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Title (property)
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it (for example squatting). In many cases, possession and title may each be transferred independently of the other. For real property, land registration and recording provide public notice of ownership information. In United States law, evidence of title is typically established through title reports written up by title insurance companies, which show the history of title (prop ...
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Property Law
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. Property can be exchanged through contract law, and if property is violated, one could sue under tort law to protect it. The concept, idea or philosophy of property underlies all property law. In some jurisdictions, historically all property was owned by the monarch and it devolved through feudal land tenure or other feudal systems of loyalty and fealty. History Though the Napoleonic code was among the first government acts of modern times to introduce the notion of absolute ownership into statute, protection of personal property rights was present in medieval Islamic law and jurisprudence, and in more feudalist forms in the common law courts of medieval and early modern England. Theory The word ''property'', in everyday usag ...
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Easement
An easement is a nonpossessory right to use and/or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B". An easement is a property right and type of incorporeal property in itself at common law in most jurisdictions. An easement is similar to real covenants and equitable servitudes. In the United States, the Restatement (Third) of Property takes steps to merge these concepts as servitudes. Easements are helpful for providing access across two or more pieces of property, allowing individuals to access other properties or a resource, for example to fish in a privately owned pond or to have access to a public beach. The rights of an easement holder vary substantially among jurisdictions. Types Historically, common law courts would enforce only four types of easement: * Right-of-way (easements of way) * Easements of support (pertaining to excavations) * Easement ...
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Water Rights
Water right in water law refers to the right of a user to use water from a water source, e.g., a river, stream, pond or source of groundwater. In areas with plentiful water and few users, such systems are generally not complicated or contentious. In other areas, especially arid areas where irrigation is practiced, such systems are often the source of conflict, both legal and physical. Some systems treat surface water and ground water in the same manner, while others use different principles for each. Types of water right Understanding ‘Water Rights’ first requires consideration of the context and origin of the ‘right’ being discussed, or asserted. Traditionally, a water rights refers to the utilization of water as an element supporting basic human needs like drinking or irrigation. Water Rights could also include the physical occupancy of waterways for purposes of travel, commerce and even recreational pursuits. The legal principles and doctrines that forms the basis ...
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Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called ''immobilier'' ("immovable property"). Historical background The word " ...
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Partition (law)
A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. It is sometimes described as a forced sale. Under the common law, any owner of property who owns an undivided concurrent interest in land can seek such a division. In some cases, the parties agree to a specific division of the land; if they are unable to do so, the court will determine an appropriate division. A sole owner, or several owners, of a piece of land may partition their land by entering a deed poll (sometimes referred to as "carving out"). Why forced sales occur Forced sales generally occur because owners of property are unable to agree upon certain aspects of the ownership. The owners may disagree on how to use the property, the amount of money to invest into the property, on their right to occupy and use the whole of the property. If the pa ...
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Hypothecation
Hypothec (; german: Hypothek, french: hypothèque, pl, hipoteka, from Lat. ''hypotheca'', from Gk. : hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. law of entire Continental Europe except Gibraltar) or mixed legal systems (e.g. Scots law, South African law) to refer to a registered non-possessory real security over real estate, but under some jurisdictions it may sometimes also denote security on other collaterals such as securities, intellectual property rights or corporeal movable property, either ships only ( ship hypothec) as opposed to other movables covered by a different type of right ( pledge) in the legal systems of some countries, or any movables in legal systems of other countries. The common law has two equivalents to the term, namely mortgage and non-possessory lien. Originating in Roman law, a ''hypotheca'' was essentially a non-possessory pledge over a person's entire estate, but during the Renaissance the device was revived ...
