Wednesday, 25 November 2015

Acquisition of Real Property

Real property may be acquired in a number of ways by individuals ( Acquisition of Real Property )

They may acquire property by public or private grants, called patents, are the highest form of title and are given by government units to individuals. A popular form in the United States was the granting of up to one hundred and sixties acres "sixty five hectares" to homesteaders.
Private conveyances of land have their basis in English common and civil law. The common law conveyances may be classified as original deeds creating an interest in land, or derivative deeds that modify an estate already created. Original deeds under common law include feoffments, gifts, grants, leases, exchanges, and partitions. The feoffment "(in feudal law) a grant of ownership of freehold property to someone" was developed in medieval England under the feudal tenure system in which the right to use land was given in exchange for various servitudes.
The feoffment was given on the land in a ceremony called "livery of seisin (possession of land by freehold)". It evolved into a freehold estate of inheritance. A gift creating a fee tail was similar to a feoffment except for limitations on heirs. Grants originally created an estate in incorporeal property, but for now corporeal property as well. Leases created an estate less than that held by the grantor. Exchange were mutual grants of similar estate from estates of joint or common tenancy.
Derivative deeds under the common law comprised releases, confirmations, assignments, & defeasances. Realeases conveyed a future estate to the present tenant, while the confirmation made a voidable estate sure.
The assignments transferred an entire estate, and the defeasance was used in conjunction with a mortgage to defeat the mortgagee's title on payment of the loan. Individual may also gain title by open, hostile, & adverse possession for a statutory period in denial of & opposition to another title.

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