Chapter 8: Deeds and Ownership

(info on government survey)

**Note:** It take 36 sections to make a township. Townships are 36 sq miles, divided into (36) 1 square mile sections. **In a square mile, there are 640 acres** **We start with 640 so if we 1/2 or 1/4 it, divide 640** **43,560 SF in an acre**

Words of Conveyence

A clause in the deed that states the grantor intends to convey title to the land

Lot and Block Description

A legal description used for platted property. The description states only the property's lot number and block number in a particular subdivision. To find the exact location of the property's boundaries, the plat map for that subdivision must be consulted at the county recorder's office.

competent grantor

A person wishing to grant or convey land, who is of sound mind for the purposes of entering a contract, and who has reached the age of majority

d. tenancy in common (Tenancy in common is a form of co-ownership in which two or more persons each have an undivided interest in the entire property. Each tenant in common may own equal shares or shares of different proportions; it does not matter. A court will set up a tenancy in common if there is no wording in the deed regarding the intent of the parties.)

Bill, Bob, and Ben bought a home for $90,000, with each putting in $30,000. If their ownership intent is not specified in the deed, how did they take title? a. joint tenancy with right of survivorship b. severalty c. tenancy by the entireties d. tenancy in common

c. seizen ( Seizen is the ownership of a freehold estate. The covenant of seizen is a guarantee that the grantor has the right to convey that estate.)

The covenant of __________ is a guarantee that the grantor has the right to convey the property. a. hypothecation b. rescission c. seizen d. warranty forever

1. Warranty Deeds 2. Deeds without warranties 3. transfer on death deeds

What are the 3 general types of deeds?

1. Mental Capacity 2. Minors 3. Married Persons (must be joined by spouse while signing) 4. Corporations (person signing must have authority) 5. Partnerships (person signing must have authority)

What are the 5 possible problem areas for a "competent" grantor?

Plat Map

a detailed survey map of a subdivision or other grouped lots of land, recorded in the county where the land is located. This type of map is used by developers.

Government Survey System

a legal description for land referencing principal meridians and base lines designated throughout the country.

Metes and Bounds Discription **Note** The ending point stops at the point of the beginning

a legal description that starts at an easily identifiable point of beginning (POB), then describes the property's boundaries in terms of courses (compass directions) and distances, ultimately returning to the POB

Lot and Block Description

a type of legal description used for platted property.

Clouds on the Title

A claim, encumbrance, or defect hat makes the title to real property unmarketable

d. evidence of title, if any. (A deed is the instrument that conveys a grantor's interest in land, if any, and that serves as evidence of title. It does not have to be recorded.)

A deed is a. the actual ownership of rights to real estate. b. better than title. c. a document that must be recorded. d. evidence of title, if any.

c. notary public (In the case of a deed, the grantor acknowledges before the notary public that the act of selling the land is an act of free will)

A grantor acknowledges a deed before a a. federal official. b. lender representative. c. notary public. d. witness.

Government Survey System

A legal description for land referencing principal meridians and baselines designated throughout the country. Also called government rectangular survey or rectangular survey system.

Metes and Bounds Description

A legal description that starts at an easily identifiable point of beginning (POB), then describes the property's boundaries in terms of courses (compass directions) and distances, ultimately returning to the point of beginning.

b. get a corporate resolution authorizing the land to be sold and appointing him as broker in order to sell the land. (The person representing the corporation who has the power and authority to carry out the transaction must provide the broker with a copy of the corporate resolution allowing the corporation to list and sell the asset.)

ABC Corporation wants to sell some of its land. The broker needs to a. find out how many stockholders there are to determine if land is being held in severalty or in co-ownership. b. get a corporate resolution authorizing the land to be sold and appointing him as broker in order to sell the land. c. get an employee of the company to sign the listing agreement. d. all of the above

d. wife execute a quitclaim deed. (Quitclaim deeds convey any interest in real property the grantor has at the time the deed is executed and are often used to clear up a cloud on the title.)

Alice and Conrad bought a house and received a general warranty deed. Later, they discover that the previous owner's wife did NOT release dower. The easiest way to take care of this is to have the a. owner execute a quitclaim deed. b. owner and his wife execute another general warranty deed. c. owner and his wife issue a wild deed. d. wife execute a quitclaim deed.