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Bequest
A bequest is property given by will. Historically, the term ''bequest'' was used for personal property given by will and ''deviser'' for real property. Today, the two words are used interchangeably. The word ''bequeath'' is a verb form for the act of making a bequest. Etymology Bequest comes from Old English ''becwethan'', "to declare or express in words" — cf. "quoth". Interpretations Part of the process of probate involves interpreting the instructions in a will. Some wordings that define the scope of a bequest have specific interpretations. "All the estate I own" would involve all of the decedent's possessions at the moment of death. A ''conditional bequest'' is a bequest that will be granted only if a particular event has occurred by the time of its operation. For example, a testator might write in the will that "Mary will receive the house held in trust if she is married" or "if she has children," etc. An ''executory bequest'' is a bequest that will be granted only if ...
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Takeover
In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company. Management of the target company may or may not agree with a proposed takeover, and this has resulted in the following takeover classifications: friendly, hostile, reverse or back-flip. Financing a takeover often involves loans or bond issues which may include junk bonds as well as a simple cash offers. It can also include shares in the new company. Types Friendly A ''friendly takeover'' is an acquisition which is approved by the management of the target company. Before a bidder makes an offer for another company, it usually first informs the company's board of directors. In an ideal world, if the board feels that accepting the offer serves the shareholders better than rejecting it, it recomme ...
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Enclosure
Enclosure or Inclosure is a term, used in English landownership, that refers to the appropriation of "waste" or "common land" enclosing it and by doing so depriving commoners of their rights of access and privilege. Agreements to enclose land could be either through a formal or informal process. The process could normally be accomplished in three ways. First there was the creation of "closes", taken out of larger common fields by their owners. Secondly, there was enclosure by proprietors, owners who acted together, usually small farmers or squires, leading to the enclosure of whole parishes. Finally there were enclosures by Acts of Parliament. The primary reason for enclosure was to improve the efficiency of agriculture. However, there were other motives too, one example being that the value of the land enclosed would be substantially increased. There were social consequences to the policy, with many protests at the removal of rights from the common people. Enclosure riots ar ...
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Use (law)
Use, as a term in real property of common law countries, amounts to a recognition of the duty of a person to whom property has been conveyed for certain purposes, to carry out those purposes. In this context "use" is equivalent to "benefit". Uses were equitable or beneficial interests in land. In early law a man could not dispose of his estate by will nor could religious houses acquire it. As a method of avoiding certain common law rules, the practice arose of making feoffments to the use of, or upon trust for, persons other than those to whom the seisin or legal possession was delivered, to which the equitable jurisdiction of the chancellor gave effect. The Statute of Uses was passed in 1536 in an attempt to remedy the abuses which it was said were occasioned by this evasion of the law. However, the Statute failed to accomplish its purpose. Out of this failure of the Statute of Uses arose the modern law of trusts. Development of the use One reason for the creation of uses ...
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Vehicle Title
In the United States, the certificate of title for a vehicle (also known as a car title, automobile title, or pink slip) is a legal form, establishing a person or business as the legal owner of a vehicle. Vehicle titles in the U.S. are commonly issued by the Secretary of State in the state the vehicle was purchased by the Department of Motor Vehicles (DMV). Each state in the US has its own distinct process for the Certificate of Title. When filling out the title during a vehicle transaction, the rules in one state do not always apply to a different state. For example, most states do not require a notary when filling out the title, while other states in the U.S.A. make this mandatory for most parties when buying or selling a vehicle. Some states have different versions of the same title. The certificate of title normally specifies (in most states & versions): #Identifying information about the vehicle, normally at minimum its vehicle identification number, make, and year of ma ...
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Title Search
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. A title search is also performed when an owner wishes to sell mortgage property and the bank requires the owner to insure this transaction. In the case of a prospective purchase, a title search is performed primarily to answer three questions regarding a property on the market: * Does the seller have a saleable and marketable interest in the property? * What kind of restrictions or allowances pertain to the use of the land? These would include real covenants, easements and other equitable servitudes. * Do any liens exist on the property which need to be paid off at closing? These would be mortgages, back taxes, mechanic's liens, and other assessments. Anyone may do a title search, with the rig ...
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