Chapter 5 deeds

Forms of Deeds used in NY

1. Full covenant and Warranty deed 2. Bargain and Sale deed with covenant against grantor's acts also known as Special Warranty Deed 3. Bargain and Sale deed without covenant against grantor's acts 4. Quitclaim deed 5. Judicial deed also know as executor's deed 6. Referee's deed

Methods of transferring title

1. Intestate Descent 2. Testate Descent 3. Formal or Witnessed Will 4. Holographic Will 5. Oral will 6. Codicil 7. Dedication by deed ( statutory and common law) 8. Public grant 9. Adverse Possession

The property must have a legal description what are the three

1. Metes & bounds-results from a survey perform by a licensed land surveyor ( distance and direction) 2. description by reference: lot & block method or filed map (plat(map) of subdivision) location 3. monuments- fixed objects used to establish boundaries

6 convenants of Full covenant & warranty deed

1. covenant of seisin (ownership) 2. covenant of right to convey 3. covenant against encumbrances 4. covenant of quiet enjoyment 5. covenant for further assurances 6. covenant of warranty

The requirement for deed validity are

1. deed in writing 2. legally capable grantor 3. identifiable grantee 4. grantor and grantee named with certainty 5. adequate property description 6. recital of consideration(something of value given in an exchange for the transfer of real estate) The deed in NY states, (One dollar and other good or valuable consideration) this called NOMINAL CONSIDERATION 7.granting clause- words of conveyance, that sometimes contain a habendum clause (joint tenant, tenants in common) 8. grantor's signature and acknowledgment 9. delivery and acceptance to convey title 10. description of any limitations on conveyances 11. exceptions and reservations ( easement, certain restrictions)

To record a deed it must be

Acknowledged A grantor must appear before a public officer, such as a notary public, who is eligible to take an acknowledgment, and state that signing the deed was a voluntary act.

Transfer of real property is described in law as

Alienation May be voluntary or involuntary

heirs who receive real estate through a will are known as

DEVISEES

To transfer real property through a will is to ------it

DIVISE

The most important document in the transfer of title to real property. A written instrument by which an owner of real estate intentionally conveys his or her rights, title, or interest in a parcel of real estate. The document used to convey title legally to real property is

Deed also known as a conveyance

What must occur to transfer title by deed to effect it.

Delivery & acceptance

An----- is a bargain and sale deed with covenant *the full consideration(sale price) usually is stated in this case so that it is a matter of public record.

EXECUTOR'S DEEDS

When a person dies and leaves no will or heirs what occurs- where neither a will nor natural heirs can be found, the property passes to the State of New york through through the process know as

Escheat

What deed contains the strongest and broadest form of guarantee of title of any type of deed and therefore provides the greatest protection to the grantee

Full covenant & warranty Deed

The person conveying title is__ the person receiving title is___

Grantor & grantee As required by the Statue of Frauds, every deed must be in writing

when a person dies without leaving a will, property goes by-----succession to what the law calls natural heirs-surviving spouse , children and relatives.

INTESTATE

the process by which the property of a deceased person is distributed, under the supervision of the surrogate court in the county where the decedent(the person who died) lived.

PROBATE or Administration

A deed that contains no warranties and is simply a release is--- It will convey any interest the grantor have. It is mainly used to remove a cloud from the title

Quitclaim Deed

A------contains no covenants or warranties although it does imply seisin (ownership) *full consideration is stated

REFEREE'S DEEDS also know as Judicial deed

A--differs from a -----in that it does not transfer property until the death of the person signing the will.(the TESTATOR)

WILL, DEED

BARGAIN AND SALE DEED without covenant

contains no warranty. It does imply that the grantor holds title to the property. commonly used in NYC, as well as in foreclosure, tax sale and as a referee's deed. (not acceptable by lenders)

If the decedent left a will--------, he or she------- may have named an executor or executrix to carry out the provisions of the will. If not, the Probate Court will appoint an Administrator

died in TESTATE TESTATOR or TESTATRIX

BARGAIN AND SALE DEED with covenant

guarantees that the grantor "has not encumbered the property in any way" EXCEPT what is stated in the deed itself. (acceptable by lenders)

INVOLUNTARY ALIENATION

occurs when an individual must relinquish title to real property against his will.

Within the deed the grantor may be referred to as--------and the grantee referred to as--------- Also, a NY deed must include the addresses of the grantor(s) and the grantee(s).

party of the first part party of the second part

JUDICIAL DEED

results from a court order to the official executing the deed. contains no warranty The names of various types of judicial deeds relate to the official executing the deed: 1. guardian's deed 2. sheriff's deed 3. referee's deed 4. tax deed 5. administrator's deed 6. executor's deed

covenant of quiet enjoyment

the grantor guarantees that the grantee's title is good against anyone who challenges the grantee's ownership

covenant of warranty forever

the grantor promises that if at any time in the future the title fails, he or she will be liable. this is the best form of warranty for protecting the grantee and contains no limitations as to possible claimants protected against, because the grantor specifies that he will defend the title against "the lawful claims of all persons whomever."

covenant of future assurance

the grantor promises to obtain and deliver any instrument needed to make the title good.

covenant of seisin (ownership)

the grantor warrants that he or she is the owner of the property and has the right to convey it

covenant against encumbrances

the grantor warrants that the property is free from any liens or encumbrances EXCEPT those specifically stated in the deed.

When owners have the right to all that their land produces or all that is added to the land either intentionally or by mistake,

this is the ownership right of Accession

VOLUNTARY ALIENATION

voluntary transfer is the most important type of alienation in the real estate business.--------- and transfer of title during life, is accomplished by the delivery of a valid deed by the grantor to the grantee while both are alive.