EAGLESTAR.NET LAND AND PROPERTY REVIEW
Issue #15
May 5, 2008

IN THIS ISSUE:
Property of the Week: Pershing County, NV
Real Estate Roundup: Types of Title
Sponsor's Corner
Buyer's List Update
Auction News
Landterms.com Term of the Week: Vanilla shell


"Wealth is like sea-water: the more we drink, the thirstier we become - and the
same is true of fame."
- Arthur Schopenhauer (German philosopher, b. 1788 - d. 1860)


PROPERTY OF THE WEEK:
20 Acre Parcel, Pershing County, East of Reno, Nevada
This 20 acre parcel is located approximately 2 hours east of Reno in a gorgeous
farming valley. Near Rye Patch Reservoir, a local recreation hotspot.
Fantastic, panoramic views of the surrounding snow-capped peaks. Owner
financing available with zero down and monthly payments of $200! Photos and
details at http://www.eaglestar.net/hrr3-.html.


REAL ESTATE ROUNDUP: Allodial Title to Real Property
This week we continue our series on title, tenancies, and estates. Important
points to remember from last issue (Volume 1, Issue 14) are that title refers
to the ownership of or right to the land (real estate), while an estate refers
to the nature, degree, quantity, or extent of that interest or ownership. Some
types of interest in real estate, such as easements, are not estates because
they allow use but not possession of land. These types of interest are less
than ownership and, as such, do not indicate that the holder of the easement
also holds title to the property. You can access current and past issues of
the Land and Property Review at http://www.eaglestar.net/newsletter.

Q: Is the title to my property a legal document that proves ownership of real
estate?
A: No. The legal document that proves ownership of an asset (a "muniment") in
real estate is a deed. A deed is also the written instrument used to transfer
title to real estate. Title, on the other hand, is the set of circumstances
that would allow one to recover or retain ownership of real estate if that
ownership was challenged in court. These circumstances include physical
possession of the real estate; they also include the existence of a deed of
ownership, which should always be legally recorded.

Q: Are there different types of title?
A: Yes. These include allodial, feudal, and the fee simple estate.

Q: What is allodial title?
A: Allodial title is better described as a type of estate. Allodial title is a
complete, undivided, and inalienable interest in a parcel of land. Those who
hold allodial title are free from any and all encumbrances and obligations,
including mortgages, taxes, and liens. In addition, allodial lands
("allodium") are not subject to government police power, eminent domain, or
escheat. Allodial title is distinguished from feudal title, an archaic form of
property ownership where all lands reverted to the estate of the king following
the death of their owners.

Q: What does inalienable mean?
A: Inalienable is a legal term that means "cannot be taken away by operation of
law".

Q: What is government police power?
A: Police power is a legal concept describing the right of the government to
enact laws, enforce law and order, and regulate the behavior of its citizens.
The intent of police power is professed to be the promotion of the health,
safety, welfare, morals, and general well-being of the public. Only those
rights and powers specifically prohibited by the U.S. or state constitutions
limit government police power. Examples of government police power include
land use rules such as zoning ordinances, natural resource or environmental
regulations, building and fire codes, and traffic laws.

Q: What is eminent domain?
A: Eminent domain is the right of a state, federal, or municipal government to
take private property for a necessary public use, with just compensation paid
to the owner. For example, a city might "take" a homeowner's property for the
construction of a hospital, or a state might do the same for the construction
of a new or improved highway. It is called "taking" because there is little
the property owner can do to prevent the government from acquiring the
property. However, it is not "taking" in the sense that the property owner
receives nothing in return. The owner should be paid a fair price based on the
market value of the property (just compensation).

Q: What is escheat?
A: Escheat is the process by which property ownership is transferred to the
state when a person dies intestate (without a will) and no legal heirs can be
located. Usually the property is disposed of (sold), so the state does not
have the burden of property upkeep. The funds from the sale of the property
are held in trust in for a number of years (the "statute of limitations"),
during which time a legal heir may claim them. After this period, which varies
by jursidiction, it is next to impossible for legal heirs to claim these funds.
The concept of escheat began long ago, when it described the legal process by
which feudal land was returned to the ownership of the king or other sovereign
upon the death of its owner. Escheat is used today to ensure that property is
not left without an owner and in legal limbo.

Q: Does allodial title exist in the United States?
A: True allodial title does not exist in the United States. Most people who
make the claim that it does base their argument on a broad interpretation of
the Treaty of Paris (1783), which formally ended both the Revolutionary War and
American fealty to the English Crown. The Treaty does reject the Crown's
feudal interests in American lands, but does not specifically mention allodial
title. The fact that privately held lands in the United States are subject to
taxation, police power, escheat, and eminent domain means that title to these
lands is not and cannot be allodial, according to its legal definition.

