REAL ESTATE PRINCIPLES

1
REAL ESTATE PRINCIPLES

• Title
• January 31, 2008
• Orlando Lucero, Esq.
• Stewart Title of Albuquerque, LLC

2
Rights and Interests in Land

• Historically
• Feudal
• Alloidal
• Government Rights
• Property Taxes
• Eminent Domain
• Police Power
• Escheat

3
Rights and Interests in Land

• The Bundle of Rights
• Fee Simple (and Qualified Estates)
• Encumbrances
• Easements
• Encroachments
• Restrictions
• Liens

4
Rights and Interests in Land

• Life Estate
• Community Property
• Leasehold Estate
• Condominium

5
Forms of Ownership

• Sole Ownership
• Tenants in Common
• Joint Tenants
• Community Property

6
Forms of Ownership

• Entity Ownership
• Corporation
• Partnership
• Limited Liability Company
• Trusts

7
Transferring Title

• General Warranty Deed
• Special Warranty Deed
• Quitclaim Deed
• Transfer on Death Deed
• Personal Representative Deed

8
Transferring Title

• Adverse Possession
• Easement by Prescription
• Public Grant
• Dedication

9
Recordation, Abstracts and Title Insurance

• Public Recordation System
• Why have?
• Requirements for recording
• Searching the Public Records
• New Mexico Title Plant Requirement
• Abstract/Chain of Title

10
Recordation, Abstracts and Title Insurance

• Title Insurance
• Historically
• New Mexico Regulatory Environment
• Current Public Policy Issues
• What Does Title Insurance Cover?

11
Recordation, Abstracts and Title Insurance

• The Title Commitment
• Schedule A
• Schedule B-1
• Schedule B-2

12
Recordation, Abstracts and Title Insurance

• The Owners Policy of Title Insurance
• The Lenders Policy of Title Insurance
• Additional Coverages
• Deletion of Standard Exceptions
• Other Endorsements