Deed (evidence of title; written proof of the rights conveyed to the buyer)

An instrument that conveys the grantor's interest, if any, in the real property

Donative Intent

An intent to transfer a grantor's interest in the real property immediately and unconditionally

Equitable Title

An interest created in property upon the execution of a valid sales contract, whereby actual title will be transferred by deed at a future date (Closing), also the vendee's (buyer's) interest in property under a land contract

Co-Ownership

Any form of ownership in which two or more people share title to property, holding undivided interests.

b. joint tenancy with the right of survivorship ( The chief feature to joint tenancy with the right of survivorship, also called the statutory survivorship tenancy, is that co-tenants take the ownership share of a deceased co-tenant equally and simultaneously. A joint tenant cannot will her share.)

Betty owned real property with her daughters, Bonnie and Beatrice. When Betty died suddenly, her husband did not get the property, even though her will said that all her worldly possessions would go to him. Instead, it went to her daughters, Bonnie and Beatrice. How did Betty, Bonnie and Beatrice own the property? a. co-owners of a common area b. joint tenancy with the right of survivorship c. tenancy in common d. undivided interest tenancy

Warranty Deeds (For Example: If the grantor is married and fails to obtain a dower release from his spouse, that is a breach of warranty under a warranty deed.)

Deeds that carry warranties of clear title and the grantor's right to convey title

General Warranty Deeds

Deeds that deeds in which the grantor warrants the title against defects that might have arisen before or during his period of ownership

c. an interest in real property created by the execution of a valid sales contract or land contract (Equitable title is an interest in property created upon execution of a valid sales contract when actual title will be transferred by deed at a future date (closing).)

Equitable title is a. actual lawful ownership of real property. b. evidence of title. c. an interest in real property created by the execution of a valid sales contract or land contract. d. an instrument that conveys ownership of real property.

b. consideration (Consideration recited on the deed is necessary to prove that a sale of land took place and that the transfer was not a gift. A deed should have a legal description and the signature of the grantor, not the grantee. Two witnesses are not required.)

In Ohio, a deed is required to have a. acknowledgement by the grantee. b. consideration. c. the property address. d. two witnesses.

Statutory survivorship tenancy (Statutory survivorship tenancy is a form of co-ownership in which each co-tenant has an equal undivided interest in real property, and the right of survivorship.)

Jim, Jack, and Joe bought real property together. Jim died and his 1/3 share went immediately to Joe and Jack. How did Jim, Jack, and Joe own their real property? a. severalty b. statutory survivorship tenancy c. tenancy by the entireties d. tenancy in common

Ownership in Sevaralty

Ownership by a single individual, as opposed to co-ownership.

d. an unbroken chain of title deeds dating back 40 years to the root of title. (Under the Marketable Title Act, an owner with an unbroken chain of recorded titles going back at least 40 years has a marketable record title. This improves the marketability of title and simplifies the title search process by extinguishing certain old, dormant claims against a title.)

The Marketable Title Act says that proper title is established by a. buying adequate title insurance. b. making sure that no wild deeds exist. c. searching the public records for 40 years. d. an unbroken chain of title deeds dating back 40 years to the root of title.

Attestation (Note: NOT required in Ohio but may be required in other states)

The act of signing a document (e.g. deed, will) in front of two witnesses to affirm that the parties's signatures are real.

Chain of Title

The chain of deeds (or other documents) showing transfer of title of real property from one person to the next, as disclosed on the public records

Delivery

The grantor actually places the document in the grantee's possession, or gives it to a third party with instructions to turn it over to the grantee

Acceptance by the Grantee

The law presumes the deed has been accepted as long as the grant is beneficial to the grantee.

Title (A theory dealing with ownership; means person actually owns the land)

The lawful ownership of real property

Identifiable Grantee

The person to whom the interest in real property is to be conveyed; identified in such a way so as to reasonably separate this person from all others in the world

Marketable Record

Title Under the Marketable Title Act, an unbroken chain of recorded title going back at least 40 years.

Acknowledgement

When a party signing a document formally declares to an authorized official (usually a notary in public) that he signed voluntarily. The official certifies that he signature is voluntary and genuine.

b. to give constructive notice (The law holds that everyone has constructive notice of recorded documents. Even if someone did not know about a particular recorded document, he could have found it by searching the public record.)

Why are documents recorded? a. to give actual notice b. to give constructive notice c. to give inquiry notice d. to give legal notice

Consideration

anything of value (e.g., money, goods, services, promises) given to induce another person to enter into a contract.

Donative Intent

intent by the grantor to transfer title immediately and unconditionally (valid for a valid deed)