Chapter 565. Conveyances of Real Property Revised Statutes of 1846
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The Real Estate Marketplace Glossary: How to Talk the Talk
Federal Trade Commission ftc.gov The Real Estate Marketplace Glossary: How to Talk the Talk Buying a home can be exciting. It also can be somewhat daunting, even if you’ve done it before. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walk-throughs, settlement sheets, escrow accounts, recording fees, insurance, taxes...the list goes on. No doubt you will hear and see words and terms you’ve never heard before. Just what do they all mean? The Federal Trade Commission, the agency that promotes competition and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real estate and mortgage marketplace. A Annual Percentage Rate (APR): The cost of Appraisal: A professional analysis used a loan or other financing as an annual rate. to estimate the value of the property. This The APR includes the interest rate, points, includes examples of sales of similar prop- broker fees and certain other credit charges erties. a borrower is required to pay. Appraiser: A professional who conducts an Annuity: An amount paid yearly or at other analysis of the property, including examples regular intervals, often at a guaranteed of sales of similar properties in order to de- minimum amount. Also, a type of insurance velop an estimate of the value of the prop- policy in which the policy holder makes erty. The analysis is called an “appraisal.” payments for a fixed period or until a stated age, and then receives annuity payments Appreciation: An increase in the market from the insurance company. -
UNIFORM REAL PROPERTY ELECTRONIC RECORDING ACT (Last Revised Or Amended in 2005)
UNIFORM REAL PROPERTY ELECTRONIC RECORDING ACT (Last Revised or Amended in 2005) drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS and by it APPROVED AND RECOMMENDED FOR ENACTMENT IN ALL THE STATES at its ANNUAL CONFERENCE MEETING IN ITS ONE-HUNDRED-AND-THIRTEENTH YEAR PORTLAND, OREGON JULY 30-AUGUST 6, 2004 WITH PREFATORY NOTE AND COMMENTS Copyright ©2004 By NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS April 2005 ABOUT NCCUSL The National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 114th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. Conference members must be lawyers, qualified to practice law. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state governments as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands to research, draft and promote enactment of uniform state laws in areas of state law where uniformity is desirable and practical. • NCCUSL strengthens the federal system by providing rules and procedures that are consistent from state to state but that also reflect the diverse experience of the states. • NCCUSL statutes are representative of state experience, because the organization is made up of representatives from each state, appointed by state government. • NCCUSL keeps state law up-to-date by addressing important and timely legal issues. • NCCUSL’s efforts reduce the need for individuals and businesses to deal with different laws as they move and do business in different states. -
Deed Recording
DEED RECORDING Deeds are important legal documents. The Onondaga County Clerk’s Office strongly recommends consulting an attorney regarding the preparation and filing/recording of any legal document. OUR OFFICE IS PROHIBITED BY LAW FROM PROVIDING ANY LEGAL ADVCE. THE ACCEPTANCE OF AN INSTRUMENT FOR RECORDING IN NO WAY IMPLIES AN ENDORSEMENT OR LEGAL SUFFICIENCY OR A GUARANTEE OF TITLE. IF YOU CHOOSE TO ACT AS YOUR OWN ATTORNEY YOU ARE SOLELY RESPONSIBLE FOR LEGAL COMPLIANCE AND ANY IMPLICATIONS THEREOF. To find a local attorney who specializes in real estate, contact the Onondaga County Bar Association Lawyer Referral Serve at 315.471.2690. Their website is located at https://www.onbar.org/ Our office does not supply forms. To purchase a New York State specific deed form, you may visit the Blumberg Legal Forms website at: https://www.blumberg.com/forms/ All deed filings must be accompanied by both an RP-5217 and TP 584 All recording in Onondaga County require a legal description for the subject property. ADDITIONAL RECORDING FEE EFFECTIVE MARCH 11, 2020 Effective March 11, 2020 there will be a $10 fee added to all residential deed recordings. On January 11, 2020 Governor Cuomo signed into law an amendment to Real Property Law Section 291 that requires County Clerks to notify the owner(s) of record of residential real property when a document is recorded affecting said residential property. The law also allows a reasonable fee to be assessed for said notices. The NYS Association of County Clerks, in order to provide uniformity throughout NYS, has determined that $10 is a reasonable fee per document. -
Attachment A
