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INTRODUCTION TO COMMMERCIAL REAL ESTATEMANAGEMENT 490October 7, 2009

+Today’s Class

Forms of Ownership Transferring Title to Real Property Recordation/Title Insurance Work on Project (Barbara Morgan/Jim Dountas)

+Forms of Ownership

Single ownership Common Ownership

Tenancy in Common Joint Tenancy

Unity of Time Unity of Title Unity of Interest Unity of Possession

Life Estate

+Forms of Ownership

Tenancy by the Entirety Community Property Entity Types

Partnership Limited Partnership Limited Liability Company Corporation Trust

+Transferring Title

What is a “Deed?” Parties Conveyance Legal description Warranties Signature Acknowledgement

When does title “pass?” Delivery and acceptance

+Types of Deeds

Warranty Deed Special Warranty Deed Quitclaim Deed Personal Representative’s Deed Transfer on Death Deed (TODD)

+Title/Rights by Operation of Law

Adverse Possession (Title) NMSA §37-1-22 “actual, visible, exclusive, hostile and continuous

possession, under color of title, for the statutory period of ten years”

Payment of taxes

Easement by Prescription (Easement rights only) The use necessary to acquire title by prescription must be

open, uninterrupted, peaceable, notorious, adverse, under a claim of right, and continue for a period of ten years with the knowledge or imputed knowledge of the owner

+Recordation

All instruments affecting real property recording with the county clerk in which the real property is located Must be acknowledged

Constructive Notice Inquiry Notice Actual Notice

+Public Records Organization

Grantor/Grantee Index Legal Description Tax Parcel

+Chain of Title

All records affecting title to a piece of property from time of granting from sovereign to most current owner

Abstract

+Title Insurance

What does it protect? Owners Lenders

How is it regulated? New Mexico Superintendent of Insurance

What does it cost? Promulgated rates

Claims

+Title Commitment

Date of Plant search Vesting Legal Requirements Exceptions

Standard Special

+Additional Resources

American Land Title Association (www.alta.org) New Mexico Land Title Association (www.nmlta.org) Stewart Virtual Underwriter (www.vuwriter.com)