Property Law Principles

1. Title
   1. Legal Title
      1. Definition and Characteristics
         1. Actual ownership of property
         2. Recorded in the property records
         3. Legal rights of control and exclusion
      2. Methods of Acquisition
         1. Purchase
         2. Inheritance
         3. Court order
      3. Implications in Legal Disputes
         1. Priority of claims
         2. Resolutions in ownership conflicts
   2. Equitable Title
      1. Definition and Characteristics
         1. Right to obtain full ownership at some point
         2. Present when another party holds legal title
      2. Relationship to Legal Title
         1. Equitable ownership without formal record
         2. Importance in trust agreements
      3. Benefits and Limitations
         1. Rights to benefit from property use
         2. Limits on transfer and exclusion
   3. Title Assurance
      1. Title Search
         1. Purpose and Process
            1. Confirming the legitimacy of the title
            2. Identifying potential encumbrances
         2. Role of Title Abstractors
            1. Examination of historical and current records
            2. Identifying liens, encumbrances
         3. Importance in Property Transactions
            1. Ensuring buyer protection
            2. Establishing ownership history
      2. Title Insurance
         1. Definition and Purpose
            1. Protects against unknown title defects
            2. Coverage against financial losses
         2. Types of Policies
            1. Owner's Policy
            2. Lender's Policy
         3. Claims and Settlement Processes
            1. Process for filing a claim
            2. Evaluation and resolution of defects
         4. Limitations and Exclusions
            1. Known issues prior to policy
            2. Zoning and regulatory issues
   4. Transfer of Title
      1. Deeds
         1. General Requirements
            1. Grantor and grantee requirements
            2. Necessary elements for validity
               1. Written document
               2. Legal description of the property
               3. Signature of the grantor
         2. Warranty Deed
            1. Full guarantees by the grantor
            2. Protection against all defects
            3. Common uses and benefits
         3. Quitclaim Deed
            1. No guarantees as to the condition of the title
            2. Used to clear title issues
            3. Applications in family transfers
         4. Special Warranty Deed
            1. Limited guarantees covering the period of the grantor's ownership
            2. Differences from Warranty Deed
         5. Execution and Delivery
            1. Proper execution requirements
            2. Necessity of delivery and acceptance
      2. Other Methods of Title Transfer
         1. Operation of Law
            1. Intestate succession
            2. Escheat to the state
         2. Court Orders
            1. Probate proceedings
            2. Court settlements
         3. Adverse Possession (as related to title)
            1. Ownership claims through continued use
            2. Legal implications on title transfer