Solution: Restructure the legal system to enable proper, streamlined titling of properties and businesses, which can then be leveraged and traded, thereby unlocking the value of the working poor's assets.
A living trust is a legal document that allows a person to transfer the titles of property to the trust without relinquishing control of the property.
In the absence of clear title to property, the risk of litigation is high, says Gagan Banga, a director at Indiabulls.
In the 1830s two great judges, James Kent of New York and Joseph Story of Massachusetts, produced important commentaries on common law and equity, emphasizing the need for legal certainty and for security of title to property.
Even after decades, few people officially own the land or homes they occupy; the notion of holding title to property is scarcely found outside of rigged schemes serving a handful of elites.
Tony said that was usually accomplished by holding the title of the property until the loan was repaid.
The QPRT allows you to transfer title of the property for a specified period of years, during which you or your spouse may inhabit the property, but at the end of that time you pass it along to your beneficiaries.
Red tape and the lack of legal title to property, preventing its use as collateral, make it hard for the poor to establish or expand businesses.
Mr. Simon said that regardless of how title to property is held by an unmarried couple, it is essential that the couple have an agreement that addresses the issues that often arise when a relationship sours.
What separates the sprinter countries from the marathoners, says De Soto, is widespread ownership of (and title to) property.
If another party such as a bank has a lien against the property, then the seller will offer a quitclaim deed, which makes no assurances as to the title of the property and protects the seller from potential liability to the buyer if a claim is made on the property.