Attachment A Below is a list of the new transfer types in part 4 of the RTC form. A definition is given along with what instrument needs to be recorded for that specific transfer type. • Sheriff’s Sale ‐ mortgage ‐ A mortgage involves two parties—the property owner who borrowed the money and the bank or lender—and is a written agreement executed by the property owner to secure the payment of a loan that is evidenced by a promissory note. If the property owner misses scheduled payment(s) and the lender sends a notice of default, the foreclosure process is initiated. The lender “accelerates” the time for all payment under the loan so that the full amount is due. The borrower cannot stop the foreclosure proceedings by paying only the late payments; the entire loan must be paid off. For one year after the foreclosure sale, the borrower has the right to redeem the property back by paying the amount of the loan, any taxes or repair cost the buyer paid, and interest. Also, during this one year period of “redemption”, the borrower is entitled to retain possession if they and their family occupied the property as a home. Publicly advertising mortgage sales in the foreclosure process is required. The notice of sale must be physically posted on the property and legal notification to all parties claiming an interest in the property is required. The instrument that will be recorded is the sheriff’s certificate of sale. • Sheriff’s Sale ‐ trust indenture ‐ A trust indenture involves three parties—the borrower (also known as the grantor) , the trustee (often an attorney), and the name of the bank or other lender set out as a beneficiary—and is a written agreement executed by a borrower to give bare legal title to a trustee to secure payment of a loan. -
Guidance Note
Guidance note The Crown Estate – Escheat All general enquiries regarding escheat should be Burges Salmon LLP represents The Crown Estate in relation addressed in the first instance to property which may be subject to escheat to the Crown by email to escheat.queries@ under common law. This note is a brief explanation of this burges-salmon.com or by complex and arcane aspect of our legal system intended post to Escheats, Burges for the guidance of persons who may be affected by or Salmon LLP, One Glass Wharf, interested in such property. It is not a complete exposition Bristol BS2 0ZX. of the law nor a substitute for legal advice. Basic principles English land law has, since feudal times, vested in the joint tenants upon a trust determine the bankrupt’s interest and been based on a system of tenure. A of land. the trustee’s obligations and liabilities freeholder is not an absolute owner but • Freehold property held subject to a trust. with effect from the date of disclaimer. a“tenant in fee simple” holding, in most The property may then become subject Properties which may be subject to escheat cases, directly from the Sovereign, as lord to escheat. within England, Wales and Northern Ireland paramount of all the land in the realm. fall to be dealt with by Burges Salmon LLP • Disclaimer by liquidator Whenever a “tenancy in fee simple”comes on behalf of The Crown Estate, except for In the case of a company which is being to an end, for whatever reason, the land in properties within the County of Cornwall wound up in England and Wales, the liquidator may, by giving the prescribed question may become subject to escheat or the County Palatine of Lancaster. -
Commercial Vs Residential Transactions the Complexities & Needed Due Diligence
A Division of American Surveying & Mapping, Inc. Commercial vs Residential Transactions The Complexities & Needed Due Diligence National Marketing Director Service Provider to the David Herrin, Fidelity National Title Group Cindy Jared, SVP, Major Accounts Family of Companies Thank You Thank You • Thank you to ALTA and to Fidelity National Title Group for sponsorship of this Webinar and the opportunity to present to ALTA members • My name is David Herrin the National Marketing Director of National Due Diligence Services (NDDS) • NDDS is a Division of American Surveying & Mapping, Inc. • We are a national land surveying and professional due diligence firm • Established in 1992 with over 25 years of service • One of the nation's largest, private sector, survey firms • Staff of 150 dedicated & experienced professionals ® 2 Commercial vs Residential Transactions • Residential Transactions – Systematic and Regulated • Commercial Transaction – Complexities • Commercial - Due Diligence Phase – ALTA Survey – Related Title Endorsements • Other Commercial Due Diligence Needs – Environmental Site Assessments – Property Condition Assessments, – Seismic Risk Assessments (PML) – Zoning ® 3 Subject Matter Expert Speakers may include: David Herrin, National Marketing Director, NDDS Mr. Herrin offers over 35 years real estate experience including 10 years as a Georgia licensed Real Estate Broker (prior GRS & CCIM designates), regional manager for a national title insurance company & qualified MCLE instructor in multiple states. Brett Moscovitz, President, -
