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US Property Laws |
Property includes the right to own, use, enjoy or transfer any valuable thing, object or land. Real property means land resource.
Land denotes not only the surface but also any resource over or under it including buildings, structures,minerals, energy reservoir , ground water etc.
Law concerning different kinds of ownership or rights in land within the territory of a state is its exclusive domain.
(More http://www.law.cornell.edu/topics/state_statutes3.html#property )
Ownership of property means the right of the owner to use and enjoy the same to the exclusion of others. In case of ‘freehold estate’ the owner has the right to enjoyment of the land in question for perpetuity or for an indefinite period. The holder of a ‘life estate’ has the right to the property only during his lifetime which, after his death revert to the original owner. ‘Non free hold estates’ are interests of a limited or fixed duration in landed or real property, such as tenancy for years, tenancy at will etc. In case of ‘concurrent estates’ the same property or parcel of land is owned by joint or co-owners.
Remedies
In case of invasion of property rights, the aggrieved property owner is entitled to declaration of such rights from courts or compensation from the wrongdoer for the loss suffered.However, where compensation cannot be adequate relief, specific performance of agreement in question,such as execution and registration of conveyance of sale in favour of the buyer etc., is ordered by the courts.
Real estate contracts
The seller must have a clear marketable title to the property under sale in real estate contracts without any encumberance or hidden third party interest in ownership. A title insurance company ,which upon investigation certifies clean title of the seller, is bound to compensate the buyer for any loss suffered by him due to defect of title. A conveyance of real estate property must be in writing with proper particulars of the property transferred. Many states require compulsory registration of such transfer deeds with registering authorities so that it serves as public notice of such transfers.
The seller employs a real estate agent to find a buyer for commission. Real estate brokers and sale agents are licensed and registered under the local state laws. However, the Federal Fair Housing Act prohibits such brokers and others concerned from discriminating in real estate transactions on the basis of religion, nationality, race , colour, sex etc.
Doctrine of adverse possession
Any person who is continuously and openly squatting on the land of another as a trespasser for a sufficient period of time, which varies from jurisdiction to jurisdiction, without any legal action for eviction by the owner, acquires a title to the property. The law will not have any remedy or protection for the negligent land owner who is sleeping over his rights.
Civil Forfeiture
In spite of of the innocence of the owner, vehicles or real estate properties used in the commission of an offence are liable to forfeiture.
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