©OnCourse Learning. All Rights Reserved.. Transferring Title ©OnCourse Learning. All Rights Reserved. Chapter 13.

Slides:



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

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.
©2011 Cengage Learning. Chapter 2 Part I: Legal Descriptions, Methods of Acquiring Title, and Deeds California Real Estate Principles ©2011 Cengage Learning.
© 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 © 2004 by Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany BUSINESS LAW E-Commerce and Digital Law International Law and Ethics.
Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning Chapter 49 Real Property Twomey Jennings Anderson’s Business Law and.
© 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.
Essentials Of Business Law Chapter 21 Real And Personal Property McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
Florida Real Estate Principles, Practices & Law 38th Edition Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.
Chapter 2 - ESTATES, TRANSFERS, AND TITLES 27. I. ESTATE OWNERSHIP.
Chapter 28 Real Property. What Is Real Property Land- Includes not only that surface of the earth, but also the airspace above it and whatever is beneath.
New York Real Estate for Brokers, 5th e
© OnCourse Learning Chapter 5 : Transferring Title.
Principles of California Real Estate
Washington Real Estate Law © Copyright 2010 Rockwell Publishing, Inc. Lesson 9: Title to Real Property.
© 2010 Rockwell Publishing Lesson 3: Transfer of Real Property Principles of California Real Estate.
Methods of Transfer and Conveyance in Real Estate.
Chapter 5 Deed and Title Examination
Chapter 49 Real Property Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
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.
 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.
What can a person who holds property in fee simple absolute do with the property? What can a person who holds property in fee simple absolute do with.
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.
Transfer of Title LEARNING OBJECTIVES: Define and discuss title as it pertains to real estate. Describe voluntary alienation and list the ways property.
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.
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.
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,
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.
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.
Real Estate Principles and Practices Chapter 2 Land: Its Characteristics and Acquisition © 2014 OnCourse Learning.
© 2015 OnCourse Learning Chapter 7 Transfer of Title to Real Property.
TRANSFER OF REAL PROPERTY OWNERSHIP ► CHAPTER 9 © 2009 South-Western, Cengage Learning.
41.1 Law for Business, 17e, by Ashcroft and Ashcroft, © 2011 Cengage Learning Law for Business, 17e by Ashcroft and Ashcroft Chapter 41: Nature of Real.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 12: Transfer of Title ©2014 Kaplan, Inc.
Chapter 49 REAL PROPERTY. 2 Nature of Real Property Real property includes land, buildings and fixtures, and rights in others’ land. Real property includes.
1 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 20 EVIDENCE OF OWNERSHIP Evidence of real property.
California Real Estate Principles, 10.1 Edition
California Real Estate Principles, 10.1 Edition
Chapter 8 Deeds.
Ownership Lesson Five.
Law for Business, 15e by Ashcroft
Chapter 48 Real Property.
Real Estate Principles, 11th Edition
Chapter 48 Real Property.
REAL ESTATE LAW.
4 Real Estate Transactions
© OnCourse Learning.
Presentation transcript:

©OnCourse Learning. All Rights Reserved.

Transferring Title ©OnCourse Learning. All Rights Reserved. Chapter 13

©OnCourse Learning. All Rights Reserved. In This Chapter How ownership of real estate is conveyed from one owner to another.

Deed Written legal document that transfers ownership of real property from one party to another. Statute of Frauds ©OnCourse Learning. All Rights Reserved.

Deed’s Essential Elements 1.Grantor/Grantee 2.Consideration 3.Words of Conveyance 4.Land Description 5.Signature 6.Delivery & Acceptance ©OnCourse Learning. All Rights Reserved.

Covenants & Warranties Written promises by the grantor that the condition of title is as stated in the deed together with the grantor’s guarantee that if title is not as stated she will compensate the grantee for any loss suffered. ©OnCourse Learning. All Rights Reserved.

Basic Warranties The grantor has not previously conveyed the same estate or any right, title, or interest to a person other than the grantee named in the deed. A warranty that the estate passed is free from encumbrances other than those specified at the time of the execution of the deed. ©OnCourse Learning. All Rights Reserved.

Acknowledge The grantor appears before a notary public and formally declare that he/she signed the deed as a voluntary act. Not necessary for a valid deed (not binding on third parties) but required to file deed for public record. ©OnCourse Learning. All Rights Reserved.

Deed Types General Warranty Deed Special Warranty Deed Bargain & Sale Deed Quitclaim Deed  Cloud on title  After acquired title Gift Deed Sheriff’s Deed ©OnCourse Learning. All Rights Reserved.

Warranty Deed ©OnCourse Learning. All Rights Reserved.

Quitclaim Deed ©OnCourse Learning. All Rights Reserved.

Other Types of Deeds Gift Deed Guardian’s Deed Sheriff’s Deed Correction Deed Tax Deed ©OnCourse Learning. All Rights Reserved.

Conveyance After Death Testate- with Will  Formal or witnessed will  Holographic Will – entirely handwritten  Codicil – written supplement Intestate – without Will Title by Descent (Heirs) Probate Court ©OnCourse Learning. All Rights Reserved.

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. Statutes cover periods for 3 years, 5 years, 10 years, and 25 years. Possession may “tack on.” ©OnCourse Learning. All Rights Reserved.

Easement by Prescription Acquired by prolonged adverse use. Usage must be openly visible, continuous, and exclusive, as well as hostile and adverse to the owner. Use must have occurred over a period of 10 years. ©OnCourse Learning. All Rights Reserved.

Ownership by Accession Accretion – increase in land.  Alluvion – increase of land from accumulation of rock, sand, and soil.  Reliction - results when water recedes exposing land. Avulsion – when land is washed away by action of water. ©OnCourse Learning. All Rights Reserved.

PUBLIC GRANT OF LAND  A transfer of land by a government body to a private individual DEDICATION OF LAND  When an owner makes a voluntary gift of land to the public ©OnCourse Learning. All Rights Reserved.

Reversion Occurs when a deed contains a condition or limitation. ©OnCourse Learning. All Rights Reserved.

Alienation A change in ownership of any kind. ©OnCourse Learning. All Rights Reserved.

Key Terms Adverse possession Bargain & sale deed Cloud on the title Color of title Consideration Correction deed Covenant Deed Grantee Grantor Public grant, patent Quitclaim deed Testate Warranty ©OnCourse Learning. All Rights Reserved.