EAGLESTAR.NET LAND AND PROPERTY REVIEW
http://www.eaglestar.net
Volume 1, Issue 16
May 12, 2008

IN THIS ISSUE:
Property of the Week
Real Estate Roundup: Feudal Title, the Torrens System, and More
Sponsor's Corner
Auction News
Landterms.com Term of the Week: Quiet title


"Whatever I am offered in devotion with a pure heart - a leaf, a flower, fruit,
or water - I accept with joy."
- Bhagavad Gita (Sanskrit text, date unknown - likely between the 5th and
2nd centuries, B.C.)


PROPERTY OF THE WEEK:
TROPICAL ISLAND PARADISE
SAN BLAS, MEXICO
One-of-a-kind property on Isla Del Rey (Island of the King), located in front
of the Port of San Blas on Mexico's west coast. This 11.5+/- acre parcel is on
the point of the island, and has panoramic views of the Pacific, the busy Port
Of San Blas, and the neighboring harbors and coastline. The property is vacant
and covered in lush tropical vegetation. This property is ripe for development
as it is in the new Vallarta-San Blas Tourist Corridor, inaugurated in 2000.
Visitors come to San Blas for its historical sites, fine sea food and
restaurants, beautiful tropical beaches, great sport fishing, and world-famous
bird watching. Airport 40 minutes from San Blas. See photos and property
details at http://www.eaglestar.net/ort.html.


REAL ESTATE ROUNDUP
Feudal Title, Strata Title, Company Title, and the Torrens System

This series began with a Title FAQ (Frequently Asked Questions) in Issue 14
(http://www.eaglestar.net/newsletter/index.cgi?ID=14), and continued with an
FAQ on Allodial Title, Escheat, and Eminent Domain in Issue 15
(http://www.eaglestar.net/newsletter/index.cgi?ID=15). This week we continue
the discussion, focusing on feudal title, the Torrens system, and other types
of title.

The Land and Property Review welcomes reader participation. We recognize that
many of our clients have direct knowledge of and experience with the topics we
present weekly, and we encourage you to share your expertise. We also
recognize that, despite our best efforts, we may not address a particular topic
in enough detail to satisfy all our subscribers. If this is the case, please
contact us with any additional questions you might have.
If you would like to join this or any other discussion, please email your
questions, answers, comments, or suggestions to newsletter@eaglestar.net.

Q: What is feudal title to real property?
A: Feudal title is a system of real estate title based in old English law.
Under this system, all lands were owned and taxed by the king or other
sovereign, who granted the right to possess real estate. Real estate was held
as a life estate only, meaning that ownership reverted to the king or other
sovereign upon the death of the grantee. Under the feudal system of title,
also known as feudal tenure or land tenure, owners of real property did not
have the right to pass the property on to their heirs.

In most cases, the king or queen gave large parcels of land to lesser royalty
(lords, dukes, earls, etc.), known as tenants in chief, who divided the land
and granted ownership to lesser tenants in return for goods or services. These
lesser tenants divided the land in turn and granted ownership to even lesser
tenants, and so on. Different types of tenures required different types of
services. A very common type of tenure was a miltary tenure, the terms of
which dictated that the holder of the tenure and the real property must supply
soldiers (knights) to the lord who granted title to the land.

Q: Does the feudal system of title still exist?
A: The feudal system of title prefaced the decline of feudalism itself,
beginning in the late 1200's A.D. By about 1650 A.D., military tenure had been
abolished, effectively ending the feudal system of title, although its
influence still remains. Many of the relationships and concepts that
characterize modern leases, tenancies, and estates are directly based on land
tenures and the feudal system of title. Two present-day examples are the life
estate and the landlord-tenant relationship.

Q: What is Torrens title?
A: Torrens title is a system of title to real property, invented in 1858 by Sir
Robert Torrens when he was Premier of South Australia. Under this system, a
government Registrar of Titles maintains records of land ownership, including
Certificates of Title, in an official Land Register. The Torrens system was
implemented due to inconsistencies and problems in proving land ownership under
commom law. In short, the deeds or other instruments registered under the
Torrens system are given legal priority over all other documents, claims, or
facts, either recorded or unrecorded, that exist in the chain of title. In
fact, the Torrens system does away with the need for a chain of title. A
prospective purchaser of real estate only has to examine the legal interests
and other title information contained in the Land Register to meet his or her
obligation of due diligence. This is due to the fact that under the Torrens
system, the state guarantees indefeasible title to all registered real
property.

Q: What is a Certificate of Title?
A: A Certificate of Title is a document issued by the Registrar of Titles for
real estate registered under the Torrens system of title. The Certificate of
Title is considered conclusive evidence of the present ownership and state of
the title to the property described therein. The state guarantees indefeasible
title to lands with a Certificate of Title.

Q: What is indefeasible title?
A: It is a right or interest in real property that cannot be voided, altered,
challenged, undone, cancelled, defeated, or annulled.

