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What Are the Key Legal Doctrines Affecting Real Property Transfers?

When it comes to buying and selling property, there are some important rules to know. Here are three key ideas that help make sure everything goes smoothly:

  1. Marketable Title: This means that sellers have to give buyers a good title. A title is simply proof that you own the property. If there are any problems, like unpaid debts or legal claims against the property, it’s not considered marketable. So, buyers expect a clear title without any issues.

  2. Adverse Possession: This rule lets someone claim ownership of land if they have been using it without permission for a long time. Generally, this period is between 10 to 20 years. If they take care of the property and act like the owner, they might be able to call it theirs.

  3. Estoppel: This means that if someone makes a promise during a property deal, they can’t take it back later if doing so would hurt the other party. It helps keep things fair, especially if someone has relied on that promise to make a decision.

These ideas help keep property transactions clear and fair for everyone involved.

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What Are the Key Legal Doctrines Affecting Real Property Transfers?

When it comes to buying and selling property, there are some important rules to know. Here are three key ideas that help make sure everything goes smoothly:

  1. Marketable Title: This means that sellers have to give buyers a good title. A title is simply proof that you own the property. If there are any problems, like unpaid debts or legal claims against the property, it’s not considered marketable. So, buyers expect a clear title without any issues.

  2. Adverse Possession: This rule lets someone claim ownership of land if they have been using it without permission for a long time. Generally, this period is between 10 to 20 years. If they take care of the property and act like the owner, they might be able to call it theirs.

  3. Estoppel: This means that if someone makes a promise during a property deal, they can’t take it back later if doing so would hurt the other party. It helps keep things fair, especially if someone has relied on that promise to make a decision.

These ideas help keep property transactions clear and fair for everyone involved.

Related articles