Methods of Transfer and Conveyance in Real Estate.

Slides:



Advertisements
Similar presentations
Deeds and Leases Chapter 5. Deeds and Leases Deeds –Written document that transfers title to real estate.
Advertisements

© 2007 by West Legal Studies in Business / A Division of Thomson Learning CHAPTER 19 Land-Use Control and Real Property.
13-1 Chapter 21 Law of Property: Real, Personal, and Intellectual.
Texas Real Estate Contracts 4 th Edition © 2015 OnCourse Learning.
Chapter 3 Conveying Real Property Interests McGraw-Hill/IrwinCopyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Why Title Insurance Presented by David Welte, Midwest Title.
© OnCourse Learning. All Rights Reserved. Transfer of Title to Real Property Learning Objectives  List the methods of transferring title: By descent Four.
1. Personal Covenants for Title 2. Title Examination.
{ Chapter 12 Property: Real Property, Leases & Mortgages.
Deeds - PAR 131 Real Estate I Mike Brigner, J.D.
Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning Chapter 49 Real Property Twomey Jennings Anderson’s Business Law and.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved CHAPTER1CHAPTER1 CHAPTER1CHAPTER1 Introduction to Real Estate Finance and Investments.
© 2004 West Legal Studies in Business A Division of Thomson Learning 1 Chapter 48 Real Property Chapter 48 Real Property.
Real Estate Law Deeds.
Texas Real Estate Contracts 4 th Edition © 2015 OnCourse Learning.
Chapter 5.
Business Law and the Regulation of Business Chapter 51: Transfer and Control of Real Property By Richard A. Mann & Barry S. Roberts.
Real Estate Principles and Practices Chapter 5 Estates, Interests, Deeds, and Title © 2014 OnCourse Learning.
John Hammond. Title Insurance Overview What is Title? What is Title Insurance? Title Insurance Underwriters Types Of Title Companies in Texas Types of.
Florida Real Estate Principles, Practices & Law 38th Edition Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.
Recording System 2011©Cengage Learning. All Rights Reserved.
© OnCourse Learning Chapter 5 : Transferring Title.
Title Records Chapter 13 D. Zaharopoulos.  Title: bundle of rights recognized & protected by law  Deed: document used in the transfer of ownership in.
Principles of California Real Estate
Chapter 5 Deed and Title Examination
Title Records LEARNING OBJECTIVES: Explain why recording statutes are necessary. Define and illustrate the differences between constructive notice and.
Chapter 48 Real Property.  Property that is immovable or attached to immovable land or buildings  Types of real property:  Land and buildings  Subsurface.
Chapter 50 Real Property Twomey, Business Law and the Regulatory Environment (14th Ed.)
Modern Real Estate Practice in Illinois Chapter 12: Transfer of Title.
Chapter 12 Transfer of Title Despite technology, real estate is not a paperless industry. A wide variety of documents are needed to establish title, transfer.
Chapter 12 Title D. Zaharopoulos.
Revised Chapter 12 Slide #1 Copyright – David A. McGowan All rights reserved Chapter 12 Transfer of Title (Page 225) Deed – an instrument that.
1 ARE 306 Unit 11 Real Property: Acquisition & Disposition.
 Real property is immovable and includes:  Land and Structures: land includes the soil, and all natural and artificial structures on it (unless agreed.
1-1 Copyright ©2008 by The McGraw-Hill Companies, Inc. All Rights Reserved Chapter 01: Real Estate Investment: Basic Legal Concepts McGraw-Hill/Irwin Copyright.
Real Estate Principles and Practices Chapter 5 Estates, Interests, Deeds, and Title © 2010 by South-Western, Cengage Learning.
Transfer of Title. What is title? Title to real estate is the right to ownership of the land and the associated bundle of rights. Title also serves as.
The Title Commitment (Lender’s Policy). What is a commitment? Reflects the condition of title Sets forth requirements Eliminates the risk of future attacks.
2011©Cengage Learning. All Rights Reserved.. Voluntary Transfers of Property 2011©Cengage Learning. All Rights Reserved.
Chapter 7 Deeds and Legal Descriptions Deeds –Written document that transfers title to real estate.
© 2012 Cengage Learning. Residential Mortgage Lending: Principles and Practices, 6e Chapter 2 Real Estate Law and Security Instruments.
2010©Cengage Learning. All Rights Reserved.
Chapter 5 Deeds and Leases. Deeds  Written document that transfers title (ownership) of real estate  Necessary Elements of a Deed Designation of the.
South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western.
© 2012 Cengage Learning. Transferring Title Chapter 5.
© 2010 by Cengage Learning Chapter 5 ________________ Transferring Title.
Legal Documentation CONTRACTS FOUR ESSENTIAL ELEMENTS: –PARTIES TO A CONTRACT MUST BE LEGALLY COMPETENT –SUBJECT MATTER MUST BE LEGAL AND PROPER –MUST.
Section 9.2 Buying a Home. Section 9.2 Buying a Home Real property is land and everything permanently attached to it, such as buildings and trees, soil.
Chapter 4 Deeds-Property Transfer and Alienation1 New Jersey Real Estate for Salespersons and Brokers By Marcia Darvin Spada Thomson/South-Western Copyright,
Chapter 8 Contracts and Transferring Real Estate Interests “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner.
42.1 b a c kn e x t h o m e Chapter 42 Objectives  Describe the means by which title to real estate is transferred.  Explain the provisions normally.
©OnCourse Learning. All Rights Reserved.. Transferring Title ©OnCourse Learning. All Rights Reserved. Chapter 13.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 9: Transfer of Title.
© 2004 West Legal Studies in Business A Division of Thomson Learning BUSINESS LAW Twomey Jennings 1 st Ed. Twomey & Jennings BUSINESS LAW Chapter 47 Real.
© 2015 OnCourse Learning Chapter 7 Transfer of Title to Real Property.
Chapter 6 State Regulation of Lending. The 10th Amendment to the U.S. Constitution reserved all powers not specifically enumerated (listed) in the Constitution.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 12: Transfer of Title ©2014 Kaplan, Inc.
The Deed PropertyProperty Prof. David Glazier Jan 23, 2007.
Chapter 49 REAL PROPERTY. 2 Nature of Real Property Real property includes land, buildings and fixtures, and rights in others’ land. Real property includes.
FGCAR UNIVERSITY “DUE DILIGENCE AND RISK MANAGEMENT” by Matthew J. Lapointe, Esq.
Chapter 8 Deeds.
Ownership Lesson Five.
Law for Business, 15e by Ashcroft
Introduction to Real Estate Finance and Investments
Chapter 48 Real Property.
Real Estate Principles, 11th Edition
Chapter 48 Real Property.
REAL ESTATE LAW.
4 Real Estate Transactions
© OnCourse Learning.
Presentation transcript:

