Requirements of a Valid Deed
General Warranty Deed:
(best protection). guarantees and protects against defects.it offers the buyer the best protection. warrants title to the sovereignty o the soil. most common deed and the one mentioned in the sales contract.
Deeds often contain covenants and warranties to the buyer. The FIVE most common are:
- the covenant of seizin - the covenant of quiet enjoyment - the covenant of further assurance - the covenant against encumbrances - the covenant of warranty forever
A buyer who wishes to ensure that the seller is conveying good title should request a:
General Warrant Deed
Quitclaim Deed:
a deed that gives NO warranties or guarantees and offers the least protection. I
Bargain and Sale Deed:
a deed with only one covenant. it doesn't provide any warranties about the condition of the title, but only promises the grantor has the right to convey title.
Words of Conveyance- the granting clause:
a written statement that indicates transfer of some interest in real property from one person to another.
the grantor must be:
competant
Special Warranty Deed:
guarantees title only again defects arising under the grantor's period of ownership. defects existing before that time are not covered.
Consideration:
legal consideration can be "good" or "valuable." Love and affection=good money=valuable
when the government transfers title to an individual it uses a:
patent
the judicial process to prove or confirm a will, or to settle the estate of a party who dies intestate is called:
probate
one who has a valid will is:
testate
A party who makes a will is the:
testator
the person named in the will to settle the estate is called:
the executer
the covenant of quiet enjoyment:
the grantor is promises the new owner will not be disturbed with claims against the property
the covenant of further assurance:
the grantor is responsible for any documentation needed to ensure the title is transferred to the grantee
Execution:
the grantor must sign the deed
the covenant against encumbrances:
the grantor promises that all encumbrances have been disclosed
the covenant of seizen:
the grantor's claims to be the owner with the right to sell the property
the covenant of warranty forever:
the grantor's promises have no expiration date
Delivery:
title doesnt pass until the deed is delivered and accepted. delivery can be into escrow. delivery must be made during the life of the grantor.
who usually uses a Bargain and Sale Deed?
trustees, executers, sheriffs, and officers of the court
when is a Quitclaim Deed used?
used to clear a cloud on the title or to cure a defect in title.
Dedication:
when a developer turns over the streets in a subdivision to the local government