Chapter 9 Conveyance of Title

EQUITABLE TITLE VS LEGAL TITLE

In common law, equitable title is the right of one person to obtain full ownership of property, where another maintains legal title to the property. Legal title is actual ownership of the property. When a contract for the sale of land is executed, equitable title passes to the buyer. When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing.

INTESTATE SUCCESSION:

The inheritance of an ancestor's property according to the laws of descent and distribution that are applied when the deceased has not executed a valid will.

ADVERSE POSSESSION

The occupation of land to which another person has title with the intention of possessing it as one's own.

Types of deed

can be divided into three major categories: Warranty Deeds, Deeds Without Warranty, and Quitclaim Deeds.

Instruments concerning property

(b) an instrument concerning real property may not be recorded unless it is signed and acknowledged or sworn to by the grantor in the presence of two or more credible subscribing witnesses, or acknowledged or sworn to before and certified by an officer authorized to take acknowledgements or oaths, as applicable.

BARGAIN AND SALE DEED

A bargain and sale deed is in United States real property law, a deed "conveying real property without covenants". This is a deed "for which the grantor implies to have or have had an interest in the property but offers no warranties of title to the grantee." A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and referees. The fact that it comes without any warranties from the government means that the new owner may not have clear title.

ABSTRACT OF TITLE

A condensed history or summary of all transactions affecting a particular tract of land

LIFE ESTATE

A life estate is an interest reserved or granted to an individual for his or her natural life.

QUITCLAIM DEEDS

According to case law, a quitclaim deed conveys any title, interest, or claim of the grantor in the real property, but it does not profess that the title is valid, nor does it contain any warranty or covenants of title. Thus, a quitclaim deed does not establish title in the person holding the deed, but merely passes whatever interest the grantor has in the property. Upon the death of the individual, it must be established that a will exists. Assuming there is no contest of the will or other probate complications, the property ownership will pass immediately.

The basic premise of adverse possession is that someone other than the owner uses a piece of property openly, publicly, and without the owner's consent for a specified period of time. The conditions necessary to claim ownership under adverse possession are:

Actual possession: To gain possession, someone has to occupy the property. • Adverse possession: Someone usurps the real owner's rights of ownership. • Claim of ownership: Someone lays claim to the property. • Continuous use: Someone uses the property without interruption. • Hostile: Someone claims the property after using it without the owner's consent. • Notorious: Someone exerts possession that is not in secret, but rather is well known to other people. • Open: Someone's use of the property is visible and obvious to anyone viewing the property. in addition anyone who claims title by adverse possession must do everything required by law during a specified time. being awarded title through a claim of adverse possession is not automatic. The person claiming title must file a lawsuit or otherwise initiate an action to quiet title in court. If the quiet title action is successful, the person is awarded title to the property.

How is RE conveyed?

Real estate in Texas is conveyed with a deed.

B) GENERAL WARRANTY DEED:

The TREC ONE-TO-FOUR FAMILY RESIDENTIAL (RESALE) contract states that the seller will convey to the buyer property with a GENERAL WARRANTY DEED. In a general warranty deed, the seller covenants with the buyer that not only has the seller not personally done anything to adversely affect the title being conveyed, but neither has anyone else who has ever owned the property.

EMINENT DOMAIN

The right of a government or its agent to expropriate private property for public use, with payment of (something needs compensation).

INVOLUNTARY ALIENATION

The second way the property will convey is through involuntary conveyance, which is when property is taken against the owner's wishes. These include:

A) SPECIAL WARRANTY DEED:

The seller covenants with the buyer that the seller has not personally done anything to adversely affect the title being conveyed. The language speaks to the warranty being limited to the grantor and does not extend to previous owners.

Is it possible to transfer title property in TX w/o recording the deed in public records?

YES

CHAIN OF TITLE

a term applied to the past series of transactions and documents affecting the title to a specified parcel of land or said another way

VOLUNTARY ALIENATION

is the legal term for the voluntary conveyance of title. If the owner of the real estate is still alive, then the conveyance is achieved by executing a deed to convey title; otherwise, title is conveyed through a will, and will be subject to probate. Probate is the formal judicial proceeding to prove or confirm the validity of a will, to collect the assets of the decedent's estate, to pay the debts and taxes, and to determine the persons to whom the of the estate is to pass is called probate. Even if there is no will, the estate is still subject to a probate action. voluntary alienation either as a sale or a gift, must be executed using a deed to transfer title. Conveyance of property in Texas by a will is considered a voluntary conveyance.

TITLE

the evidence of right which a person has to the ownership and possession of land. It is commonly considered a history of rights. Title is most often transferred from one owner to another by deed. A grantee, or buyer, wants to be sure to acquire good or clear title.

What is an example of a deed without warranty

would be the BARGAIN AND SALE DEED

For a deed to be valid, it must meet the following requirements:

• The grantor must have legal capacity, which means that the grantor is of sound mind and lawful age; in most states, the minimum age is 18. If a deed is executed by a minor, or if the grantor is mentally incompetent, title transfer may be voidable, but is not void. However, if the grantor is declared legally incompetent, then the title transfer is void, in which case, a title transfer requires court approval. The grantor's name must be spelled correctly, and include any past names, such as a maiden name. • There must be enough information in the deed to identify the grantee with reasonable certainty. If the title is being transferred to more than one person then the form of ownership must be specified such as point tenancy or tenancy in common. • There must be a granting clause expressing conveyance, with the intention to convey title, and the type of ownership, such as a fee simple or life estate for instance. To grant title, the grantor must have at least a vested- interest, which is either a present interest in the land, or a future interest. • The deed must also state the consideration; what the seller received for the transfer, which is usually the amount of money paid, but in the case of a gift could be for love and affection, or a nominal consideration of a small amount and other valuable consideration. • a legal description that accurately identifies the property must ne included. • Any exceptions or reservations, such as encumbrances or deed restrictions; the grantor may retain certain rights, such as an easement over the land. • There may be a habendum clause that further limits ownership rights, such as prohibiting certain activities, like gambling or drinking. • All owners of a property must sign the deed; this includes spouses in those states that grant the spouse marital or homestead rights. Some states also require witnesses. In some cases, an attorney-in-fact with a power of attorney may sign for the grantor.