Chapter 12 Title D. Zaharopoulos

Title vs. Deed Title: “rights of ownership” bundle of rights recognized & protected by law Deed: document used in the transfer of ownership in real estate

Key Points DELIVERY & ACCEPTANCE Deed has to be notarized Signed by the Grantor Does not have sales price Does not need to be Recorded Title transfers upon DELIVERY & ACCEPTANCE

Recordation Recordation is not mandatory, nor does it guarantee validity of tile, but lends enforceability of claim to title It becomes part of the chain of title. When a Deed is submitted for recordation, it must be accompanied by a notarized “affidavit of value” that includes a sworn statement attesting to the purchase price & signatures of buyer & seller.

Methods of Transferring Title Voluntary Gift Sale Will

Methods of Transferring Title Involuntary By law Eminent domain Enforcing liens Escheat Natural forces Erosion Accretion Reliction Avulsion Adverse possession

Methods of Transferring Title Transfer of a Deceased’s Property Devise Descent Probate

Requirements for a valid deed: Grantor Grantee Consideration Conveyance Exceptions Legal description Executed & acknowledged Delivery and acceptance

Types of Deeds: General warranty Special warranty Bargain & sale Sheriff’s Treasurer’s Executor’s Trustee‘s Quitclaim Disclaimer Deed in trust Reconveyance Grant Beneficiary Gift

A covenant is a promise A warranty is a guarantee

Descent Under AZ Revised Statutes, the order of intestate succession is Spouse Children Grandchildren Parents Siblings Grandparents Uncles & aunts Title of property transfers at moment of death, subject to probate approval.

Wills In the matter of wills, real property is termed “devise” The donor “devisor” and Recipient “devisee” Personal property is a “bequest”, The giver, “bequestor” The recipient, “bequestee” Cash is called “legacy” The giver “legator” The receiver “legatee”

AZ Law -wills Formal will Holographic will Nuncupative will codocil