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Chapter 12 Title D. Zaharopoulos
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Title vs. Deed Title: “rights of ownership”
bundle of rights recognized & protected by law Deed: document used in the transfer of ownership in real estate
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Key Points DELIVERY & ACCEPTANCE Deed has to be notarized
Signed by the Grantor Does not have sales price Does not need to be Recorded Title transfers upon DELIVERY & ACCEPTANCE
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Recordation Recordation is not mandatory, nor does it guarantee validity of tile, but lends enforceability of claim to title It becomes part of the chain of title. When a Deed is submitted for recordation, it must be accompanied by a notarized “affidavit of value” that includes a sworn statement attesting to the purchase price & signatures of buyer & seller.
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Methods of Transferring Title
Voluntary Gift Sale Will
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Methods of Transferring Title
Involuntary By law Eminent domain Enforcing liens Escheat Natural forces Erosion Accretion Reliction Avulsion Adverse possession
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Methods of Transferring Title
Transfer of a Deceased’s Property Devise Descent Probate
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Requirements for a valid deed:
Grantor Grantee Consideration Conveyance Exceptions Legal description Executed & acknowledged Delivery and acceptance
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Types of Deeds: General warranty Special warranty Bargain & sale
Sheriff’s Treasurer’s Executor’s Trustee‘s Quitclaim Disclaimer Deed in trust Reconveyance Grant Beneficiary Gift
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A covenant is a promise A warranty is a guarantee
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Descent Under AZ Revised Statutes, the order of intestate succession is Spouse Children Grandchildren Parents Siblings Grandparents Uncles & aunts Title of property transfers at moment of death, subject to probate approval.
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Wills In the matter of wills, real property is termed “devise”
The donor “devisor” and Recipient “devisee” Personal property is a “bequest”, The giver, “bequestor” The recipient, “bequestee” Cash is called “legacy” The giver “legator” The receiver “legatee”
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AZ Law -wills Formal will Holographic will Nuncupative will codocil
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