Chapter 2

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Chapter 2
2013-02-19 18:35:07


Ownership and Transfers
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  1. Sole or Separate ownership: Severalty
    Property owned by one natural/legal person
  2. Co-Ownership
    Owned by more than one person:

    • Includes;
    • Joint Tenancy
    • Tenancy In Common
    • Community Property
    • Tenancy in Partnership
  3. Tenancy
    Method or mode of holding title to real property by owner/lesser
  4. Marital Status:
    • 1) Single (Never Married)
    • 2) Married
    • 3) Unmarried (Divorced)
    • 4) Widow
    • 5) Widower
  5. Joint Tenancy
    -Equal but undivided interests, right of survivorship.

    • -No Probate (Court Process)
    • -Four Unities (T.T.I.P);
    • Time, Title, Interest, Posession

    -Co-owners can sell his/her interest without consent.

    • -Cannot Will
    • -Free of unsecured debts
  6. Tenancy In Common
    Not necessarily equal interests, no right of survivorship.

    • -One unity: Possession 
    • -May sell without consent
    • -Separate Title
    • -Can Will
  7. Community Property
    • By Husband and Wife.
    • -Property before marriage is separate
    • -Binding on both 
    • -Kids are out of Luck
  8. Tenancy in Partnership
    Carry out business for profit.

    -Equal right of possession but for partnership purposes.
  9. Acquisition and Transfer of Property
    • 1) Will
    • 2) Succession
    • 3) Accession
    • 4) Occupancy
    • 5) Transfer
  10. Will
    Instrument used to dispose of property to designated beneficiaries, effective upon death.

    • Types of Will:
    • 1) Witnessed Will
    • 2) Holographic Will
    • 3) Nuncupative Will
  11. Witnessed Will
    Written Instrument signed by maker in presence of at least 2 witnesses
  12. Holographic Will
    Handwriting of the maker
  13. Nuncupative Will
    Not valid in California
  14. Testator/Testatrix
    Person who made the Will
  15. Executor/Executrix
    deceased's representative to handle the estate
  16. Devise
    Real Property conveyed by a will
  17. Devisee
    Person Receiving
  18. Devisor
    Person gaving
  19. Succession (Statutes of Succession)
    A) Community Property - Surviving spouse acquires everything

    • B) Separate Property
    •      1) Equally between surviving spouse and ONE child
    •      2) One third to surviving spouse and two thirds to the children (more than one)
    •      3) If no children, half to surviving spouse and half to deceased's relatives.
  20. Accession
    Transfer of Property by Natural Cause

    • A) Accretion: accumulation of soil
    •      1) Alluvion/Alluvium - soil deposited by accretion
    •      2) Erosion

    B) Avulsion: sudden tearing away by action of water.
  21. Adverse Possession (Occupancy)
    Clear title is obtained by quiet title action/quit claim deed

    -Pay all real property taxes for 5 continuous years.
  22. Transfer of Title
    • A) Private Grant
    • B) Public Grant
    • C) Public Dedication
    • D) Operation of Law or Court Action
  23. Private Grant
    by Grant Deed
  24. Public Grant
    from government to an individual through Patent
  25. Public Dedication
    Real property intended for public use
  26. Operation of Law or Court Action
    • 1) Quiet Title Action
    • 2) Foreclosure Action
    • 3) Execution Sale
    • 4) Escheat
    • 7) Eminent Domain
    • 8) Inverse Condemnation
  27. Quiet Title Action
    to clear tax title, to remove a cloud on title.
  28. Foreclosure Action
    Public Sale to foreclose a mortgage or trust deed
  29. Execution Sale (Sheriff's Sale)
    Forced sale by court action to satisfy a judgment
  30. Escheat
    Reverting of property of a deceased person to the State (No heir or will)

    -5 years waiting period
  31. Eminent Domain
    take land for public use upon payment of just compensation to the owner

    -Condemnation; use of power
  32. Inverse Condemnation
    owner force public body to purchase property because public body caused damage
  33. Deed
    Document used to transfer title from Grantor to Grantee
  34. Essentials to a valid Deed
    • 1) Must be in Writing
    • 2) Parties must be described
    • 3) Grantor must be competent to convey
    • 4) Grantee must be living
    • 5) Signed by Grantor
    • 6) Delivery and Acceptance
  35. Delivery
    Must be the intention of Grantor.

    • -Presumed delivered if
    •      a) Deed is recorded during life of Grantor
    •      b) Grantee has possession of document
  36. Nonessential to a Valid Deed
    • 1) Be acknowledged
    • 2) Be recorded
    • 3) Have competent Grantee
    • 4) Be dated
    • 5) Be signed by Grantee
  37. Acknowledgement
    Essential for Recording

    • -Notary Public
    • -Cannot be notorized by an interest party
  38. Recording
    Deeds are recorded to protect grantee's rights

    -Constructive Notice
  39. Chain of Title
    Complete record of all title transfers
  40. Date of Recording
    First to Record, first in right
  41. Attorney_in_fact
    a person (Agent) that is authorized to perform business related transactions on behalf of their principal
  42. Grant Deed
    two implied Warranties:

    • a) Grantor has not already conveyed title to any other person
    • b) Estate is free from encumbrances other than those disclosed by Grantor
  43. Quitclaim Deed
    Grantor relinquishes any right or claim in the property

    -to clear some "Cloud on Title"