A Guide to Conservation Easements for the Real Estate Industry
A Guide to Conservation Easements for the Real Estate Industry Berkeley County Farmland Protection Board February 2021 Berkeley County Farmland Protection Board PO Box 1243, Martinsburg, WV 25402 (mail) 229 E. Martin Street, Suite 3, Martinsburg WV 25401 (office) (304) 260-3770 Email: [email protected] Web: Berkeley.wvfp.org About this Guide This document explores the basics of conservation easements, including many of the restrictions an easement places on real property. The intended audience is real estate professionals and lawyers who oversee land sales. Because conservation easements can be complex, involve multiple parties with perpetual interests in the land, and frequently interact with US income tax law, this guide can only provide an overview of an easement. It is strongly recommended that parties involved in the sale or purchase of a conservation easement first contact the Berkeley County Farmland Protection Board for specific information about the easement. Please note that this document does not provide specific legal or tax advice. Vested parties should always seek legal and financial advice from a qualified professional. Contents What is a Conservation Easement? ............................................................................................................... 1 What are the Financial Implications? ............................................................................................................ 3 What Are the Property Owner’s Rights? ..................................................................................................... -
Title Matters Affecting Parties in Possession: By
TITLE MATTERS AFFECTING PARTIES IN POSSESSION: ADVERSE POSSESSION, AFTER-ACQUIRED TITLE, & THE RULE AGAINST PERPETUITIES BY DONALD G. SINEX SCOTT C. PETRY SUSAN A. STANTON TABLE OF CONTENTS INTRODUCTION…………………………………………………………………………….. 1 I. ADVERSE POSSESSION…….……………………………………………………………. 1 1. Adverse Possession………...………………...……………………………………….......... 2 2. Identifying Issues in Record Title…………………………………………………………. 3 a. Historical Changes in Metes and Bounds…………………………………………… 4 b. Adverse Possession of Minerals……………………………………………………… 4 c. Adverse Possession in Cotenancy, Landlord-Tenant, & Grantor-Grantee Situations………………………………………………………………………….…...... 5 d. Distinguishing Coholders from Cotenants………………………………………….. 6 3. Adverse Possession Requirement………………………………………………………… 7 4. Other Issues………………………………………...……………………………………….. 9 II. AFTER ACQUIRED TITLE………………………….…………………………………………. 10 1. The Doctrine………………..……... ……………………………………………………….. 10 2. Bases Used by Courts in Applying the Doctrine…………………………………........... 11 3. Conveyance Instruments that an Examiner is Likely to Encounter…………………… 12 a. Deeds of Trust and Liens……………………………………………………………... 12 b. Oil & Gas Leases and Limitations……………………………………………………. 14 c. Public Lands……………………………………………………………………………. 15 d. Title Acquired in Trust………………………………………………………………… 16 e. Quitclaims and Limitations…………………………………………………………… 16 4. Effect on Notice and Purchasers………………………………………………………….. 18 a. Subsequent Purchaser…………………………………………………………………. 19 b. Protections……………………………………...………………………………………. 19 c. Duty to Search…………………………………………………………………………. -
EMINENT DOMAIN PROCESS STATE of NEW JERSEY Anthony F. Della Pelle, Esq
EMINENT DOMAIN PROCESS STATE OF NEW JERSEY Anthony F. Della Pelle, Esq. CRE McKirdy & Riskin, P.A. 136 South Street, PO Box 2379 Morristown, New Jersey 07960 973-539-8900│www.mckirdyriskin.com www.njcondemnationlaw.com [email protected] Who is Eligible to Condemn? Power Generally The State is vested with the power of eminent domain as an attribute of sovereignty. The exercise of the power is within the exclusive province of the legislative branch of government. The Legislature may delegate the power to others. The New Jersey Constitution provides for delegation of the power and provides for the nature of the estates or interests which may be acquired under the power. N.J. Const. Art. 1, Sec. 20; N.J. Const. Art. 4, Sec. 6, par. 3. The authority to acquire private property for redevelopment of blighted areas is the subject of a specific constitutional provision. N.J.S.A. Const. Art. 8, § 3, ¶ 1. The provisions of the Constitution and of any law concerning municipal corporations formed for local government, or concerning counties, shall be liberally construed in their favor. N.J.S.A. Const. Art. 4, § 7, ¶ 11. The Legislature has delegated the power of eminent domain to a broad range of sub- agencies and public bodies and public utilities too numerous for listing. Public utilities are generally provided with the power of eminent domain pursuant to N.J.S.A.48:3-17.6. What Can Be Condemned All types of property, real and personal, tangible and intangible, are subject to the power of eminent domain provided a valid public purpose exists for the proposed use of such property. -
