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15 Cards in this Set

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What are the 6 essentials of a valid deed?
1. Deed must be in writing under statute of frauds.

2. Parties must be correctly described and identified Grantor & Grantee must be "certain and absolute"

3. Grantor must be competent to convey and grantee must be capable of receiving title.
a. Minors - only if married or in armed services (emancipated)
b. Incompetents - Jucicially declared incompetent'
c.Convicts - lifers or under death penalty

4. Description of property must be clear - lot, block and tract or metes & bounds OR U.S. Govt. Survey description.

5. Must be Granting Clause - "I hereby convey" or "Ihereby transfer"

6. Deed must contain signature of the grantor(s) or grantor's "attorney in fact" acting under a valid power of attorney.
What are the 4 requirments of the deeds delivery?
1. Evidence of delivery - recording of deed presumes valid delivery

4. Time of delivery - in grantor's lifetime

3. Date of delivery - Date on deed, if none, then legal date is the ddcate of delivery

4. Conditional Delivery (not valid) delivery must be absolute
Acceptance
Voluntary & unconditional for ex. recording
Acknowledgment
Recorded deed must be acknowledged by a notary public.
Nonessentials in a deed
usually included acknowledgment, a date, a recording number issued by the county.
Deed is void or invalid IF
1. Grantor is incompetent

2. Deed is signed in BLANK

3. Deed is Never Delivered

4. Deed is Altered in Escrow

5. Grantee does Not Exist

6. Deed is forged
What are the implied warranties on a Grant Deed?
1. Grantor has not already conveyed title to another

2. Free from incumbrance made by the grantor other than those disclosed to the grantee. Always buy title insurance. A grant deed conveys "after acquired title"
Quit Claim Deeds
Grantor relinquishes any right or claim he/she has in the property - may not have any right to the property.
Sheriff's Deed
Contains no warranties. Results from lawsuit and money judgement
Gift Deed
"love and affection" is adequate compensation. Cannot be used to defraud creditors.
Tax Deed
"Property sold by govt. to pay for property taxes"
Warranty Deed
Seldom used in California. Seller is legally responsible for the condition of the deed. (title)
Trust Deed
Deed of trust- conveys "bare legal title" (but no right of use or possession) to a 3rd party - Trustee. TDs are financing instruments.
Deed of Reconveyance
when beneficiary (bene) tells trustee that the loan is paid, the trustee reconveys the title back to the trustor (property owner-borrower)
Trustee's Deed
to high bidder at trustee's (foreclosure) sale - contains no warranties