Property II - The Deed
Terms
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- What is the definiton of a Deed?
- It is the instrument by which title is transferred. The original K for sale is merged into the deed. Deed becomes binding instrument (i.e. anything left out of the deed is unenforceable)
- What are the types of Deeds?
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1. Warranty Deed
2. Quitclaim Deed - What is a Warranty Deed?
- A deed that conveys one or more of the covenants of title.
- What is a Quitclaim Deed?
- It doesn't convey any covenants, it merely conveys any right grantor has in property. (Common Law release)
- What are the necessary elements of a Deed?
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1. IDENTIFICATION of the parties
2. Grantor's SIGNATURE
3. Present INTENT to convey
4. DESCRIPTION of the land - What happens if the grantor's signature is forged?
- The deed is invalid
- What is some of the language you should look for to show the INTENT to convey?
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"I hereby grant and convey", "I convey", or "I grant". Some still use "bargain and sale" language.
Note: Avoid testamentary language like "I Leave To..." - What are the types of clauses of transfer?
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1. Habendum
2. Reddendum - What is a Habendum Clause?
- It limits the estate conveyed "to have & to hold" language.
- What is a Reddendum Clause?
- It includes any reservations the graantor wishes to retain.
- When is the description of the land, in a deed, sufficient?
- If the particular tract at issue matches teh description and no other property could match it.
- What are the types of Descriptions of land?
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1. Metes & Bounds
2. Plat or Map
3. Rectangular Survey System - Define the Metes & Bounds type of description.
- Describes the shape and location of land from a starting point readily identified (landmarks and/or monuments) and uses distance and angles to trace boundaries back to the starting point. (MUST CLOSE)
- What is the hierarchy of landmarks used in Metes & Bounds descriptions?
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1. Natural Monuments (trees, rivers, lakes)
2. Artificial Monuments (highways, bldgs, markers)
3. Adjacent tracts or boundaries
4. Courses of directions
5. Distance
6. Quantity of Area
7. Place names - What is a Plat or Map description?
- A recording map or diagram of parcel where lots of lots located, once approved recorded (must be done by P.S.)
- How can owner indicate an easement on a Plat or Map?
- If the owner desires to establish easements/restrictions, he can do so by indicating the same on teh plat and by spelling out the easements and restrictions by legends on the plat.
- What is the Rectangular Survey System description method?
- It is based on square townships (1x1 squares), six miles on a side, and square sections described according to range and township. They are numbered starting at top right, snakes.
- What are the elements of the execution of the deed?
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1. Signed by Grantor
2. Attestation (witnesses)
3. Delivery - Is an undelivered deed void?
- Yes, an undelivered deed is void and passes no title to teh grantee or his successors even if they are bona fide purchasers.