Class 7 Ownership, Title, Transfer.ppt

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Class 7 Ownership, Title, Transfer.ppt

  1. 1. INTRODUCTION TO COMMMERCIAL REAL ESTATE MANAGEMENT 490 October 7, 2009
  2. 2. Today’s Class <ul><li>Forms of Ownership </li></ul><ul><li>Transferring Title to Real Property </li></ul><ul><li>Recordation/Title Insurance </li></ul><ul><li>Work on Project (Barbara Morgan/Jim Dountas) </li></ul>
  3. 3. Forms of Ownership <ul><li>Single ownership </li></ul><ul><li>Common Ownership </li></ul><ul><ul><li>Tenancy in Common </li></ul></ul><ul><ul><li>Joint Tenancy </li></ul></ul><ul><ul><ul><li>Unity of Time </li></ul></ul></ul><ul><ul><ul><li>Unity of Title </li></ul></ul></ul><ul><ul><ul><li>Unity of Interest </li></ul></ul></ul><ul><ul><ul><li>Unity of Possession </li></ul></ul></ul><ul><ul><li>Life Estate </li></ul></ul>
  4. 4. Forms of Ownership <ul><li>Tenancy by the Entirety </li></ul><ul><li>Community Property </li></ul><ul><li>Entity Types </li></ul><ul><ul><li>Partnership </li></ul></ul><ul><ul><li>Limited Partnership </li></ul></ul><ul><ul><li>Limited Liability Company </li></ul></ul><ul><ul><li>Corporation </li></ul></ul><ul><ul><li>Trust </li></ul></ul>
  5. 5. Transferring Title <ul><li>What is a “Deed?” </li></ul><ul><ul><li>Parties </li></ul></ul><ul><ul><li>Conveyance </li></ul></ul><ul><ul><li>Legal description </li></ul></ul><ul><ul><li>Warranties </li></ul></ul><ul><ul><li>Signature </li></ul></ul><ul><ul><li>Acknowledgement </li></ul></ul><ul><li>When does title “pass?” </li></ul><ul><ul><li>Delivery and acceptance </li></ul></ul>
  6. 6. Types of Deeds <ul><li>Warranty Deed </li></ul><ul><li>Special Warranty Deed </li></ul><ul><li>Quitclaim Deed </li></ul><ul><li>Personal Representative’s Deed </li></ul><ul><li>Transfer on Death Deed (TODD) </li></ul>
  7. 7. Title/Rights by Operation of Law <ul><li>Adverse Possession (Title) </li></ul><ul><ul><li>NMSA §37-1-22 </li></ul></ul><ul><ul><li>“actual, visible, exclusive, hostile and continuous possession, under color of title, for the statutory period of ten years” </li></ul></ul><ul><ul><li>Payment of taxes </li></ul></ul><ul><li>Easement by Prescription (Easement rights only) </li></ul><ul><ul><li>The use necessary to acquire title by prescription must be open, uninterrupted, peaceable, notorious, adverse, under a claim of right, and continue for a period of ten years with the knowledge or imputed knowledge of the owner </li></ul></ul>
  8. 8. Recordation <ul><li>All instruments affecting real property recording with the county clerk in which the real property is located </li></ul><ul><ul><li>Must be acknowledged </li></ul></ul><ul><li>Constructive Notice </li></ul><ul><li>Inquiry Notice </li></ul><ul><li>Actual Notice </li></ul>
  9. 9. Public Records Organization <ul><li>Grantor/Grantee Index </li></ul><ul><li>Legal Description </li></ul><ul><li>Tax Parcel </li></ul>
  10. 10. Chain of Title <ul><li>All records affecting title to a piece of property from time of granting from sovereign to most current owner </li></ul><ul><li>Abstract </li></ul>
  11. 11. Title Insurance <ul><li>What does it protect? </li></ul><ul><ul><li>Owners </li></ul></ul><ul><ul><li>Lenders </li></ul></ul><ul><li>How is it regulated? </li></ul><ul><ul><li>New Mexico Superintendent of Insurance </li></ul></ul><ul><li>What does it cost? </li></ul><ul><ul><li>Promulgated rates </li></ul></ul><ul><li>Claims </li></ul>
  12. 12. Title Commitment <ul><li>Date of Plant search </li></ul><ul><li>Vesting </li></ul><ul><li>Legal </li></ul><ul><li>Requirements </li></ul><ul><li>Exceptions </li></ul><ul><ul><li>Standard </li></ul></ul><ul><ul><li>Special </li></ul></ul>
  13. 13. Additional Resources <ul><li>American Land Title Association ( www.alta.org ) </li></ul><ul><li>New Mexico Land Title Association ( www.nmlta.org ) </li></ul><ul><li>Stewart Virtual Underwriter ( www.vuwriter.com ) </li></ul>

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