Transfer of Property - I. Transfer of Property a....

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I. Transfer of Property a. Consensual (Chapter 6) i. Clear definition and certain enforcement leads to greater wealth to society for given resources ii. Who gets property rights are: 1. Question of Title a. The set of rules or doctrines used to determine who owns the asset in the existence of conflicting claims i. Conflicting Claims: 1. Legitimate claims to an asset in terms of real estate, errors in previous transactions, errors in disposition of estate assets in Probate, or Fraud, Greatest Source: Mistakes . 2. Title Systems - 3 a. Possession i. He who possesses the asset owns it ii. Easy for small value items b. Registration i. Prior claimant and current claimant ii. The question of title is simple: the prior claim is extinguished iii. In use in Hawaii, southern Massachusetts iv. Gives consideration to contractor liens on property c. Recording i. Gives rights to prior claimant ii. Attorney conducts a Title Search 1. At closing, given a document there is evidence of title to seller 2. Reason you buy title insurance,
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This note was uploaded on 10/19/2008 for the course ECON 4450 taught by Professor Turnbull during the Spring '08 term at Georgia State University, Atlanta.

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Transfer of Property - I. Transfer of Property a....

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