1 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 20 EVIDENCE OF OWNERSHIP Evidence of real property interests are recorded in the public records. –grantor-grantee or tract books –mortgagor-mortgagee books –plat and plan books –secured personal property books

2 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin EVIDENCE OF CLEAR TITLE Abstract and Attorney’s Opinion Title Insurance Torrens System

3 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CONVEYANCE OF OWNERSHIP Transfers of real estate occur through: –private grants –public grants, or –other transfers as a matter of law.

4 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Requirements of a Valid Deed Names of Grantor and Grantee Proper Description of the Property Words of Conveyance Statement of Consideration The deed must be signed by the grantor and delivered to the grantee.

5 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Common Deeds in Private Grants of Title General Warranty Deed Special Warranty Deed Quitclaim Deed Bargain-and-Sale Deed

6 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin PUBLIC GRANTS OF TITLE Devise and Descent Foreclosure Adverse Possession and Prescription Title by Nature –accretion –reliction

7 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Common Deeds in Public Grants of Title Executor’s Deed Sheriff’s Deed Officer’s Deed

8 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin REQUIREMENTS OF A VALID CONTRACT Competent Parties Legal Objective Offer and Acceptance Consideration No Defects to Mutual Assent

9 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Contracts for the Transfer of Real Property Interests Real estate contracts must include the requirements of a valid contract. Most real estate contracts must also: –be in writing, and –properly describe the property.

10 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Four Basic Real Estate Contracts Listing Contracts Contracts for Sale Mortgage Contracts Leases

11 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin METHODS TO DESCRIBE PROPERTY Metes and Bounds Recorded Plat Map Government Rectangular Survey

12 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Metes and Bounds The oldest method. Elements include a point of beginning (POB), angle (or arch) measurements, and a distance measurement. Ex: Beginning at a point 50 feet east of the intersection of Abbey and Penny Roads, south 80 degrees, 200 feet to (part of description omitted)…returning to the point of beginning.

13 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Recorded Plat Map Recorded map of subdivision, showing lots, streets, easements, and physical features. Elements include a lot number, block number, and the subdivision. Ex: Lot 6, Block G of Hale Acres according to the plat recorded March 16, 1998, as plat number 5000, page 3000, book number 1, Heaven County, West Virginia.

14 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Government Rectangular Survey System Elements include principal meridians, base lines, township lines, range lines, and sections. Ex: The NE quarter of the NE quarter of the NE quarter of Section 1, T23S, R29E of the Tallahassee Principal Meridian and Base Line.