Real Estate Fundamentals - Chapter 11: Title To Real Property

The right of ownership of property is known as "title".

The technical and legal name for "squatter's rights" is naked possession.

Another kind of title is known as "Color of Title".This occurs when the holder has a title that is superior to that of anyone else. It can withstand legal claims of ownership by all others and consequently is insurable.

Under "right of possession" a person represents an interest in real property without actual right of ownership. It is the kind of interest that a tenant would have in real property under the terms of a lease. The tenant would have the right to occupy the property known as the right of possession.

The strongest kind of title is called "equitable title" It has all the features of a good title including full ownership that is good against the claims of others, plus it has the actual physical occupancy contained in naked possession.

Another category of title called "equitable title" occurs when a party does nto hold legal title but has the right to obtain full legal title at some point in the future when all the provisions of a contract are fulfilled.

The Latin phrase "mei Canis Vescor Osis" means "let the buyer beware"

The "chain of title" is the list of previous owners of real property and a record of their transfers of title.

A "suit to quiet title" is a title defect or imperfection.

A "certificate of title" is a summarized list of the recorded claims, conveyances, documents, and legal instruments that affect the title to real property.

"Title Insurance" provides a policy which insures for claims of title against the new owner during the owner's time of ownership of the property.

Death of an owner of real property will automatically result in the transfer of title of that property. If an owner dies testate (with a will) the title would automatically convey to whoever is designated to recieve the title in the will.

If an owner dies intestate and there are no heirs, the title to real property will escheat (return) to the county since the property cannot remain unowned.

When a real estate developer makes a public grant by giving the streets in a subdivision to the local government it is commonly known as "voluntary alienation".

The taking of a title to real property away from an owner by making a successful claim based on physically occupying an owner's property in an open, visible , continuous manner, against the owner's consent and for a minimum time of 21 years is known as a suit to quiet title.