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Welcome to the International Right of Way Association’s Course 801 Land Titles

Welcome to the International Right of Way Association’s Course 801 Land Titles. 801-PT – Revision 2 – 07.10.06.USA. Introductions Who we are… What we do… Where we do it… How long we’ve been doing it… Our goals for the course. Objectives At the end of the two days, you will be able to.

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Welcome to the International Right of Way Association’s Course 801 Land Titles

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  1. Welcome to theInternational Right of WayAssociation’sCourse 801Land Titles 801-PT – Revision 2 – 07.10.06.USA

  2. Introductions Who we are… What we do… Where we do it… How long we’ve been doing it… Our goals for the course...

  3. ObjectivesAt the end of the two days,you will be able to... • Accurately determine current title conditions. • Have knowledge to acquire title sufficient to satisfy the requirements of employers.

  4. Housekeeping

  5. Schedule Day One 8:00 - 8:30 Introductions, Etc. 8:30 - 9:00 Background 9:00 - 9:45 Public Records 10:00 - 12:00 Title Information Sources 1:00 - 1:30 Who Can Hold/ Transfer Title 1:30 - 5:00 How Title is Held and Transferred

  6. Schedule Day Two 8:00 - 8:30 Recap and Day Two 8:30 - 10:00 When Title Passes 10:15 - 11:15 Encumbrances 11:15 - 12:00 Staff Title Searches 1:00 - 2:45 Grand Finale Exercise 3:00 - 3:30 What Ifs 3:30 - 4:00 Course Review 4:00 - 5:00 Final Examination

  7. An 11th century document showing some of the holdings of Robert the Brus.

  8. Public Records • Local • County • State • Federal

  9. Local Governments • City Clerk • Comptroller •Treasurer •Assessor • Economic Development Agency • Department of Public Works • City Engineer • Other

  10. County Governments • Assessor • County Clerk • Treasurer • Economic Development Agency • Department of Public Works • District Court • Other

  11. State Governments • Secretary of State • Department of Environmental Resources • Attorney General’s Office • Other

  12. Federal Government • District Court • Department of the Interior • Environmental Protection Agency • Other

  13. Abstract of Title … a chronological compilationof conveyances, court actions, and other facts affecting titleto a specific tract of land.

  14. Abstraction … provides copies of all recorded documents and court actions affectinga specific tract of land.

  15. Abstract Attorney … interprets the effects of thedocuments on title and provides a written report containing a legal description of the property searched, vested owners, and all partieshaving a property interestsand their specific interest.

  16. Title Insurance Company … provides a preliminarycommitment for title insurancefollowed by a title insurance policy, insuring the title of the new owner after thetransfer of title.

  17. The Sovereigns • Foreign Governments • Indian Nations • Federal Government • State Governments • Local Governments

  18. Estates … an interest of a particular degree, nature quality, or extent thatone has in property. • Individual Estate • Collective Estates

  19. Individual Estate … is one whose ownershipand control is enjoyedby a person free fromother rights or controls.

  20. Collective Estates … is one whose ownership andcontrol is enjoyed by morethan one person or entity. • Joint Tenancy • Tenancy in Common • Community Property • Life Estate

  21. Deeds(1) … a written instrument by which a person transfers ownership of real property to another. • Quitclaim • Bargain and Sales • Easement• General Warranty/Grant • Special/Limited Warranty • Statutory Warranty • Street/Road/Railroad • Trust• Fulfillment/Partial Fulfillment • Treasurer • Guardian• Reconveyance/Partial Reconveyance • Gift • Correction• Trustee • Release • Sheriff • Executor/Executrix• Survivorship • Administrator/Administratix

  22. Deeds(2) Quitclaim A deed that grants only whatever title or interest the grantor has to the property without any title warranty. Bargain and Sales A deed that does not provide any title covenants, but conveys the grantor’s entire interest in the property, including any acquired title.

  23. Deeds(3) General Warranty/Grant A deed whereby the grantor will defend title against any and all claims and demands. Special/Limited Warranty A deed whereby the grantor limits the warrantyto only those acts committed by the grantor. Statutory Warranty A deed form prescribed by state statute.

  24. Deeds(4) Street/Road/Railroad A deed, although appearing to convey fee title, conveys only a right of way. Easement An instrument in which, a non-possessory interest is granted.

  25. Deeds(5) Trust An instrument used instead of a mortgage. Trustee Deed A deed used after a foreclosure on a trust deed.

  26. Deeds(6) Fulfillment/Partial Fulfillment Granted after some or all of the termsof a contract have been met. Reconveyance/Partial Reconveyance A deed granted by a trustee on instructionsof the lender, after a promissory note has been paid.

