Real Estate Principles Ninth Edition Real Estate An

Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition By Charles J. Jacobus South-Western Publishing© 2002

Chapter 5 ____________________ Transferring Title South-Western Publishing© 2002

Deed • Written legal document that transfers ownership of real property from one party to another • Need created by law known as Statute of Frauds South-Western Publishing© 2002

Essential Elements of a Deed Grantor/Grantee Consideration Words of Conveyance Land Description Signature Delivery & Acceptance South-Western Publishing© 2002

Covenants & Warranties • • • Seizin Quite Enjoyment Against Encumbrances Future Assurances Warranty Forever South-Western Publishing© 2002

Warranty Deed South-Western Publishing© 2002

Warranty Deed (continued) South-Western Publishing© 2002

Grant Deed South-Western Publishing© 2002

Bargain and Sale Deed South-Western Publishing© 2002

Quitclaim Deed South-Western Publishing© 2002

Conveyance After Death • Testate- with Will – Holographic Will – Oral Will – Codicil • Intestate – without Will • Descent / Heirs • Probate Court South-Western Publishing© 2002

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. • Easement by Prescription – acquired by prolonged adverse use. South-Western Publishing© 2002

Key Terms • • • Adverse possession Bargain & sale deed Cloud on the title Color of title Consideration Covenant • • • Deed Grantee Grantor Quitclaim deed Special warranty deed Warranty South-Western Publishing© 2002