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9 Cards in this Set

  • Front
  • Back
What are the 5 ways of aquiring title.
A. By will
B. Succession
C. Accession
D. Occupancy
E. Transfer
What are the 3 types of wills of acquiring title?
1. Witnessed Will ( 2 witnesses)

2.Holographic Will (hand written by testator)

3. Statutory Will (2 witnesses) preprinted form will which is the testament
What is the purpose of probate?
find and pay creditors of the deceased.
Probate sale is not actually a method of acquiring title.

What are the 3 bullets for probate sale.
1. initial offer is > or = 90% of appraised value

2. Petition court for approval of sale - schedule confirmation hearing.

3. Competing Bids (overbidding) must be atleast 10% of 1st $10,000 + 5% of any excess + original bid. Subsequent increases may be less atthe discretion of the judge.
What are the 2 methods of aquiring title by succession?
1. seperate property.
a. Spouse + child 50/50
b. Spouse + 2 or more children spouse 1/3 + 2/3
c. No spouse/chold goes to nest of kin.

2. Community Property- all to spouse.
What are the 2 methods of aquiring title by Occupancy?
1. Abandonment - of leasehold - tenant leaves before the expiration of the lease.

2. Adverse possession
Whate are the 5 requirements of Adverse possession for Occupancy?
1. Open and notorius use

2. Hostile to the title of the current owner

3. Claim of right of color of title

4. Continuous and uninterrupted use for 5 years

5. Payment of all property taxes for the 5 years
What are the 5 ways of aquiring title by Transfer?
1. Private Grand - various deeds. Voluntary transfer.

2. Public Grant - Govt to individual

3. Public Dedication - individual to govt.

4. Gift - possible gift tax donor - donee

5. Court Action - Involuntary
What are the 5 ways of aquiring title by transer in Court Action?
1. Partitions Action - co-owners

2. Foreclosure - minimum of 111 days from filing of NOD to trustee's sale

3. Bankruptcy

4. Escheat - die w/out heirs, title to the property goes to the state

5. Eminent Domain - "Condemnation proceedings" Property is purchased by the state for public use.