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-- FOR IMMEDIATE RELEASE -- |
Title to real estate is a bundle of sticks.
Imagine that you are holding a bundle of Popsicle sticks in your fist. Each stick represents a right that that you possess as an owner, including but certainly not limited to:
- The right to build on the real estate.
- The right to sell the property.
- The right to lease the property.
- The right to “burn down” (i. e. destroy) the property.
- The right to do nothing with the property.
- The right to give an easement that physically affects the property
- The right to give a land contract that, over time, may result in a sale of the property.
- The right to give a mortgage on the property as security for a loan.
Wherever you exercise one, or more, of those rights, you give up some, or all, of your interest in (your right to possess) that right’s corresponding Popsicle stick. In order to re-acquire that right, you must re-acquire its corresponding stick, i. e. merge title back into you as the original owner.
If you want to purchase the property, you must acquire a Warranty Deed from the current owner that gives you all of the sticks of ownership that affect merchantability.
If you have leased the property, you must secure a cancellation of the lease from your lessee in order to re-acquire that Popsicle stick and merge title back to you.
If you have destroyed the property, you must satisfy any administrative body’s building requirements and secure certification that that you have done so in order to re-acquire that Popsicle stick and merge title back to you.
If you have granted an Easement, you must secure a release of the Easement or a Quit Claim Deed* from the Grantee in order to re-acquire that Popsicle stick and merge title back to you.
If you have given a Land Contract, you must secure a cancellation of the Land Contract or a Quit Claim Deed* from the Land Contract Vendee in order to re-acquire that Popsicle stick and merge title back to you.
If you have given a Mortgage as security for a loan, you must secure a release or a cancellation of the Mortgage or a Quit Claim Deed* from the Mortgagee in order to re-acquire that Popsicle Stick and merge title back to you.
[*A Quit Claim Deed is an instrument that legally conveys all of the Grantor’s interest (whatever that interest may be, even if that interest is nothing), and has the effect of merging a variety of legal rights (Popsicle sticks) back into the original owner, lessor, vendee, or mortgagor.]
MJH
4/19/04
By: Michael J. Haddad
Attorney at Law
Mr. Haddad, an attorney agent of Title Company of America, Inc., has over twenty-five years experience in commercial and residential real estate. In addition, he teaches Business Law at the College of DuPage. This article contains general guidelines, but should not be construed as legal advice. See your counsel if you have any questions.
Contact: Kymberlee Raya
kraya@ticoam.com
Title Company of America
18 West 100 22nd Street
Suite 102C
Oakbrook Terrace, IL 60181
Phone: 630.889.4433
Facsimile: 630.889.4434
Web: www.ticoam.com |
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