Business Scenarios and Case Problems 35-1. Property Ownership. Twentytwo years a
ID: 355457 • Letter: B
Question
Business Scenarios and Case Problems 35-1. Property Ownership. Twentytwo years ago, Lorenz was a 35 wanderer. At that time, he decided to settle down on an unoc- cupied, three-acre parcel of land that he did not own. People in the area told him that they had no idea who owned the property. Lorenz built a house on the land, got married, and raised three children while living there. He fenced in the land installed a gate with a sign above it that read "Lorenz's Home- stead," and removed trespassers. Lorenz is now confronted by Joe Reese, who has a deed in his name as owner of the property. Reese, claiming ownership of the land, orders Lorenz and his family off the property. Discuss who has the better "title" to the property. (See Transfer of Ownership.)Explanation / Answer
It is definitely Joe Reese who has the better title to the property. Lorenz should have taken legal steps before building his house on an unknown property. Just by talking to the people living in the same area one cannot decide whether the property belongs to someone or not. Lorenz should have checked with the local government body on the ownership of the land before building a house. With the deed of ownership, Joe Reese becomes the real owner of the property and Lorenz and his family will have to vacate the property. It will be tough for the family to leave on a short notice but they do not have a right to be living in the property that belongs to someone else.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.