6.DEEDS

6.DEEDS

DEED is an instrument that conveys a grantors interest if any in real property.A deed can also be reffered to as CONVEYANCE,
1. TITLE is actual lawful ownership of property and refers to holding the bundle of rights conveyed.Title is not a document,but rather a theory pertaining to ownership.
  1. EQUITABLE TITLE is an interest in property created on the execution of a valid sales contract,whereby actual title will be transfered by deed at a future date,such as the closing.
2. ESSENTIAL ELEMENTS OF A VALID DEED
  1. COMPETENT GRANTOR a person who wishes to grant or convey the land..Must be not younger than 18.
    1. IDENTIFIABLE GRANTEE the person to whom the interest in real property is to be conveyed.
      1. ACT OF CONVEYANCE a clause in the deed that states the grantor intends to convey title to the land(Also called GRANTING CLAUSE)
        CONSIDERATION anything of value such as money,goods,services,or promises,given to induce another person to enter into contract.
        LEGAL DESCRIPTION is legal description of the property being conveyed should be thorough and complete.
        HABENDUM CLAUSE "to have and to hold"
        LIMITATIONS how property may or may not be used,such as deed restrictions..
        EXCEPTIONS AND RESERVATIONS anything that affects the property such as an easement;must be expressly noted on the deed.
        SIGNATURES of all grantors.
        DELIVERY AND ACCEPTANCE it has no legal effect until there has been DELIVERY of the deed by the grantor with the intention of transfering title and ACCEPTANCE by the grantee receiving the land.
3. ACKNOWLEDGEMENT which means the party signing the deed declares before a public official,such as notary public or judge,that it was signed VOLUNTARELY and the signature is genuine.
4. TYPE OF DEEDS
  1. FULL COVENANT AND WARRANTY DEED contains the strongest and broadest form of guarantee of title of any type of deed and provides the greatest protection of any deed to the grantee.
    1. COVENANT OF SEIZIN represent the seller's promise that he has valid title of the property being conveyed and has not contracted to sell it to another.
    2. COVENANT OF RIGHT TO CONVEY An agreement, promise, or contract that shows that the grantor may transfer the title of the real estate.
    3. COVENANT AGAINST ENCUMBRANCES An agreement, promise, or contract that shows there are no encumbrances against the land outlined in a deed or other recorded means of communication. An encumbrance is a claim by another person against the land. Leases, mortgages, liens, unpaid taxes, or easements are examples of encumbrances.
    4. COVENANT OF QUITE ENJOYMENT The covenant implied by law by which a landlord guarantees that a tenant may take possession of leased premises and that the landlord will not interfere in the tenant's possession or use of the property.
    5. COVENANT OF WARRANTY FOREVER is the guarantee that the title will always be good, and that the grantor will compensate the grantee if it is later found that the title is defective. If the title defect is something that the grantor may cure, then the COVENANT OF FURTHER ASSURANCE requires that the grantor do whatever is necessary to clear the title. Thus, if the grantor’s spouse had dower or curtesy rights to the real estate, but did not sign the deed, then the grantor may obtain a quitclaim deed to clear the title.
    6. COVENANTS
  2. BARGAIN AND SALE DEED implies that the grantor owns the property and has a right to convey it,but there are no warranties with it. A BARGAIN AND SALE DEED WITH COVENANTS (sometimes called special warranty deed) is a guarantee that the grantor has not encumbered the property in any way except what is stated in the deed.
  3. QUITCLAIM DEED carries no warranties at all—it only conveys the interest that the grantor had in the property, whatever that may be. The real estate interest may be full title, but the grantor does not guarantee it. Also known as the deed of release,Quitclaim deeds are often used to remedy CLOUDS ON THE TITLE,which is when someone may have a claim on the title.
  4. JUDICIAL DEEDS result from some sort of court order and generally contain no covenants or warranties,although ownership is implied.
    1. EXECUTORS DEED used to convey property of the deceased.ADMINISTRATORS DEED the person appointed by the court to convey property of the deceased. GUARDIANS DEED used to convey property by a court-appointed representative.SHERIFFS DEED ,used in sheriffs sale at foreclosure.REFEREES DEED used in bankruptcy or foreclosure proceedings.
LEGAL DESCRIPTION A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.
METES AND BOUNDS SYSTEM The surveyed boundary lines of a piece of land described by listing the compass directions (bounds) and distances (metes) of the boundaries.
POINT OF BEGINNING (POB) In a metes-and-bounds legal description, the starting point of the survey, situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning.
MARKER - fixed physical object used as a reference point,markers are permanent physical objects such as rods,sometimes called PINS,that have been driven into the ground to be used as reference points.
MONUMENT SYSTEM in the past system similar to metes and bounds have been used but insetad of using markers or pins placed by surveyors,they used objects like tree,rock,wall,or even a specific bend in the river.
BLOCK AND LOT SYSTEM legal description used for PLATTED PROPERTY which is land that has been subdivided into blocks and lots.To find exact location of a parcel,one consults a PLAT OF SUBDIVISION,a detailed survey map of a subdivision recorded in the county where the land is located.
ALIENATION the process of trasnfering ownership interests in property.
1. VOLUNTARY ALIENATION *SALE,GIFT,DEDICATION,GRANT.
  1. INVOLUNTARY ALIENATION by EMINENT DOMAIN is the governments constitutional power to take private property for public use,as long as the owner is paid just compensation. APPROPRIATION the actual act of taking private property through eminent domain.
FORECLOSURE The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
ADVERSE POSSESION The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. Possession for a statutory period may be a means of acquiring title.In NY after 10 years.
DEVISE to transfer land through a will.Heirs that are left the land are DEVISEES.
1. TESTATE when someone dies with a will. EXECUTOR who carry out the provisions of the will.
DESCENT when someone dies without a will.He is said to die INTESTATE.
1. ESCHEAT -if owner dies intestae and there are no heirs or creditors,the property would revert to the state through the process of ESCHEAT
ALLUVION (accretion) Soil deposit that builds up on a property and is considered the owner's possession.
1. AVULSION The sudden removal of land from one place to another. Can be caused by factors like massive erosion or when a river abruptly changes its course. Opposite of accretion.
  1. RELICTION Gradual subsiding of waters that leaves dry land.
    1. ACCESSION In property law, it is a mode of acquiring property that involves the addition of value to property through labor or the addition of new materials.

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