Property - Deeds

Card Set Information

Property - Deeds
2012-07-09 12:02:09
Property Deeds

Property, Deeds
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  1. Deed - Conveyance
    Conveyance, not contract.

    • Must Contain:
    • (1) Identification of the parties
    • (2) Identification of property (full legal description)
    • (3) Words indicating title passes
    • (4) Signature of grantor 
  2. Deed - Consideration
    Consideration for the deed is not required.
  3. Deed – Delivery
    Deed only effective upon delivery (some intent that deed operate now).

    • Actual (hand to hand), constructively (combination of safe), symbolically (title to car).
  4. Quitclaim Deed
    All the rights of the grantor to the grantee without warranties. 
  5. Statutory Warranty Deed
    • Present covenant
    • (1) covenants of seisin (I own the land, no adverse possessors)
    • (2) right to convey,  (I have the right to transfer)
    • (3) against encumbrances (There are no encumbrances)

    • Future Warranties
    • (4) quiet enjoyment (I will defendant you from any lawful claims of title)
    • (5) warranty (you wont be disturbed by someone with better title)
    • (6)and further assurances (Ill give you any futher document you need to perfect the title)
  6. Adverse Possession - Elements 
    • Open and notorious
    • actual and exclusive
    • continuous
    • hostile possession for staturoty period (10 years, 7 with taxes and title)

    Does not need to be recorded to be protected by subsequent bonafide purchaser 
  7. Race Notice
    Bonafide purchaser prevails over a prior grantee if records first

    • Bonafide purchase:
    • purchaser
    • who takes without notice
    • and pays valuable consideration 
  8. Real Estate Contract Requirments
    • (1) ID of parties
    • (2) Description of the land (clear and unambiguous)
    • (3) signature of party to be charged
    • (4) words of sale
    • (5) price and terms 
  9. Enforce a contract without a writing?
    • (1) clear and convincing proof of all essential terms of the contract
    • (2) possession of the land by the purchaser, improvements to the land, and or payment of the purchase price
    • (3) acts of a party can be explained only by reference to an agreement, these acts must establish existence of an oral agreement
  10. Risk of loss in converyance of land
    Seller bears risk until date of closing unless contract provides otherwise. 

    ( Generally, but not in WA

    Doctrine of equitable conversion:

    Prop destrying before date set for closing =  buyer bears risk because buyer is owner of property)