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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.
However, new types of land ownership is generally disallowed, under the numerus clausus principle, unless they are introduced by legislation. [13] In most states, full ownership of land is known as fee simple, fee simple absolute, or fee. [14] Fee simple refers to a present interest in the land, which continues indefinitely into the future. [14]
The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract of land multiple times. With other kinds of property, the first buyer would be the owner of the property, and later owners would have no interest in the property and would instead have a cause of action ...
Pedis possessio is a legal phrase in common law used to describe walking on a property to establish ownership; this concept involves the establishment of first possession of land. By walking on a property and defining its bounds, possession is established. Legal dictionaries [2] put forth this definition.
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property . [ 1 ]
The value of the share of the co-owner who brought the partition action is determined by multiplying the fair market value of the property as determined by an appraiser by the person’s percentage of interest in the property. If there is no buyout, then the law provides a preference for the court to order a partition in kind and divide the ...
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The four broad types of property taxes are land, improvements to land (immovable human-made objects, such as buildings), personal property (movable human-made objects), and intangible property. The social and political context in which private property is administered will determine the extent to which an owner will be able to exercise rights ...