9. E. Special Transfers of Real Estate
TRANSFER OF A DECEASED PERSON’S PROPERTY
Testate
TESTATE
Transfer of title by will. Property passes by Devise.
Divisor – The one who dies
Devisee – The survivor
The divisor is the giver of the Property when he testate. Devisee is the one inheriting the Property. (OR OR is the GIVOR……EE EE is the Gimmee the Propertee.)
The divisor is the giver of the Property when he testate. Devisee is the one inheriting the Property. (OR OR is the GIVOR……EE EE is the Gimmee the Propertee.)
Wills
Codicil
Nuncupative Will
Holographic Will
Probate
PROBATE
- It is a legal process that proves or confirms the validity of the will. Determines the precise assets of the deceased person.
- Identifies the persons to whom the assets are to pass. It takes place in the county where the decedent resided.
- An administrator/administratrix ( male/female) is appointed if there is no designating executor/executrix.
- Legal procedures vary considerably from state to state.
- Decedent’s debts must be satisfied before any property can be disbursed to the devisees or heirs.
- Taxes are paid first.
A husband and wife took ownership of their real estate in Joint tenants to avoid probate.
Administartor and Administratrix
Executor’s Deed
Intestate
INTESTATE
Transfer of title by descent
- The laws of the state determine to whom ownership passes when a person dies intestate.
- The laws of intestate succession vary from state to state.
- Generally, there are primary heirs (spouse, children).
- The closeness of one’s relationship to the deceased determines the amount of the estate that will be received.
ESCHEAT – property becomes owned by the state. Land cannot be ownerless.
If a person dies intestate and the state cannot find any living heirs, his property will escheat to the state. Land cannot be ownerless.
Deed in Lieu of Foreclosure
Adverse Possession – open, notorious, hostile, and continuous possession. It’s taking the legal title from another person by meeting the statutory amount of time, open, notorious, hostile, and continuous possession.
TRANSFER BY ADVERSE POSSESSION
- The trespasser’s possession must be open, notorious, continuous for a statutory number of years, hostile, and adverse to the actual owner.
- Each jurisdiction has its minimum requirements before an adverse possession claim can be filed.
Squatters Rights deal with adverse possession.
Transfer by Natural Forces
TRANSFER BY NATURAL FORCES
Accretion
The slow accumulation of soil, rock, or other matter deposited on one’s property by water movement—the opposite of erosion.
Erosion
The gradual wearing away of the land.
Avulsion
The sudden and violent tearing away of the land.
Other acts of nature, such as earthquakes, hurricanes, etc.
Alluvium
The deposit of soil, rock, or other matter on one’s property
When a river is a border between two neighbors and the river changes course, does one landowner lose acres and one gain acres?
ASK Adeline:
THAT ALL DEPENDS……..
as a land surveyor, you have just touched on the number one disagreement issue – water
For one thing, it depends on how fast the water has changed course –
if it is a gradual year after year thing, yes, one guy’s land base grows and the other person’s shrinks………
BUT if the watercourse changed rapidly due to a sudden event, such as a storm, then your land base doesn’t change – and after the watercourse has changed where it is at, you may own land on both sides of the river/stream/creek
TRANSFER BY OPERATION OF LAW
Eminent domain (through condemnation)
Mississippi Becomes the 44th State to Reject Kelo v. New London Ruling
The Kelo House
“Mississippians and their property are safer today—their homes, farms, or businesses cannot be taken by eminent domain simply to be handed over to others for private profit,” said Institute for Justice Senior Attorney Dana Berliner.
Accession
Accession
The acquiring of property that is abandoned when a commercial tenant leaves trade fixtures behind and moves.
A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels, and commercial forests.
Most REITs are publicly traded like stocks, which makes them highly liquid (unlike physical real estate investments).
REITs invest in most real estate property types, including apartment buildings, cell towers, data centers, hotels, medical facilities, offices, retail centers, and warehouses.
REITs generate a steady income stream for investors but offer little in the way of capital appreciation.
What Is the Uniform Commercial Code (UCC)?
The Uniform Commercial Code (UCC) is a standardized set of laws and regulations for transacting business. Then UCC code was established because it was becoming increasingly difficult for companies to transact business across state lines given the various state laws.
How the Uniform Commercial Code (UCC) Works
Uniform Commercial Code (UCC) laws regulate sales of personal property and various other transactions. If you’ve ever purchased a business or a vehicle in the past, chances are you signed a UCC-1 statement. The title remains in the lender’s possession until the loan is paid off.
The UCC code imposes standards for processing checks and other types of commercial paper. Often it is applied to the property secured by a bank where the title is held until the borrower pays off the balance of the financing.
- The buyer and attorney can decide and determine the method of ownership.
- The attorney is the Conveyancer. A Conveyancer is an attorney. Brokers and agents cannot practice law. If a Client or customer asks an agent how they should take title to a property, you tell them to ask an
