South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western Publishing©2002

Chapter 5 Transferring Title _______________________________________

South-Western Publishing©2002 Deed Written legal document that transfers ownership of real property from one party to another Need created by law known as Statute of Frauds

South-Western Publishing©2002 Essential Elements of a Deed Grantor/Grantee Consideration Words of Conveyance Land Description Signature Delivery & Acceptance

South-Western Publishing©2002 Covenants & Warranties Seizin Quite Enjoyment Against Encumbrances Future Assurances Warranty Forever

South-Western Publishing©2002 Warranty Deed

South-Western Publishing©2002 Warranty Deed (continued)

South-Western Publishing©2002 Grant Deed

South-Western Publishing©2002 Bargain and Sale Deed

South-Western Publishing©2002 Quitclaim Deed

South-Western Publishing©2002 Conveyance After Death Testate- with Will –Holographic Will –Oral Will –Codicil Intestate – without Will Descent / Heirs Probate Court

South-Western Publishing©2002 Adverse Possession Unauthorized occupation of another person’s land for a period of time as required by law. Color of Title – plausible appearance of ownership interest. Easement by Prescription – acquired by prolonged adverse use.

South-Western Publishing©2002 Key Terms Adverse possession Bargain & sale deed Cloud on the title Color of title Consideration Covenant Deed Grantee Grantor Quitclaim deed Special warranty deed Warranty