Some guy is telling me that this proves a title search is mandatory by law when buying/selling property:
http://le.utah.gov/~code/TITLE57/htm/57_23_000600.htm
???
> Some guy is telling me that this proves a title search is mandatory by law when buying/selling property:
>
>> http://le.utah.gov/~code/TITLE57/htm/57_23_000600.htm
>
> ???
Some guy probably needs to understand what a "cooperative interest" in real estate actually is before he starts making broad generalizations about all property sales based on one individual state's "Real Estate Cooperative Marketing Act."
1) "Cooperative" means a form of coownership of real estate in which:
(a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
(b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
(c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument.
I agree, Cooperative Interest would involve a condominium type property or possibly where there are common rights that might be associated with a Homeowner's Association where all individuals have an interest in common areas.
> > Some guy is telling me that this proves a title search is mandatory by law when buying/selling property:
> >
> >> http://le.utah.gov/~code/TITLE57/htm/57_23_000600.htm
> >
> > ???
>
> Some guy probably needs to understand what a "cooperative interest" in real estate actually is before he starts making broad generalizations about all property sales based on one individual state's "Real Estate Cooperative Marketing Act."
>
> 1) "Cooperative" means a form of coownership of real estate in which:
> (a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
> (b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
> (c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument.
I also agree. The Cooperative Marketing Act certainly does not include "all property." It really doesn't even "require a title search." It does require disclosure of information which would be disclosed by a title search. The disclosures are typically a requirement of most Real Estate Purchase Contracts, and are typically required for any type of real estate financing. It's a stretch to say a title search is "required."
JBS