1. 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 title, and track ownership rights.

2. 2 ©2013 Kaplan, Inc. 12 Transfer of Title Learning objectives –Identify the basic requirements for a valid deed –Describe the fundamental types of deeds –Explain how property may be transferred through involuntary alienation –Distinguish transfers of title by will from transfers by intestacy

3. 3 ©2013 Kaplan, Inc. 12 Transfer of Title Voluntary alienation –A grantor conveys property to a grantee –A grantee receives property from a grantor –A deed is the instrument that conveys property from a grantor to a grantee

4. 4 ©2013 Kaplan, Inc. 12 Transfer of Title Requirements for a valid deed –Grantor with legal capacity to execute the deed –Identifiable, named grantee –Recital of consideration –Granting clause –Habendum clause –Accurate legal description of the property conveyed –Exceptions or reservations –Signature of the grantor –Acknowledgement –Delivery and acceptance

5. 5 ©2013 Kaplan, Inc. 12 Transfer of Title Types of deeds –General warranty deed –Special warranty deed –Bargain and Sale deed –Quitclaim deed –Deed of trust –Reconveyance deed –Trustee’s deed –Deed executed pursuant to court order

6. 6 ©2013 Kaplan, Inc. 12 Transfer of Title Transfer tax –Payable when deed is recorded. Imposed on seller but may be paid by buyer –Calculating the Georgia transfer tax –Exemptions from transfer tax

7. 7 ©2013 Kaplan, Inc. 12 Transfer of Title Involuntary alienation –Transfer by adverse possession Open Notorious Continuous Hostile Adverse to true owner’s possession Accompanied by a claim of right in the possessor Free of originating in fraud

8. 8 ©2013 Kaplan, Inc. 12 Transfer of Title

9. 9 ©2013 Kaplan, Inc. 12 Transfer of Title Transfer of deceased person’s property –Transfer of title by will –Transfer of title by descent –Probate proceedings