1. New York Real Estate for Brokers, 5th e
By Marcia Darvin Spada
Cengage Learning
Chapter 7.1 Conveyance of Real Property

2. Chapter 7 Conveyance of Real Property and Title Closing
Part I: Conveyance of Real Property
Chapter 7.1 Conveyance of Real Property

3. Chapter 7 Key Terms Abstract of title Accretion Acknowledgment
Actual notice
Adverse possession
Assessment
Bundle of rights
Chain of title
Closing statement
Constructive notice
Conveyance
Credits
Debits
Dedication
Delivery and acceptance
Erosion
Escheat
Executor/executrix
Chapter 7.1 Conveyance of Real Property

4. Chapter 7 Key Terms (continued)
Full covenant and warranty deed
Habendum clause
Intestate
Involuntary alienation
Lien foreclosure sale
Marketable title
Proration
Quitclaim deed
Real Estate Settlement Procedures Act (RESPA)
Reconciliation
Survey
Tacking
Testate
Title
Title closing
Title insurance
Title search
Voluntary alienation
Chapter 7.1 Conveyance of Real Property

5. Real Property
Real Property is real estate + legal rights, powers, and privileges
Chapter 7.1 Conveyance of Real Property

6. Real Estate Ownership as a Bundle of Rights
Ownership rights are less as “sticks” from the bundle are given away or sold
Chapter 7.1 Conveyance of Real Property

7. Voluntary and Involuntary Alienation
During a
lifetime
Deed
Lien foreclosure
Adverse possession
Condemnation
Bankruptcy
Eminent domain
After
death
Will
(testate)
6. Escheat
(Intestate)
Chapter 7.1 Conveyance of Real Property

8. Definition of a Deed Consideration Words of conveyance Execution
Writing
Grantor
Grantee
Property Description
Consideration
Words of conveyance
Execution
Acknowledgement
Delivery and Acceptance
Chapter 7.1 Conveyance of Real Property

9. Legal Descriptions Metes and bounds
A legal description with a point of beginning
Reference, plat, or lot and block
Refers to a subdivision map (plat) or a tax map with lot and block numbers
Chapter 7.1 Conveyance of Real Property

10. Verifying the Property Description
For residential or commercial sale of improved property, the property’s common address (street address) is used
When tracts of unimproved land or lots are transferred, the deed, tax map, and/or survey may be attached on the contract of sale
Chapter 7.1 Conveyance of Real Property

11. Forms of Deeds
Chapter 7.1 Conveyance of Real Property

12. Elements of foreclosure
Chapter 7.1 Conveyance of Real Property

13. Accession Rights
Chapter 7.1 Conveyance of Real Property

14. Water Rights Riparian rights
Belong to the owner of property bordering a flowing body of water
Littoral rights
Property bordering a stationing body of water such as a lake or sea
Chapter 7.1 Conveyance of Real Property

15. Adverse Possession C-Claim of Right H-Hostile A-Actual
N-Notorious and Open
C-Continuous (uninterrupted for 20-years)
E-Exclusive
Chapter 7.1 Conveyance of Real Property

16. Conveyance After Death
Testate Descent
Valid will upon death
Voluntary alienation
Executor/executrix
Intestate Descent
No valid will upon death
Involuntary alienation
NYS intestate
succession statutes
Chapter 7.1 Conveyance of Real Property