Two states, Nevada and Texas, offer limited allodial title, although Nevada
stopped accepting applications in 2005. With strict respect to its definition,
neither state offers true allodial title. Nevada's process required the
payment of all property taxes upfront before the property could be removed from
the tax rolls. In addition, both states allow the seizure of property
(allodial or otherwise) used in criminal enterprises. With these things in
mind, it is clear that title to privately held lands in NV and TX is not
complete, unencumbered, and inalienable. Title to lands such as these
therefore cannot be considered allodial.

Q: What kind of title system do we have in the United States?
A: The system of title in the United States is best described as a modified
feudal system. The fee simple estate is the highest and most complete
ownership of land under this system. Title to the land no longer reverts to
the king or other sovereign upon the death of the owner, as was the case in the
feudal tenure system of title. Title in the U.S. can be passed to heirs, or it
can be transferred or assigned to anyone the owner wishes. However, real
property is subject to liens, mortgages, taxes, eminent domain, escheat, and
police power, and so has more in common with a feudal system than an allodial
system of title.

Next week we'll continue this series with more on estates including fee simple,
a short discussion of feudal title, and some additional types of title to real
estate including Torrens and strata title.

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 if there is a term you think we should add.


SPONSOR'S CORNER
The Land and Property Review wishes to thank this week's sponsor, Watson Land
Company, Westcliffe, Colorado. Watson Land Company can help you find your
dream property in the gorgeous southern Colorado mountains. Watson Land
Company offers fine properties such as:

The Hideaway
Salida, Colorado
This rare offering on 160+/- acres is surrounded by National Forest and a short
distance from Salida. Well-constructed 2 bedroom, 2 bath home with room for
expansion in walkout basement. Charming homesteader's cabin also on property
as well as 2,322sf garage/barn. Off the grid with back up propane generator.
Ideal family retreat, hunting property or year round home for those seeking
privacy and to immerse themselves in the natural world. Interior, exterior,
and scenic photos at http://www.eaglestar.net/wsmn11-.html.


BUYER'S LIST UPDATE
http://www.eaglestar.net/Land_Buyers_List/index.html

Buyer's Brokers, Agents, and Salespersons:
Show your clients you are giving them the extra service they deserve. Place
unlimited free buyer's listings on Eaglestar.net. It takes only minutes. Our
advertisers of available properties use the Buyer's List to contact possible
buyers or their agents. Go to http://www.eaglestar.net/pages/buyers.html to
begin.

Nevada. Seeking vacant geothermal land in Nevada for renewable energy.
Please refer to buyer #20612.

Oklahoma. Wanted: 30 acres near Eufaula or Dustin, Oklahoma. Will consider 30
acres in central Oklahoma in the hill country off of Hwy 9 just on the east
side of Dustin. Please refer to buyer #17122.

Cayuga, Ontario area. Option one: vacant land, 25+ acres, bush, gas well,
Cayuga, ON area. Option 2: same as above, newer home, very open concept, <2000
sq ft. Both secondary road, not near: hydro towers, refineries, quarries,
dumps, etc. Please refer to buyer #17126.

Looking in: CA, NV, AZ, UT deserts. Desert land wanted, level or mostly level.
Dry lakebed land or land bordering protected state or federal lands a major
plus. Preferably not in the path of growth. I am not pursuing parcels to hold
for investment purposes. Military adjacent areas ok. Seller financing
desired. Please refer to buyer #17156.

Montana. Looking for a tax deduction? Trying to get rid of that acreage?
Non-profit organization (we're a four year old 501c3 - letter available upon
request; we are listed in IRS Pub 78) looking for undeveloped 20+ acres in
Lincoln County, Montana. Ideally in the Cabinet Moutains. Utilities (phone,
electric) to lot preferred, but not required. Prefer remote and/or secluded -
difficult access is a-ok. Willing to forego utilities and/or amenities to get
the right property. Would prefer water on the property or deeded access to
water, but treed and secluded is more important. We'd like to set up a
donation/purchase scenario with owner financing or maybe a lease with option to
buy???? Please refer to buyer #17164.


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: Vanilla shell
A commercial or residential building with a minimally finished interior,
usually with ceilings, lighting, plumbing, heating and cooling (HVAC), interior
walls (painted or unpainted), electrical outlets, rest rooms, and a concrete
floor. A vanilla shell is considered ready to lease and ready for tenant
improvements (TI). Usually, vanilla shell improvements (VSI) are not completed
until the lease agreement between the tenant and landlord has been negotiated
and executed.

Find definitions for terms related to vanilla shell at
http://landterms.com/Construction/Vanilla_shell_1417.html.


SUGGESTIONS
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Email: newsletter@eaglestar.net

ARCHIVES
See archived issues of the Eaglestar.net Land and Property Review at
http://eaglestar.net/newsletter.


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