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Torrens title is a land registration and land transfer system in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed "indefeasibility") of title of the person recorded on the register as the proprietor (owner), and of all other interests recorded on the register.
Each co-owner receives an individual deed at closing for his or her undivided percentage interest in the entire property. In brief, a TIC owner has the same rights and benefits as a single owner of property. Although the TIC ownership form has been used for many years, its popularity has recently started increasing dramatically due to IRS ruling.
The Land Registry has been dealing with the registration of all transactions (purchase, sale, mortgage, remortgage and other burdens) concerning registered land since 1892, and issued land certificates which are a state guarantee of the registered owner's good title up to 1 January 2007. Land Certificates have been abolished by virtue of ...
Also, those who purchase ownership interests in the owners of the property, such as shares of stock in a corporation owning the land, have not purchased an interest in the property itself and so are unprotected. Also, recording laws generally do not protect purchasers against real estate taxes because notice of them is usually not required to ...
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
California prevented aliens (mainly Asians) from holding title to land until the law was declared unconstitutional in 1952. [14] Currently there are no restrictions on foreign ownership of land in the United States, although sales of real estate by non-resident aliens are subject to certain special taxation rules.