Deeds

Front 1

5 convenants of deeds are

(written agreement or promise)

1-3

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1. Covenant of seizin/seizen - The grantor/seller holds the title, which is being conveyed in the deed

2.Covenant against encumbrances- grantor states that there are no encumbrances except those stated in the deed.

3.Covenant of quiet enjoyment- grantor promises the grantee's possession and enjoyment of the property will not be disturbed because of title defect.

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5 convenants of deeds are

(written agreement or promise)

4-5

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4. Covenant for further assurances- grantor agrees to correct defects in title as well as errors of deficiencies in the deed.

5.) covenant of warranty forever- grantor will protect and defend the grantee against all claims by others.

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General warranty deed

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*Covers and includes all (5) covenants.

*The grantor's promises include all defects that have occurred during the grantor's ownership as well as all previous owners.

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Special warranty deed

Back 4

the grantor's warranty only extends to defects that occured during the grantor's ownership only.

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Bargain and sale deed

Back 5

the grantor implies that he/she owns an interest in the property and is conveying the interest to the grantee w/o warranty (the grantor "does hereby grant and release, bargain, and sell")

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Quitclaim deed

Back 6

the grantor conveys any claim or interest (usually a partial interest) in the property, if any, to the grantee w/o warranty (the grantor "does hereby remise, release, and quitclaim forever.')

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Deed of confirmation also known as the

Deed of correction

Back 7

this deed is used to correct an error in a deed- such as a misspelled name, an eorror in the legal description, etc.

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Judicial deeds

Back 8

used when a court orders an official to execute a deed. common examples include sheriff's deed-executor-male, executrix's-female-deed, administrator, administratrix's (named in will) deed. Judicial deeds contain no warranty.

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Essential elements of a deed 5

Back 9

1. names of parties

2. consideration- purchase price

3. granting clause- operative words on deed which indicates the intent to convey (grant, bargain, sell, release)

4. legal description of land

5. Execution- the signing of the deed by grantor(s)

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traditional parts of a deed

Back 10

Recital- identifies when and from whom the grantor took title.

habendum- (" to have and to hold')- describes the estate which is granted (must be consistent with the granting clause

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Essentials to record a deed

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1. acknowledgment- the grantor appears before a notarty public ( or other authorized party) and declares that the signing of the deed was a free and voluntary act.

2. certificates of the grantee's address- keep tax authorities up to date

3. the state and many local govt. require realty transfer taxes (1% in pa). The deed will show evidence of payment by a stamp.

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Essentials to convey titled to the grantee

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1. A deed, in writing, with all essentials elements.

2. Deliver of the deed to the grantee.

3. Acceptances of the deed by the grantee.

**Delivery and acceptance*** of the deed completes the conveyance between both parties.

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Actual notice Vs Constructive notice of the estate, interest, or rights.

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Actual notice includes what has been seen, heard, read, or observed.

Constructive notice aka legal notice by recording a document. Recording- filing a document in the public records of the county where the property is located- a document provides notice to the world of the document's existence and contents.

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Title abstract is a

Back 14

complete historical summary of all recorded instruments, that have ever affected the title of a property.

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title report has all the

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encumbrances, liens, and objections to the title of a property.

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title insurance

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1. insurances againist loss because of defect in title, which have not been exclued from the insur. cov. on the title insur. policy

2. insures the condition of the title from the date of acquiring the insur. into the past

3. 1 time premium payment which cover the cost of searching the public records, creating the title abstract and report, and insuring both the purchaser and the purchaser's mortgage lender.

4. May be acquired at a reduced "reissue rate" if the existing title insurance has been issued within the last 10 years

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Alienation of title

1. Voluntary alienation (transfer)

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-sale

-gift by deed

- Dedication- voluntary transfer of an easement or ownership of private property to the public for public use

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Alienation of title

2. Involuntary alienation

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-escheat (owner dies no will)

-foreclosure- a legal proceeding whereby the creditor forces the sale of property to repay a debt.

eminent domain (govt)

adverse possession- actual possession of the land of another in a way, which is open (observable), continuous (uninterrupted), notorious (public), and hostile (adverse to the owner's title) for at least 21 years (in PA)

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Alienation of title

3. alienation of deceased person's property

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- By devise- voluntary transfer of real property by will---> after the death of the grantor

-intestate descent aka intestate succession- the acquisition of property by inheritance when the owner dies intestate