1. ©OnCourse Learning. All Rights Reserved.

2. Transferring Title ©OnCourse Learning. All Rights Reserved. Chapter 13

3. ©OnCourse Learning. All Rights Reserved. In This Chapter How ownership of real estate is conveyed from one owner to another.

4. Deed Written legal document that transfers ownership of real property from one party to another. Statute of Frauds ©OnCourse Learning. All Rights Reserved.

5. Deed’s Essential Elements 1.Grantor/Grantee 2.Consideration 3.Words of Conveyance 4.Land Description 5.Signature 6.Delivery & Acceptance ©OnCourse Learning. All Rights Reserved.

6. Covenants & Warranties Written promises by the grantor that the condition of title is as stated in the deed together with the grantor’s guarantee that if title is not as stated she will compensate the grantee for any loss suffered. ©OnCourse Learning. All Rights Reserved.

7. Basic Warranties The grantor has not previously conveyed the same estate or any right, title, or interest to a person other than the grantee named in the deed. A warranty that the estate passed is free from encumbrances other than those specified at the time of the execution of the deed. ©OnCourse Learning. All Rights Reserved.

8. Acknowledge The grantor appears before a notary public and formally declare that he/she signed the deed as a voluntary act. Not necessary for a valid deed (not binding on third parties) but required to file deed for public record. ©OnCourse Learning. All Rights Reserved.

9. Deed Types General Warranty Deed Special Warranty Deed Bargain & Sale Deed Quitclaim Deed  Cloud on title  After acquired title Gift Deed Sheriff’s Deed ©OnCourse Learning. All Rights Reserved.

10. Warranty Deed ©OnCourse Learning. All Rights Reserved.

11. Quitclaim Deed ©OnCourse Learning. All Rights Reserved.

12. Other Types of Deeds Gift Deed Guardian’s Deed Sheriff’s Deed Correction Deed Tax Deed ©OnCourse Learning. All Rights Reserved.

13. Conveyance After Death Testate- with Will  Formal or witnessed will  Holographic Will – entirely handwritten  Codicil – written supplement Intestate – without Will Title by Descent (Heirs) Probate Court ©OnCourse Learning. All Rights Reserved.

14. Adverse Possession Unauthorized occupation of another person’s land for a period of time as required by law. Color of Title – plausible appearance of ownership interest. Statutes cover periods for 3 years, 5 years, 10 years, and 25 years. Possession may “tack on.” ©OnCourse Learning. All Rights Reserved.

15. Easement by Prescription Acquired by prolonged adverse use. Usage must be openly visible, continuous, and exclusive, as well as hostile and adverse to the owner. Use must have occurred over a period of 10 years. ©OnCourse Learning. All Rights Reserved.

16. Ownership by Accession Accretion – increase in land.  Alluvion – increase of land from accumulation of rock, sand, and soil.  Reliction - results when water recedes exposing land. Avulsion – when land is washed away by action of water. ©OnCourse Learning. All Rights Reserved.

17. PUBLIC GRANT OF LAND  A transfer of land by a government body to a private individual DEDICATION OF LAND  When an owner makes a voluntary gift of land to the public ©OnCourse Learning. All Rights Reserved.

18. Reversion Occurs when a deed contains a condition or limitation. ©OnCourse Learning. All Rights Reserved.

19. Alienation A change in ownership of any kind. ©OnCourse Learning. All Rights Reserved.

20. Key Terms Adverse possession Bargain & sale deed Cloud on the title Color of title Consideration Correction deed Covenant Deed Grantee Grantor Public grant, patent Quitclaim deed Testate Warranty ©OnCourse Learning. All Rights Reserved.