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I am looking at moving from Australia to the US (Michigan in particular) and was wondering about the different types of land titles there are in the US.
If someone could tell me or point me to a website, that would be great.
In Australia, the two main ones are Torrens (which is the most common, ie Freehold where you own the land) and Strata (which is if you have an apartment and you own your 'space').
US Law on land holdings is really derived from the British system. Generally, if you are purchasing a property (house, land) it is Fee Simple (Freehold) as opposed to renting it (Leasehold). Cooperative apartments are part of a corporation, so you get shares in the corporation, the equivalent to your unit. Condominiums are kind of a blend...you get fee simple title to your unit, which includes a share in common areas - Condos do vary by the different associations established. However, each state has very different ways in which title is recorded and when you actually get the deed to the property. I'm not licensed in Michigan, but I'd google either Title Companies in Michigan, or Michigan Law on transfer of real estate.
I am looking at moving from Australia to the US (Michigan in particular) and was wondering about the different types of land titles there are in the US.
If someone could tell me or point me to a website, that would be great.
In Australia, the two main ones are Torrens (which is the most common, ie Freehold where you own the land) and Strata (which is if you have an apartment and you own your 'space').
Thanks
AB
One thing is for sure - you NEVER own your property even if it's paid off. Fail to pay the taxes and it's no longer yours.
I am looking at moving from Australia to the US (Michigan in particular) and was wondering about the different types of land titles there are in the US.
If someone could tell me or point me to a website, that would be great.
In Australia, the two main ones are Torrens (which is the most common, ie Freehold where you own the land) and Strata (which is if you have an apartment and you own your 'space').
Thanks
AB
Mostly they got it...but perhaps a little codification...
Fee Simple. You own the land and building.
Condo. You own the cubic interior generally to the wall or the edge of the studs. You have shared ownership in common property...like the studs, roofs, sidewalks and pools.
Cooperative. You own a share in the owning corporation with a right to reside in a particular unit.
Townhouse. Similar to a condo but you own the land under your dwelling...you may not however own the exterior structure itself which belongs to the association. You own a share of the association.
There are also places where buildings are on long term leaseholds. Rare in the continental US. Used in Hawaii.
And easily changed. You can get land in rural Nevada almost that cheap...not quite zero though. However you best be very self sufficient.
Very unlikely in the foreseeable future where I bought land. The population is declining not growing (because, essentially, there's no jobs), and there would be fierce opposition to implementing taxes from which the bush residents get no benefit, so it becoming organized and then taxing land is unlikely...there's truly not a tax base to even try to do so. Many of the organized areas in the state don't even charge property taxes, and instead choose other means of raising money (sales tax, etc.).
And being self-sufficient is my plan, or else I wouldn't be moving to such a remote place. I picked out land and a spot that's close to perfect for doing so, plenty of trees for heating, water readily available, animals and fish for food, good soil and growing season (for Alaska anyways), no building permits/property taxes (because I actually own the land).
Very unlikely in the foreseeable future where I bought land. The population is declining not growing (because, essentially, there's no jobs), and there would be fierce opposition to implementing taxes from which the bush residents get no benefit, so it becoming organized and then taxing land is unlikely...there's truly not a tax base to even try to do so. Many of the organized areas in the state don't even charge property taxes, and instead choose other means of raising money (sales tax, etc.).
And being self-sufficient is my plan, or else I wouldn't be moving to such a remote place. I picked out land and a spot that's close to perfect for doing so, plenty of trees for heating, water readily available, animals and fish for food, good soil and growing season (for Alaska anyways), no building permits/property taxes (because I actually own the land).
You could do just about the same in Esmerelda County NV. And be only a couple of hours from civilzation. You might even be able to get and hold a job.
You could do just about the same in Esmerelda County NV. And be only a couple of hours from civilzation. You might even be able to get and hold a job.
Don't want to be near "civilization," I have no use for the masses of people, foolish laws, taxes, etc. that are found in "civilization." I want to be as independent as possible from the outside world, and I'll likely make enough money beekeeping and fur trapping for what little I won't be able to supply to myself. My preferred lifestyle is not truly possible in the lower 48. Taxes, people (population density) and regulations/restrictions make it so. Oh, I also don't like hot weather, I like forests, rivers/etc., so the North it is for me...
And one thing I forgot to make note of above is the fact that land patents can not be taken away except by eminent domain. The courts have upheld this fact repeatedly.
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