Purchasing Real Estate and Title Transfer

Purchasing Real Estate and Title Transfer - i Deed formal...

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Purchasing Real Estate and Title Transfer I. Transfer of Real Property A. Formation i. Genreal contract law governs sale of real property ii. Should be in writing 1. Names and addresses of parties 2. Description of property conveyed 3. Time of conveyance 4. Type of deed to be given 5. Price and manner of payment iii. Risk of loss or destruction of property not caused by fault of seller rests with purchaser after contract is formed B. Marketable Title i. Title is free from 1. encumberances (like mortgages) 2. defects in chain of title 3. events depriving the seller of title (eminent domain) II. Deeds A. Types of Deeds
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Unformatted text preview: i. Deed- formal document transferring any interest in land upon delivery and acceptance ii. Grantor-transfers property iii. Grantee-transferree of property B. Warranty i. warranty- grantor promises the grantee that grantor has valid title to property, grantor will make grantee whole if damage is suffered C. Special Warranty i. title has not been impared, uncumbered, or rendered defective because of any act or omissions ii. Quitcalm- “make no promise as to what interst I have in this land but whatever it is I convey it to you”...
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