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Real Property. In Mexico, a notary is a specially-trained lawyer with authorization to act in a quasi- official capacity. Barring evidence of corruption.

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Presentation on theme: "Real Property. In Mexico, a notary is a specially-trained lawyer with authorization to act in a quasi- official capacity. Barring evidence of corruption."— Presentation transcript:

1 Real Property

2

3 In Mexico, a notary is a specially-trained lawyer with authorization to act in a quasi- official capacity. Barring evidence of corruption or gross error, documents produced by a notary are accepted at face value as official. Notary—Notario

4 A notary in the United States can be a secretary (almost never a lawyer) who compares signatures (checks drivers license). In Latin communities in the United States, there are a lot of frauds by people saying “in Spanish” they are Notarios, because they know what this means to other Latin Americans. Notary—Notario

5 Los instrumentos públicos notariales son cinco: 1. La escritura; 2. El acta notarial; 3. El testimonio; 4. La copia certificada; y, 5. La certificación.

6 Es el instrumento original que el notario asienta en los folios para hacer constar bajo su fe, uno o varios actos jurídicos (manifestaciones externas de la voluntad para producir consecuencias jurídicas), que firmado (o con huella) por los comparecientes, el notario autoriza con su sello y firma autógrafa. 1. ESCRITURA

7 Real Property Alienation: Deed Poder Notarial: Power of Attorney public deed

8 Estates Fee Simple Absolute Fee Simple Defeasible The estate can be removed for a specific reason established in the granting document. Broadest form of ownership

9 Estates Fee Simple Absolute Fee Simple Defeasible ♦ Fee Simple Determinable ♦ Fee Simple Subject to Condition Subsequent ♦ Fee Simple Subject to Executory Limitation

10 Estates Fee Simple Absolute Fee Simple Defeasible ♦ Fee Simple Determinable To A for as long as the property is used for a museum. Grantor has possibility of reverter. Reversion is automatic. Estate terminated if specific condition occurs

11 Estates Fee Simple Absolute Fee Simple Defeasible ♦ Fee Simple Subject to Condition Subsequent Condition followed by a right of entry To A, but if not used as museum. Grantor has right of entry. Grantor must take action for A to lose the property. Not automatic.

12 Estates Fee Simple Absolute Fee Simple Defeasible ♦ Fee Simple Subject to Executory Limitation If event occurs, automatically goes to third party. To A, but if not used as museum, to B. B has an executory interest.

13 Estates Fee Simple Absolute Fee Simple Defeasible ♦ Fee Simple Determinable ♦ Fee Simple Subject to Condition Subsequent ♦ Fee Simple Subject to Executory Limitation

14 Estates Fee Simple Absolute Fee Simple Defeasible ♦ Fee Simple Determinable ♦ Fee Simple Subject to Condition Subsequent ♦ Fee Simple Subject to Executory Limitation Life Estates

15 Estates Fee Simple Absolute Fee Simple Defeasible Life Estates Grants the holder the use of the estate for the duration of a life. Then can pass by reversion to the grantor or by remainder to another.

16 Estates Fee Simple Absolute Fee Simple Defeasible Life Estates Grants the holder the use of the estate for the duration of a life. If the life of another person, called pur autre vie "for the life of another"

17 Estates Fee Simple Absolute Fee Simple Defeasible Life Estates Present Possessory Estate Reversion or remainder are Future Estates

18 Reversion if the estate “reverts” to the grantor Remainder if the estate goes to another

19 Co-Ownership Joint Tenancy Tenancy in Common Right of Survivorship No Right of Survivorship. Passes by inheritance or other transfer. Tenancy by the Entirety Only between husband and wife. Right of Survivorship.

20 Co-Ownership Joint Tenancy 1. Time. Must acquire at the same time. 2. Title. Must acquire in the same document. 3. Possession. Same rights to possession. 4. Interest. Equal interests.

21 Co-Ownership Joint Tenancy Can sell each interest, but then the tenancy becomes tenancy in common. Tenancy by the Entirety In case of divorce, the tenancy becomes tenancy in common.

22 Next Class: Leaseholds


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