity that owns the property covered in a lease
- the entity that occupies or uses the property covered in a lease
Hospitality managers take on the role of a LANDLORD when they designate specific space in their hotel or restaurant to be operated by a TENANT.
the lessor in the real property lease
the lessee in a real property lease
B. Termination Rights
Leases may be terminated for a variety of reasons:
violation of operating hours
significant damage to the property
failure to abide by lease terms
EVICTION - is the procedure that a lessor uses to remove a lessee from physical possession of leased real property, usually for violation of significant provision.
V. Respecting Intellectual Property
A. Intellectual Property - is a personal property that has been created through the intellectual efforts of the original owner.
- is a word, name, symbol, or combination of these that indicates the source or producer of an item
- a grant issued by a governmental entity ensuring an inventor the right to exclusive production and sale of his or her invention
- legal and exclusive right to copy or reproduce intellectual property
- a person or entity that legally holds a right to intellectual property under a copyright laws
Copyright Act of 1976 states that copyrighted work can be:
- literary work
- motion picture
- sound recording
- computer programs
In some cases, it is legal to use a copyrighted work without permission from owner, but the purpose of such utilization is very important.
The following are not an infringement of a copyright:
- new reporting
- is a distinct visual image created for and identified with a specific product.
- are actually a part of those rights related to trademarks
- color schemes
- placement of words
- decorations on a product