Methods of Transfer and Conveyance in Real Estate

Common methods of transfer Form of property ownership Sale Gift Part gift/part sale Distribution from trust Distribution from estate-wills/intestacy Court order Other

Requirements for a Gift Donative’s intent by the donor or grantor Delivery of the gift Acceptance by the donee or grantee

Requirements for a Valid Deed Grantor with legal capacity Signature of the grantor Grantee named with reasonable certainty Recital of consideration Words of conveyance (continued)

Requirements for a Valid Deed Habendum or type of interest conveyed Description of land conveyed Acknowledgment Delivery Acceptance

Types of Deeds Quitclaim deed Warranty deed Special warranty deed Deed of bargain and sale Judicial deed

The Common Law Warranties of the Grantor Warranty of seisin Warranty of right to convey Warranty of freedom from encumbrances Covenant of warranty Warranty of quiet enjoyment Warranty of further assurances

Modern Warranties of Grantor The grantor possesses an indefeasible fee simple estate, or the grantor has good title and the transfer is proper. There are no encumbrances against the property except those specifically noted. The grantee shall have quiet enjoyment of the property, and the grantor will warrant and defend title against all claims.

Requirements for Adverse Possession Actual and exclusive possession Open, visible, and notorious possession Continuous and peaceable possession Hostile and adverse possession Possession for the required statutory period

Types of Recording Statutes Race –First to record (first in time, first in right) Notice –Last bfp to take title (failure of others to record) Race/Notice –First bfp to record Not required to transfer: required for future protection

Title Insurance An insurance contract-covered risks/exclusions Does not transfer from seller to buyer Purchased by buyer Covers property not person

Scope of Title Insurance Failure of title to the property (covers forgery, fraud, unauthorized signatures, electronic recording failure and a host of other problems that arise in recording titles to property and executing deeds) Defects in title such as liens Lack of right of access Unmarketable title Encroachments

Other Portions of Title Policies Exclusions –Outline those items not covered Schedules, generally A and B –Outline the added protections or endorsements purchased by the policy holder and exclusions Conditions –Requirements for the issuance of the policy, such as removal of liens Stipulations –Certain statements of fact that the parties agree upon

Exclusions from Title Policies Violations of environmental laws unless recorded in the public records Litigation defense costs for items excluded under schedule B exceptions Purchasers who are not bona fide purchasers Problems noted in public records other than those that are part of the property records designated by the state as the proper filing place for matters affecting property (Continued)

Exclusions from Title Policies “Unmarketability of title” items Problems with title based on usury Mechanic’s liens that arise from work contracted for and commenced after the date of the policy Eminent domain rights unless there is notice in the public records of eminent domain proceedings prior to the title policy being issued