Role of Government in Property - Explained
How Does the Government Contribute to the Property System?
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What is the role of government with regard to individual ownership of property?
The government establishes laws concerning property. More specifically, ownership of property depends upon legal recognition of ownership rights. The government establishes and enforces property ownership rights through a formalized system for recording and disclosure that puts others on notice of those rights.
Without government recognition and enforcement of property rights, ownership rights would be synonymous with possession or control of the property. Those capable of obtaining and maintaining possession or control through any means (such as force or coercion) would own all available property.
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Do you agree that an individual only has ownership in something to the extent that the government (the law) recognizes that individuals rights? Are you concerned by any requirements that the government puts in place to establish ownership?
Gordon enters into a verbal agreement to purchase land from Wynona. He pays for the land and takes possession of it. Gordon and Wynona never execute a deed or otherwise title the land with Gordon. When Wynona passes away, her children claim ownership of the land. Who likely has legal ownership of the land and what is the role of government in establishing and recognizing ownership?
- There are several ways through which a property owner is enabled by the federal and state governments to claim and prove ownership. One of the most obvious ways is by having a property deed which shows the names and any other detail of the real owner of the property. However, when the person claiming ownership of the property does not have a property did, they can produce any of the following as prove of ownership;
- Recorders office documents - When a person acquires an ownership in land, they should record the deed and other property ownership documents at the county recorders office where the property is located to provide notice to the public.
- By producing tax receipts - The owner doesn't have to have recorded the property to pay the taxes for it. If the owner can prove that they have been paying taxes, then the tax receipts are all they need as proof.
- Affidavit of ownership. - Alternatively, if the person has no documents such as a deed, they can swear and sign an affidavit of ownership in the presence of a notary.
- Property Law (Intro)
- Tangible and Intangible property?
- Knowledge Capital
- Calculated Intangible Value
- Real and Personal Property?
- Littoral Land
- Readily Removable Fixtures
- What is ownership?
- Role of Government in ownership of property?
- Allodial System
- Role of property rights in economic activity?
- What are the limitations on property ownership rights?
- What is nuisance?
- Homeowners Association (HOA)
- Rule of First Possession?
- Lost or Mislaid Items?
- Adverse Possession?
- Establishing and transferring ownership in real property?
- Absolute Title
- Warranty Deed
- Register of Deeds
- What is a fee simple interest in real property?
- Absolute Interest
- Restrictive Covenant
- What is a life estate in real property?
- What is a leasehold estate in real property?
- What are common types of co-ownership relationships in real property?
- Owning Real Estate Personally vs as LLC
- What if Co-Owners of Real Estate Want Out
- Community Property and Separate Marital Property?
- What is an easement interest in real property?
- What is a license of real or personal property?
- Bundle of Rights
- Absorption Rate
- Fair Housing Act
- Federal Housing Administration (FHA)
- Housing and Urban Development (HUD)
- National Housing Act
- Design Build Contract
- Building Permits
- Certificate of Acceptance
- Construction Surety Bond
- Acquisition, Development, and Construction Loan (ADC)
- Flipping (Real Property)
- Buy, Strip, and Flip
- Homeowner Affordability and Stability Plan
- Building Residual Method
- Accessory Dwelling Unit
- Property Management
- Cost-Plus Contract
- Real Estate Investment Fund
- Listing Agreement
- Property Lawyers
- Multiple Listing Service
- Home Equity
- Register of Deeds
- Title Search
- Opinion of Title
- Certificate of Title
- Abstract of Title
- Chain of Title
- Clear Title
- Affidavit of Title
- Earnest Money
- Private Mortgage Insurance
- Closing (Property)
- Settlement Statement
- Real Estate Settlement Procedure Act (RESPA)
- HUD-1 Form
- Closing Statement
- Closing Costs
- Buying Real Estate as an LLC
- What is a mortgage?
- Judicial Foreclosure
- Lis Pendens
- Short Sale
- Homeowners Protection Act
- Deed in Lieu of Foreclosure
- Tax Deed
- Tenancy at Will
- Closed End Lease Definition
One Percent Rule
- Net Lease
- Triple Net Lease (NNN)
- True Lease Definition
- Land Lease Option
- Hell or High Water Contract
- Habendum Clause
- Implied Warranty of Habitability
- Emblements Definition
- What is a bailment?
- Unilateral-benefit and mutual benefit bailments?