Founders established right to own private property

By John Adams

For the AJC

As we approach the uniquely American tradition of the Thanksgiving holiday, we truly have much for which we can be thankful.

I am aware that, especially in the real estate arena, times have been better. In fact, almost anytime has been better. But even in the depth of this ongoing recession, which officially ended 10 months ago, we can find reason to give thanks.

For starters, we should focus on the fact that we still have most of the freedoms secured for us by our Founding Fathers, including the rights to life, liberty and the pursuit of happiness. In addition, the right to own private property was important in the minds of the Framers of our republic.

Early in the 18th century, almost all property in England was said to be "held by the crown." Feudal lands at that time were owned at the pleasure of the king or queen in power.

As the English saw the desirability of establishing a system of taxation, the need to prove property ownership became more important.

As a result, "land registry" systems were created. A registrar's office in each county was responsible for the filing of deeds and mortgages as well as other evidence of ownership and transfer.

Under this system, only deeds that were filed became recognized. Fraud and forgery became widespread as aspiring landlords produced fake "crown grants."

Until 1774, almost all land here in the Colonies could trace its ownership to these same crown grants. Some grants were enormous, such as the 1682 grant to William Penn of the proprietary colony of Pennsylvania. Others were much smaller grants to individuals, as occurred in Virginia. James Oglethorpe and his trustees were granted a royal charter to "the province of Georgia" in 1732.

In the U.S. Constitution, the phrase "nor shall private property be taken for public use, without just compensation" means that private property rights must be respected by the government.

Pulitzer Prize-winning journalist and philosopher Walter Lippmann once wrote: "Private property was the original source of freedom. It is still its main bulwark."

This holiday, let's remember our freedom and the huge sacrifices that have been laid upon the altar of liberty. Happy Thanksgiving!

John Adams is an author, broadcaster and investor. He answers real estate questions at noon Saturdays on WGKA (920 AM).

For more real estate information or to make a comment, visit www.money99.com.