New York Real Estate for Brokers, 5th e By Marcia Darvin Spada Cengage Learning Chapter 7.1 Conveyance of Real Property

Chapter 7 Conveyance of Real Property and Title Closing Part I: Conveyance of Real Property Chapter 7.1 Conveyance of Real Property

Chapter 7 Key Terms Abstract of title Accretion Acknowledgment Actual notice Adverse possession Assessment Bundle of rights Chain of title Closing statement Constructive notice Conveyance Credits Debits Dedication Delivery and acceptance Erosion Escheat Executor/executrix Chapter 7.1 Conveyance of Real Property

Chapter 7 Key Terms (continued) Full covenant and warranty deed Habendum clause Intestate Involuntary alienation Lien foreclosure sale Marketable title Proration Quitclaim deed Real Estate Settlement Procedures Act (RESPA) Reconciliation Survey Tacking Testate Title Title closing Title insurance Title search Voluntary alienation Chapter 7.1 Conveyance of Real Property

Real Property Real Property is real estate + legal rights, powers, and privileges Chapter 7.1 Conveyance of Real Property

Real Estate Ownership as a Bundle of Rights Ownership rights are less as “sticks” from the bundle are given away or sold Chapter 7.1 Conveyance of Real Property

Voluntary and Involuntary Alienation During a lifetime Deed Lien foreclosure Adverse possession Condemnation Bankruptcy Eminent domain After death Will (testate) 6. Escheat (Intestate) Chapter 7.1 Conveyance of Real Property

Definition of a Deed Consideration Words of conveyance Execution Writing Grantor Grantee Property Description Consideration Words of conveyance Execution Acknowledgement Delivery and Acceptance Chapter 7.1 Conveyance of Real Property

Legal Descriptions Metes and bounds A legal description with a point of beginning Reference, plat, or lot and block Refers to a subdivision map (plat) or a tax map with lot and block numbers Chapter 7.1 Conveyance of Real Property

Verifying the Property Description For residential or commercial sale of improved property, the property’s common address (street address) is used When tracts of unimproved land or lots are transferred, the deed, tax map, and/or survey may be attached on the contract of sale Chapter 7.1 Conveyance of Real Property

Forms of Deeds Chapter 7.1 Conveyance of Real Property

Elements of foreclosure Chapter 7.1 Conveyance of Real Property

Accession Rights Chapter 7.1 Conveyance of Real Property

Water Rights Riparian rights Belong to the owner of property bordering a flowing body of water Littoral rights Property bordering a stationing body of water such as a lake or sea Chapter 7.1 Conveyance of Real Property

Adverse Possession C-Claim of Right H-Hostile A-Actual N-Notorious and Open C-Continuous (uninterrupted for 20-years) E-Exclusive Chapter 7.1 Conveyance of Real Property

Conveyance After Death Testate Descent Valid will upon death Voluntary alienation Executor/executrix Intestate Descent No valid will upon death Involuntary alienation NYS intestate succession statutes Chapter 7.1 Conveyance of Real Property