2. TRANSFER OF REAL PROPERTY OWNERSHIP ► CHAPTER 9 © 2009 South-Western, Cengage Learning

3. real estate closing is practice of law in MA attorney represents lender attorney may represent both mortgagee and buyer buyer has additional concerns beyond mortgagee customary closing costs

4. © 2009 South-Western, Cengage Learning 1.warranty deed - 4 warranties 1.quitclaim deed - 2 covenants 1.release deed (similar to quitclaim in other states)

5. © 2009 South-Western, Cengage Learning in writing include grantor’s name used to acquire title grantor must be legally competent grantee must be alive and identifiable if two or more grantees – type of co-ownership must include granting clause state the total consideration description of property (also street address in margin) delivery and acceptance acknowledgment if registered – unregistered optional

6. © 2009 South-Western, Cengage Learning  based upon actual consideration  real stamps affixed to deed  tax rate varies amongst counties  not required if value is $100 or less  tax rate per $500 of value or any fraction thereof  seller customarily pays  tax imposed only on actual equity  collected at registry of deeds

7. © 2009 South-Western, Cengage Learning 20 years, actual, open, notorious, exclusive, continuous established by tacking occupancy: occasional(no) seasonal (maybe) cannot have owner’s permission not allowed for registered land, government land, etc.

8. © 2009 South-Western, Cengage Learning  testate versus intestate  requirements for a will  two witnesses  law of descent and distribution  escheat to the state

9. © 2009 South-Western, Cengage Learning adverse possession devise escheat intestate law of descent and distribution quitclaim deed testate transfer tax stamps warranty deed