Supplementary Conveyancing Questionnaire
Supplementary Conveyancing Questionnaire (To be completed if you have answered YES to 9d) Should you have insufficient space to answer any questions, please continue on your own HEADED notepaper Please note that this questionnaire forms part of your proposal for professional indemnity insurance and you are reminded of the importance of the notes and declaration on the proposal, which also applies to this questionnaire. LLP 682 - Jul 12 Important note regarding the completion of this proposal form. 1. Disclosure Any “material fact” must be disclosed to insurers - A “material fact” is any information which may influence the judgement of a prudent insurer in deciding whether to accept the risk and if so, on what terms. Any “material change” must be disclosed to insurers. - A “material change” is any material fact which arises on renewal or during the currency of the policy that has not previously been disclosed as a material fact. Examples of material changes to material facts include: • Fraud on the part of any of the Partners and Employees • A change in the composition of the firm's practice • Mergers and Acquisitions with other firms • Conversion to a Limited Liability Partnership If you are unsure whether a fact or change is material or not, you should disclose it. Failure to provide all “material facts” and/or notify all “material changes” may cause the contract of insurance to be void from inception i.e. your insurers will return the premium and there will be no cover for any claims made under the policy. 2. Presentation This proposal form must be completed by an authorised individual or principal of the firm. -
The Myth of Strict Foreclosure
THE MYTH OF STRICT FORECLOSURE SHmLDON TEFF* YTHS in the field of mortgages are many and striking. One of the most striking is the assumption of American students that the English chancellor left the mortgagor virtually unprotected from his mortgagee. It is not diffitult to find the reasons for this assump- tion. In the colonial period of the country the Court of Chancery was in great disrepute., Time has removed much of the prejudice against doctrines of the chancellor, but in the field of mortgages the prejudice has continued. First, the English system of mortgages seems very primitive to American students. The struggle of junior mortgages to obtain the status of legal charges has confirmed the tradition that the English system of mortgages was very slow in developing, and the hocus-pocus of the long-term lease by which, under the 1925 legislation,2 the second mortgage emerged as a legal charge tended to confirm the prejudice. Surely under a system so primitive mortgagors could not have been adequately protected! The second reason for the prejudice is based upon the history of the American law of mortgages. For more than a century the trend of the American law has been toward greater protection for the debtor. Judges and legislators have joined in the effort to improve the position of the mortgagor and yet, as the d6bicle of the last decade shows, the present American system leaves the mortgagor without adequate protection. The position of mortgagors who did not have the benefit of the century's improvements must have been miserable indeed. -
REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg
REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg Ownership Rights (In Property) 3 Real vs Personal Property 5 . Personal Property 5 . Real Property 6 . Components of Real Property 6 . Subsurface Rights 6 . Air Rights 6 . Improvements 7 . Fixtures 7 The Four Tests of Intention 7 Manner of Attachment 7 Adaptation of the Object 8 Existence of an Agreement 8 Relationships of the Parties 8 Ownership of Plants and Trees 9 Severance 9 Water Rights 9 Appurtenances 10 Interest in Land 11 Estates in Land 11 Allodial System 11 Kinds of Estates 12 Freehold Estates 12 Fee Simple Absolute 12 Defeasible Fee 13 Fee Simple Determinable 13 Fee Simple Subject to Condition Subsequent 14 Fee Simple Subject to Condition Precedent 14 Fee Simple Subject to an Executory Limitation 15 Fee Tail 15 Life Estates 16 Legal Life Estates 17 Homestead Protection 17 Non-Freehold Estates 18 Estates for Years 19 Periodic Estate 19 Estates at Will 19 Estate at Sufferance 19 Common Law and Statutory Law 19 Copyright by Tony Portararo REV. 08-2014 1 REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Types of Ownership 20 Sole Ownership (An Estate in Severalty) 20 Partnerships 21 General Partnerships 21 Limited Partnerships 21 Joint Ventures 22 Syndications 22 Corporations 22 Concurrent Ownership 23 Tenants in Common 23 Joint Tenancy 24 Tenancy by the Entirety 25 Community Property 26 Trusts 26 Real Estate Investment Trusts 27 Intervivos and Testamentary Trusts 27 Land Trust 27 TEST ONE 29 TEST TWO (ANNOTATED) 39 Copyright by Tony Portararo REV.