1. Chapter 3 Conveying Real Property Interests Real Estate FIN 331 Fall 2013

2. SOURCES OF COMPLEXITY IN CONVEYING REAL PROPERTY

3. DEEDS – CONVEYING REAL PROPERTY

5. TYPES OF DEEDS A.General warranty deed: All three covenants; seizin, no encumbrances, and quiet enjoyment B.Special warranty deed: identical to general warranty deed except as limited to the time of the grantor’s ownership C.Deed of bargain and sale: No covenants, but still is regarded as implying ownership D.Quitclaim deed: No covenants and makes no assertions about grantor’s interest

6. TYPES OF DEEDS

7. Modes of Conveyance of Real Property

10. Importance of Public Records A.Doctrine of constructive notice: Cannot be bound by claims or rules he or she has no means of knowing B.Statute of Frauds (1677): Contracts conveying a real property interest must be written to be enforceable C.Recording statutes: A contract recorded in public records is considered known D.Actual notice: Open, continuous, actual possession of property E.Public records provide information for a “Title” search

11. Defining “Title”

13. Land Descriptions

14. HOMEWORK ASSIGNMENT A.Key terms: Accretion – Reliction, Adverse Possession, Covenant of Seizin, Types of Deeds (7), Doctrine of Constructive Notice, Easement by Estoppel, Encroachment, Habendum Clause, Metes and Bounds, Title Abstract / Insurance B.Study Questions: 1, 2, 4, 5 C.Issues to Ponder: Smith bought a repossessed property from the bank. A year later, Smith decides to have the property surveyed. Smith discovers that the adjoining neighbor’s fence is actually on Smith’s property. What are the issues involved?