17) Involuntary Transfers Flashcards
Involuntary Transfer
The transfer of title to land against the owner’s wishes.
Includes forced sales resulting from liens, foreclosures, adverse possession, eminent domain, and transfers on death.
Adverse Possession
Acquisition of title to real estate by means of wrongful occupancy for a period of time established by statue or common law. 21 years in PA.
Possession must be open, hostile, continuous, and exclusive - and possession must be sufficiently evident to give the owner notice of what is happening
Eminent Domain
Right of the state to take private property for public use. Just compensation must be paid to the owner.
Public Use
A use that benefits the community
Condemnation
Legal action by which government acquires private property for a public use; based on the right of eminent domain.
Just Compensation
The award to the owner when property is taken by the government though eminent domain.
Compensation should not be more extensive than the owner’s loss - which is typically considered to be the fair market value of the property at the time.
Will
A written instrument that permits distribution of an owner’s property after death.
A person with a valid will is called a TESTATOR and is said to have died TESTATE. A person without a valid will is said INTESTATE.
Intestate Succession
Distribution of property of a person who dies without leaving a will or whose will is invalid.
Idea is that property should descend to those persons the intestate individual would probably want to own it. It is assumed that deceased would want property to go to those most closely related by blood or marriage.
Statute of Descent and Distribution
A statute that provides for the distribution of an intestate’s personal property; it is patterned after the English Statute of Distribution.
Per Stirpes Distribution
Distribution of intestate property to persons who take the share allocated to a deceased ancestor.
Per Capita Distribution
Distribution of an intestate’s property in equal shares to persons who have the same relationship to the decedent without reference to the share an ancestor would have taken.
Escheat
Reversion to the state of title to property of a person dying without heirs or leaving a will.
Testate Succession
Transfer of property when a person dies leaving a will
Elective Share
The share of a deceased spouse’s property that the surviving spouse may claim if the decedent left no will or the decedent spouse did not will the minimum specified by law to the surviving spouse.
Administration of the Estate
A general term used to describe the management and settlement of a decedent’s estate by a person appointed by the courts.
