Chapter 19 - Legal descriptions and deeds

Land can be described by 3 methods. They are:

(1) Metes and Bounds - starts at a designated point called the point of beginning (POB) and proceeds clockwise around the boundaries ending at the point it started. Monuments are fixed objects used to establish real estate boundaries. Or rebars which bear the surveyors initials. this is more commonly used today today. (2) Rectangular survey system (government system) not used in NJ. it uses principals meridians and base lines, located by reference to degrees of longitude and latitude. ***Townships contain six mile square or 36 square miles*** (3) Condominium descriptions -- A sufficient description of the condo property to be conveyed must include a description of the land on which the building and improvements are located

Datum

A point, line or surface from which elevations are measured or indicated is a datum, defined by the US geological survey as the mean sea level ast New York harbor. This is used by surveyors in determining the height of structures, establishing the grade of streets and similar situations.

Bargain and Sale Deed with Covenants Against Grantors Act (CAGs)

This is the normal deed used to transfer a property in NJ. The grantors are willing to warrant about the time they owned the property but not the pervious owners.

benchmarks

are used by surveyors. Permenant reference points established throughout the US.

Delivery and Acceptance

before a transfer of title by conveyace ca take effect, delivery and acceptance must exist. Recording a deed to benefit the grantee. This is usually done at the closing.

Bargain and sale deed

commonly used to transfer property after a sale

exceptions and reservations

deed restrictions

Seisin

denotes ownership and control

Signature of Grantor (at least 4 questions on this)

signed by all grantors named on the deed. May be signed by an attorney in fact (power of attorney), Grantor must be alive at the time the attorney in fact signs the deed.

Consideration

something of value offered by one party and accepted by another. Must be GOOD AND VALUABLE between the parties. A deed in NJ must state full sales price. If it is for $1 or love and affection it must be accompanied by affidavit explaining that it is a gift.

Straight Bargain and sale deed

states the grantor owns the property but makes no other warranties.This is used in foreclosure and tax sales.

Habendum clause

to have and to hold

granting clause

used to determine which type of deed used in conveying title

The Warranty Deed - Basic warranties

1) Covenant of seisin - The grantor warrants that they are the owner of the property and have the right to convey title. The grantee may recover damages up to the full purchase price if this covenant is broken. 2) Covenant against encumbrances - free from leins or encumbrances 3) quiet enjoyment - there are no third parties that might bring court actions against the property. no one can question your ownership 4) Covenant of further assurance -- 5) warranty forever - not used in NJ

A corporation is a legal entity. 3 basic rules must be followed when corporations are to convey real estate

1) resolution by the board 2)

Acre is = to

43,560 feet

Requirements for a valid conveyance

Deeds do NOT have to be dated in order to be valid. - Grantor must have legal capacity to execute the deed - Grantee named with reasonable certainty so the he or she can be identified - a recital of consideration (love, affection and value) - description of the property - the signature of the grantor - delivery of the deed and acceptance by the grantee to pass title

Grantor

Essential that every deed is executed/signed by the Grantor. The owner who sells or gives the land. - Must be 18 and of sound mind. A contract executed by an incompetent or a minor is voidable by the courts.

Warranty Deed

Gives the greateset protection -- Also known as a general warranty deed or full covenant and warranty deed. The grantor is legally bound by certain covenants or warranties. The warranties usually are written into the deed its.

Grantee

The new owner or acquires the land. A deed must name a grantee and do so in such a way that he or she is readily identifiable.

Acknowledgement

Your signature is witnessed by a notary. not needed to make a deed valid but is required to record the deed.

Surveyor

a person legally authorized to locate land and give a legal description of it. A legal description is an exact way of describing real estate contract, deed, mortgage, or other document that is accepted by a court of law.

Deed

a written instrument by which an owner of the real estate intentionally conveys his or her right, title or interest in a parcel of real esate. in writing in accordance to the statue of frauds. A full covenant and warranty deed is the most common. The voluntary transfer of the owners title is made by a deed, executed by the owner as grantor to the purchaser or done as grantee. To be valid it must have - grantor with legal capacity to contract, a readily identifiable grantee, a granting clause,, a legal description of the property, a recital of consideration, execptions and reservation ont he title, the ginature of grantor. Should be notorized, Title passess when the grantor delivers a deed to the grantee and it is accepted.

metes and bounds system

measured by its perimeter

Quitclaim Deed

provides the least protection. It carries no covenants or warranties. It does not even imply that the grantor holds title. By a quitclaim deed the grantor only remises relases and quitclaims his or hier interest in the property to the grantee. Used in divorce or simple transactions within a family