Q: Does Torrens title exist in the United States?
A: Yes. Iowa is the only state to have the majority of its land area under the
Torrens system of title, but the system is also used to a limited degree in
Colorado, Georgia, Hawaii, Massachusetts, Minnesota, New York, North Carolina,
Ohio, and Washington. Each state implements the Torrens system in a slightly
different way. If you would like to know more about the Torrens system of
title and its application in different regions, please contact us and we will
gladly expand on this discussion.

Q: What is strata title?
A: This type of property ownership was first used in Australia in the early
1960's. Strata title began as a form of ownership for buildings with multiple
levels or floors, such as condominiums or apartments. It has since been
expanded to include most multi-family complexes, even if they have only one
story or floor (such as townhouses). With strata title, the property owner has
title to the space within the walls of his or her particular unit, as well as
an undivided interest in a proportion of all common areas. Strata title has
replaced company title in most areas where it exists.

Q: What is company title?
A: Company title is a form of ownership of units of a larger building, such as
apartments or condominiums. Under this form of title, the unit owners formed a
company, and property title was in the form of shares of the company. These
shares allowed owners to occupy a unit in the building. Company title was
cumbersome and often did not clearly define who owned a particular unit,
leading to inaccuracies and confusion. Company title has been replaced by
strata title in most areas.

Next issue we'll talk about different types of estates, including fee simple.

You can find definitions for title and other real estate terms, and
explanations of concepts at Landterms.com. Browse all categories at
http://landterms.com/categories.html.

Landterms.com is continually updated with new content and information. Email us
at newsletter@eaglestar.net if there is a term you think we should add.


SPONSOR'S CORNER
http://www.discounted-properties.net
The Land and Property Review wishes to thank this week's sponsor,
Discounted-Properties.net. Featuring commercial, residential, and industrial
properties offered at deep discounts under their appraised values,
Discounted-Properties.net works hard to meet the needs of its clients. Due to
established relationships with lenders and investors, Discounted-Properties.net
is able to offer premier properties at amazing discounts. Specialists in
foreclosure, pre-foreclosure, note sale, and commercial investment properties.


AUCTION NEWS
http://www.eaglestar.net/Land_Auction_Calendar/index.html

Jasper/Newton Counties, Missouri: Land Auction
Tuesday, May 20, 2008, 10am at the Holiday Inn in Joplin, MO.
401 acres in southwest Missouri offered in 10 tracts:
1.29 acres of commercial development near the intersection of I-44 and Hwy 71.
Excellent fast-food or convenience store location. 400+/- acres of pasture,
hunting and recreational land with country building sites. These 400+/ acres
will be offered in 9 tracts ranging from 10 to 120 acres each. Photographs and
additional information are available at
http://www.eaglestar.net/Detailed/20561.html.

Adair County, Kentucky: Absolute Land Auction
Saturday, May 24, 2008
194+/- acres of timberland wilderness in 2 tracts located just off Greenbrier
Rd. in the Chestnut Flats community near the Adair/Cumberland County line in
south-central Kentucky. Property is all wooded and offers excellent hunting,
trail riding, horse trails, four wheeler trails, spring branches, trophy deer &
turkey. It features scenic views in all directions. If you’re looking for rural
country property with privacy, don’t miss this absolute land auction!
For photos and more info, visit http://www.eaglestar.net/Detailed/20591.html.

Russell County, Kentucky: Cumberland River Land Auction
Saturday, May 24th, 2008
15 lots (0.5+/- acre) with Cumberland River access. Most lots with frontage on
private lake, within walking distance to the Cumberland River and use of
neighboring boat ramp. The Cumberland River is a top-rated trout stream,
well-known for rainbow and brown trout. These lots are near the city of Lake
Cumberland, Kentucky and are ideal for fishing retreats or simple weekend
getaways. More information is available at
http://www.eaglestar.net/Detailed/20552.html.

Alamosa County, Colorado: Absolute Land Auction
Saturday, May 31, 2008
Twenty 40+/- acre tracts with 8 being offered absolute. Located in the scenic
San Luis Valley. Many lots with wells, ponds, and water rights. Domestic water
supply is by well, with private septics for sewage disposal. Electric service
is at the lot line of each parcel and telephone, television, and internet are
available on site. Call today for more details. Photos and contact information
available at http://www.eaglestar.net/Detailed/20629.html.


LANDTERMS.COM TERM OF THE WEEK
http://landterms.com
Each issue we feature a real estate, forestry, natural sciences or other
land-related term from our partner site, Landterms.com.

This week's term: Quiet title
(n.) A lawsuit in a court with jurisdiction over land disputes, such as a
circuit or superior court, intended to establish or settle the title to a
particular property, especially where there is a cloud on the title or claims
against the title are being made.
(v.) To make or cause a condition where disputed title to real property has
been established or settled.


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