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moorpark ca - The title company ensures that the seller can convey clear title. The transaction is then closed; that is, the property title is transferred and the balance of the purchase price is paid. See also Torrens System. When an owner of re_al property has died intestate, or without leaving a will, title to the property is said to pass by descent to the heirs; when he has died testate, or leaving a will that has been probated, the property passes by devise to the person or persons so designated in the will. Transfer of re_al property by gift, as, for instance, to churches, educational institutions, or fraternal orders, is easily accomplished merely by the execution and delivery of a deed. The greatest and most extensive interest that may be acquired in re_alty is described in law as a fee interest, a term that implies a proprietary ownership, free and clear of conditions. Fee interest is the most common form of ownership; with certain exceptions, private hom_es, apartment buildings, factories, office buildings, and similar properties are owned in fee. Condominium ownership, which was introduced in the U. S. in 1961 and has since been widely adopted, implies separate ownership of individual apartments or units in a multiunit building. The purchaser of a condominium becomes
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the owner of a particular unit and of a proportionate share in the common elements and facilities. The unit may be separately mortgaged; the owner pays taxes and a fixed monthly sum to maintain the common elements. In the sale of a unit, the seller executes and delivers to the buyer a deed conveying all right, title, and interest in and to the entire condominium as well as the particular unit. Cooperative ownership, which on the surface seems similar to condominium ownership, is in fact quite different. In cooperative ownership, title to the multiunit building usually is vested in a corporation. The purchaser of an apartment or a unit actually buys stock of the corporation; in addition to a stock certificate, a cooperative member receives a lease to the apartment, in which he or she is named lessee. As a holder of stock, each cooperative member has an ownership interest in the corporation, which in turn owns all the units and common areas. Each tenant pays to the corporation a fixed rent, which is applied to the payment of a single blanket mortgage and Re_al_Est_ate taxes covering the entire building, and to the payment of insurance premiums and maintenance costs for the upkeep of the common areas and facilities, which each tenant uses in common with all other unit owners.
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