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Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
The Texas Land Survey System is often measured in Spanish Customary Units. The most important of these is the vara, which, while ambiguous in the past, was legally established to be exactly 33 + 1 ⁄ 3 inches (846.67 mm) long in June 1919. [2] The subdivision levels in Texas are as follows: [3]
Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...
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A private transfer fee covenant [1] is a legal instrument that is filed in the real property records, which imposes an assessment payable in connection with a series of future transfers of title to certain real property.
The underlying legal concept of a transfer of development rights programme is the notion that all land has a bundle of property rights. [1] It is used for controlling land use to complement land-use planning and zoning for more effective urban growth management and land conservation.
Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...
The merger also refers to the doctrine whereby "a fee simple estate, once fragmented into present and future interests, can thereafter be reconstituted. 'Merger is the absorption of a lesser estate by a greater estate, and takes place when two distinct estates of greater and lesser rank meet in the same person or class of persons at the same time without any intermediate estate.' "[1 ...