  27. Deeds(7) Release An instrument that releases a property interest. Sheriff A deed granted as a result of a sheriff’s sale. Treasurer A deed granted by a treasurer after a tax foreclosure.

  28. Deeds(8) Executor/Executrix A court approved deed associated with the terms of a will. Administrator/Administratrix A court approved deed when someone dies intestate.

  29. Deeds(9) Guardian An instrument whereby court approval is received prior to the property transfer. Survivorship Usually granted between spouses to establish transfer rights. Correction Used to correct errors. Gift A deed for a nominal consideration.

  30. Other Means to Transfer…(1) • Judgments • Eminent Domain • Actions to Quiet Title • Divorce Decrees • Operations of Law • Escheat• Prescriptive Rights • Bankruptcy• Death and Probate • Map Filings and Plat• Dedications • Vacations• Abandonments

  31. Other Means to Transfer…Judgments(2) Eminent Domain Government’s right to take private property for public use. Actions to Quiet Title Actions to determine ownership. Divorce Decrees In community property states, divorce decrees may vest title in one person.

  32. Other Means to Transfer…Operations of Law and Statutory(3) Escheat The reversion of property to the state. Prescriptive Rights Establishes rights in the property of another. Statutory Transfers property from one government to another.

  33. Other Means to Transfer…Bankruptcy and Death/Probate(4) Bankruptcy The administration of an insolvent debtor’s property. Death Testate: with a will. Intestate: without a will. Probate The process of proving in court that a will is valid.

  34. Other Means to Transfer…Maps and Vacations and Abandonments(5) Maps A declaration dedicating streets, etc. to the public. Vacations A governmental process by which the public’s rights in property are relinquished. Abandonments A method to remove an easement.

  35. Interests Definitions Eminent Domain4. The right of government to take property from a private owner for public use. Action to Quiet Title 10. Actions to determine ownership, such as the settlement of a boundary dispute. Divorce Decree 11. In community property states, may vest title to property in only one person.

  36. Interests Definitions Escheat 8. The reversion of property to the state. Prescriptive Rights 5. Establishes rights (easement) in the property of another. Bankruptcy 12. The administration of an insolvent debtor’s property by a court. Testate 3. Having a valid will.

  37. Interests Definitions Intestate 6. Having no valid will. Probate 11. The judicial determination that a will is valid. Plat Dedication 7. A declaration dedicating streets, parks, etc. to the public.

  38. Interests Definitions Vacation9. Government relinquishing its rights to property. Statutory 2. A method to transfer property from one government agency to another.

  39. Agreements,Contracts, Options... An agreementexpresses the willingness of parties to agree to terms. A contract is an agreement thatcreates an obligation to do something.There are remedies for breach. An option is a “right to buy or sell” agreement.

  40. Contracts Purchase Agreements An agreement to purchase, which, when accepted by the seller, becomesa contract. Land/Real Estate Contracts An installment purchase contract. Escrow Instructions When signed by the buyer and seller,it becomes a contract for an escrowagent to implement.

  41. Options Option Agreements The right, or option, to purchase at an agreed to price, before a specific date. Lease/Purchase Agreements A lease with the option to purchase at predetermined terms.

  42. Other Instruments Permits/Licenses Authorize entry on to property for a specific purpose. Usually can be revoked at will. Franchise Agreement Rights granted to railroads and utilities to use assigned corridors within the public right of way.

  43. Day OneRecap (1) • Looked at public records, where we look (local, county, state, federal) and what we look for. • Talked about title information sources (abstracts of title, abstract attorneys, title companies) • Discussed “The Sovereigns” (foreign, Indian, federal, state, local) and others (individuals and concurrent/groups) title holders.

  44. Day OneRecap (2) • Spent most of the afternoon talking about estates (individual and collective), instruments (mostly deed types, the elements and requirements of a deed), other instruments, and agreements, contracts, options, and other instruments. • At various times throughout the day, we did some exercises.

  45. Day Two(1) • Specifically, we will discuss: • • When title passes• Encumbrances • • Staff title searches • • What Ifs (when other concerns, problems, or situations arise) • And we will do a couple of exercises, especially a grand finale exercise and then the exam.

  46. Voluntary Transfers A voluntary transaction is madefrom a person’s own free choiceand consent. There is no legalrequirement to do so.

  47. Involuntary Transfers An involuntary transactionis made without a person’sown free choiceand consent.

  48. Encumbrance • … is a claim against property. • There are two types: • • Liens for the collection of money • • Rights to use and control

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