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Sole or Separate ownership: Severalty
Property owned by one natural/legal person
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Co-Ownership
Owned by more than one person:
- Includes;
- Joint Tenancy
- Tenancy In Common
- Community Property
- Tenancy in Partnership
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Tenancy
Method or mode of holding title to real property by owner/lesser
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Marital Status:
- 1) Single (Never Married)
- 2) Married
- 3) Unmarried (Divorced)
- 4) Widow
- 5) Widower
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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
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Tenancy In Common
Not necessarily equal interests, no right of survivorship.
- -One unity: Possession
- -May sell without consent
- -Separate Title
- -Can Will
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Community Property
- By Husband and Wife.
- -Property before marriage is separate
- -Binding on both
- -Kids are out of Luck
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Tenancy in Partnership
Carry out business for profit.
-Equal right of possession but for partnership purposes.
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Acquisition and Transfer of Property
- 1) Will
- 2) Succession
- 3) Accession
- 4) Occupancy
- 5) Transfer
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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
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Witnessed Will
Written Instrument signed by maker in presence of at least 2 witnesses
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Holographic Will
Handwriting of the maker
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Nuncupative Will
Not valid in California
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Testator/Testatrix
Person who made the Will
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Executor/Executrix
deceased's representative to handle the estate
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Devise
Real Property conveyed by a will
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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.
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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.
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Adverse Possession (Occupancy)
Clear title is obtained by quiet title action/quit claim deed
-Pay all real property taxes for 5 continuous years.
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Transfer of Title
- A) Private Grant
- B) Public Grant
- C) Public Dedication
- D) Operation of Law or Court Action
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Private Grant
by Grant Deed
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Public Grant
from government to an individual through Patent
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Public Dedication
Real property intended for public use
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Operation of Law or Court Action
- 1) Quiet Title Action
- 2) Foreclosure Action
- 3) Execution Sale
- 4) Escheat
- 7) Eminent Domain
- 8) Inverse Condemnation
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Quiet Title Action
to clear tax title, to remove a cloud on title.
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Foreclosure Action
Public Sale to foreclose a mortgage or trust deed
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Execution Sale (Sheriff's Sale)
Forced sale by court action to satisfy a judgment
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Escheat
Reverting of property of a deceased person to the State (No heir or will)
-5 years waiting period
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Eminent Domain
take land for public use upon payment of just compensation to the owner
-Condemnation; use of power
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Inverse Condemnation
owner force public body to purchase property because public body caused damage
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Deed
Document used to transfer title from Grantor to Grantee
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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
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Delivery
Must be the intention of Grantor.
- -Presumed delivered if
- a) Deed is recorded during life of Grantor
- b) Grantee has possession of document
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Nonessential to a Valid Deed
- 1) Be acknowledged
- 2) Be recorded
- 3) Have competent Grantee
- 4) Be dated
- 5) Be signed by Grantee
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Acknowledgement
Essential for Recording
- -Notary Public
- -Cannot be notorized by an interest party
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Recording
Deeds are recorded to protect grantee's rights
-Constructive Notice
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Chain of Title
Complete record of all title transfers
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Date of Recording
First to Record, first in right
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Attorney_in_fact
a person (Agent) that is authorized to perform business related transactions on behalf of their principal
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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
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Quitclaim Deed
Grantor relinquishes any right or claim in the property
-to clear some "Cloud on Title"
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