If you are a resident of Montana and you wish to own property in the state, it is a very good idea for you to become well acquainted with the applicable laws so that if and when issues pertaining to the real estate that you are considering purchasing comes up, you will understand how to address them. When it comes to owning property, there are three main types of property ownership and each one comes with a different type of settlement when that becomes necessary.
Once you take ownership of the property, you will receive the title for the property. The title may come in the form of a certificate, deed, bill of sale, contract or some other document. However, the title holds more significance than merely being a piece of paper that states who owns the property. It is not wise to put the title into a drawer and forget about it. You will want to consider the title a significant part of your real estate plan.
What else can a title do?
A title has the potential to affect the manner in which property is transferred from one party to another. It can also determine who receives it and the taxes and estate settlement. What happens depends on exactly how the people own the property. In Montana, the three types of property ownership are worthy of a closer look here.
- Sole ownership
- Joint tenancy
- Tenancy in common
What are the basic types of property in Montana?
In Montana, the two basic kinds of property are as follows:
- Real property: This is land and whatever has been built, is growing or is permanently on that land. Examples of real property are buildings, fences, water systems, uncut lumber and mineral deposits.
- Personal property: This is the possessions that the person owns (physical possession) or property ownership indicated by documentation.
It is important to understand that any property that is not considered real property is considered personal property. Some examples of personal property are machinery, livestock, grain, stock and bonds, checking and/or savings accounts, cars and other motor vehicles of all types.
Real estate cases are often complicated and may be overwhelming to handle on your own. It is important that you have a thorough understanding of the real estate process so that you can benefit the most from your purchase.