is ownership, or the right to ownership, of land and evidence of the ownership
is the voluntary transfer of title to real estate by gift or sale, using some form of deed.
is person who transfer title must be of legal age and legally competent to execute a deed.
What makes a deed voidable?
1. Must be legal age
2. Mental impairment at time of signing deed makes the deed voidable.
**If grantor declared incompetent by a judge, the deed is void.
3. All names the grantor has used should be provided.
must be identifiable with sufficient certainty.
is payment of some form must be stated.
Granting clause/Words of conveyance
* convey and warrant
* remise, release, alienate, and convey
* grant, bargain and sell
* remise, release, and quitclaim
must define ownership interest taken by the grantee;
It specifies limits on ownership, i.e. time-share
This is essential for a property to be conveyed.
Signature of grantor
Must be acknowledged by a notary public or other official authorized by the state in which the property is located.
Delivery and acceptance
of the deed by the grantee are necessary
Types of Deeds
General warranty deed
covenant of seisin
covenant against encumbrances
covenant of quiet enjoyment
covenant of further assurance
covenant of warranty forever
Special Warranty deed
Bargain and sale deed
General Warranty Deed
provides the greatest protection to the grantee
Covenant of seisin
Warrants the grantor has the right to convey title
Covenant against encumbrances
warrants the property is free from liens or encumbrances, unless expressly stated
Covenant of quiet enjoyment
makes the grantor liable for damages if the grantee's title is found to be inferior
Covenant of further assurance
the grantor's promise to obtain any other document necessary to convey good title
Covenant of warranty forever
grantor's promise to compensate the grantee if title fails at any future time.
Special Warranty Deed
includes the warranties that the grantor received title and that the property was not encumbered during the time the grantor held title, except as otherwise noted.
Bargain and sale deed
implies that the grantor hold title and possession of the property, and there are no express warranties against encumbrances.
Transfer tax stamps
These may be required to be affixed to deeds and conveyances before being recorded, with the tax rate depending on state, county and city requirements.
transfer of title to property is usually by operations of law
Types of involuntary alienation
property taken by state when deceased has no heirs
property taken by public or government agency
property taken by creditor for nonpayment of debt secured by real property
property seizure occurring when someone who is not the lawful owner takes possession of property for the length of time specified by state law usually in a way that is Open, Notorious, Continuous, Hostile Adverse
Necessary for Adverse possession
Transfer of title by will
Occurs when the decreased dies testate (leaving a will) prepared as required by law
To transfer real property by will includes:
Take effect only after death
Can be changed by codicil or revoked while testator is still alive
Devise is gift of real property by to devisee
Bequest gift of personal property
Legacy is gift of money
To pass title will must be recorded with the court and probated
Wills cannot supersed state laws of dower or cutesy inheritance rights
Statute of descent and distribution
occurs when a person dies intestate
proceedings must have an administrator appointed, and laws of the state where the real property is located govern property distribution.