If you acquire something, you are obtaining it through a sales transaction or exchange (trade properties with someone). You have to pay for it, usually fair market value, which is determined by a real estate appraisal and negotiations with the broker who is handling the deal. Some properties are for sale by owner, but usually you are required to have a broker involved to make sure all the paperwork is done correctly.
Even if you inherit a property, it's a good idea to get a warranty deed or quit claim deed filled out, showing who it belonged to before, and who it is being transferred to (you). A title and abstract company can help with a title search to make sure the title is clear so you don't have any surprises later, like someone coming along and saying that he owns it, not you.
The word "acquire" is a general term meaning you own title at the end of a transaction. The word "inherit" is a specific way to acquire title, i.e., by gift from the estate of a deceased person.
Other ways to acquire title include purchase, municipal tax taking, foreclosure, divorce, other action of law (court order), inter vivos (living) gift, or possibly right of survivorship by a joint tenant, which is different from "inheritance" because the future transfer was vested in the deed, not in the estate.
Example, "How did you acquire title?" answer; "My sister and I inherited it from my father as joint tenants and my sister passed away, leaving me with title."
tro has the best answer.
You want a warrantey deed because a quick claim deed can mean very little. You always get title insurance and you can go through an attorney that handles land deals too. You are not required to have a broker and pay his fees but an attorney will charge you. My sister works for such and attorney and has worked at title companies for a life time so she knows her stuff. The attorney has clients with $ and they do certain types of loans and all of that has to be done legally as one would expect. I don't think that someone else needs to tell me what a property is worth. I think if you don't understand that function of buying property, you need to learn. I have found some real estate people to go along with inflated prices so that they get a bigger commission and I've had one tell me he wouldn't even submit my bid which is against the rules. I had to change people and I got the property at the price I bid and it was a fair price, not the inflated one. Be sure to get title insurance that guarantees your deed and that all transactions have been done properly in the past and there is nothing owed on the place. Also be sure to get it surveyed and corners marked so that you can eye them and see if anything is encroaching on your property. I don't consider buying and selling property fun...it is a business and I intend to make $.
if you inherit it means someone one died and left you something
if you 'acquire' something it generally means you paid someone to buy it
