outline05 - Chapter 5 Deeds and Leases Lecture Outline...

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Chapter 5 Deeds and Leases Lecture Outline Deed—written document that transfers title (ownership) to real estate from the grantor to the grantee Necessary Elements of a Deed Designation of the parties Consideration given by grantee Legal description Specific interest conveyed Signature of the grantor and witnesses Delivery and acceptance Additional Elements Covenant against encumbrances—a promise from the grantor to the grantee that there are no undisclosed encumbrances on the property that will affect the grantee’s ownership rights Covenant of seisin—a promise from the grantor to the grantee that the grantor is the legal owner of the property and has the right to convey it Covenant of quiet enjoyment—a promise from the grantor to the grantee that there are no third parties who might try to claim ownership of the property Covenant of further assurances—a promise from the grantor to the grantee that the grantor will assist the grantee in defending ownership of the property should the need arise in the future Warranty forever—a guarantee from the grantor to the grantee to honor the promises made in the deed forever. Types of Deeds
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This note was uploaded on 02/06/2009 for the course FIN 241 taught by Professor Sinow during the Spring '09 term at University of Illinois at Urbana–Champaign.

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outline05 - Chapter 5 Deeds and Leases Lecture Outline...

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