Techno Title & Abstract Agency, LLC

05/26/2023

01/28/2020

In addition to being owned by natural persons, ownership interests in real estate can also be held by various business entities.
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Partnership- an agreement between two or more people to conduct a business, under the Uniform Partnership Act, title to real estate may be held in the partners’ names or in the name of the partnership.
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General Partnership- the partners have a right to participate in the management of the partnership.
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Limited Partnership- includes one general partner and one or more limited partners. The limited partners do not run the business and have limited liability. Limited partners are liable only to the extent of their investments.
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Corporation- an artificial person created by a charter in the state where it files. A corporation becomes a legal entity when a Certificate of Incorporation is issued.

01/27/2020

In law, a tenement also refers to possessions of an individual that are real property, that is, attached to the ground, such as land and buildings.
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01/24/2020

DID YOU KNOW!?
The White House Reconstruction, also known as the Truman Reconstruction, was a comprehensive dismantling and rebuilding of the interior of the White House between 1949-1952.

01/21/2020

TECHNO’S TUESDAY TIP #36
A metes and bounds description is an identification of property by distances and compass directions from a stated point of beginning to which the description must ultimately return, so that an enclosed area will be described. They are commonly used in the legal description found in deeds and are used when it is necessary to describe a tract of land with irregular boundaries.
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01/20/2020

The right of egress is the legal right to exit or leave a property. The right of egress is usually used in conjunction with the right of ingress, which means the legal right to enter a property. Ingress and egress rights are important to homeowners since they allow access to their property.
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01/20/2020

“The time is always right to do what is right.”
Happy Martin Luther King Jr. Day 🤍

01/14/2020

“Government rights” are a always exclusions from coverage under a title policy. It is best that you are aware of these limitations and understand why the government has set these limitations. There are four ways the government involuntarily limits ownership of land, and it can be summed up using the acronym ‘PETE,’ standing for Police Power, Eminent Domain, Taxation and Escheat.
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Police Power -> In United States constitutional law, police power is the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.
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Eminent Domain -> the power of a state or the federal government to take private property for public use while requiring "just" compensation to be given to the original owner.
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Taxation -> land owners must pay real estate property taxes to support the governmental jurisdiction in which the property is located.
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Escheat -> a common law doctrine that transfers the real property of a person who has died without heirs to the Crown or state. It serves to ensure that property is not left in "limbo" without recognized ownership.

01/14/2020

Appreciation is the increase in a value, (in real estate, the property’s value), over time. How much a home appreciates each year depends on the local real estate market and any improvements to the home. A home's appreciation is calculated based on the fair market value of comparable homes for sale in the neighborhood.

01/13/2020

Did you know New York City’s Central Park has an estimated land value of over $500 trillion?! 🤑💰

01/07/2020

TECHNO’S TUESDAY TIP #34
It is important to understand the difference between marketable and insurable title.
—> Marketable title usually man’s title that a prudent purchaser with full knowledge of all the facts will accept. Marketable is often used synonymously with “acceptable” and “transferable.” Whether or not a title is marketable can only be decided by a court of law.
—> Insurable title is a title that can be insured by a title company. An insurable title may contain some cloud or defect that would otherwise make it unmarketable, but a reputable title insurer has been informed of the defect and agrees to offer title insurance that affirmatively covers the buyer or does not except to the defect.

01/06/2020

Indemnity or indemnification is a common term that is included in many contracts. In its simplest form, indemnity means that one party in the contract is responsible for compensating another for loss, damages, and/or injury incurred as a result of that party’s actions. In other words, indemnity provides a form of protection against a financial liability.
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