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 contained in a deed.  Summarize the steps taken to safely and effectively transfer title to real property after a deed is signed. © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft

42.2 b a c kn e x t h o m e Transfer of Real Property  A warranty deed is the writing which conveys real property.  The grantor is the original owner; the grantee is the recipient.  A quitclaim deed indicates grantor gives up any interest.  A warranty deed conveys grantor’s interest and also makes certain warranties.

42.3 b a c kn e x t h o m e Provisions in a Deed Parties Signature Acknowledgment Covenants Description Consideration DEED

42.4 b a c kn e x t h o m e Process of Conveyance What happens during each of the following phases of conveyance? 3. Title insurance 2. Recording 4. Abstracting of title 4. Abstracting of title 1. Delivery Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss Let’s Discuss