DeedStatute of Frauds •in writing •signed by grantor •specify parties •specify the intrest conveyed •expression of intent •provide the legal physical description of the property Deed Reformation•mutual mistake•scrivners error•unilateral mistake induced by misrepresentation Delivery/Acceptance •not effective until it is delivered by the grantor and accepted by the grantee•delivery is based on intent•immediatly trnasfer •objective manifestation•death escrow valid if placed with 3rd party and releases dominion and control Title Covenants•present - breached at time of conveyance - dont run with land•seisin - owns estate conveying•right to convey •against encumbrances•future - breached any time in future is there is substantial interference with possession - run with land •warranty - defend grantee against any claim of superior title •quiet enjoyment - not be disturbed by anyone holding superior title•further assurances - grantor take steps to cure title defects thats existed at closing Recording Recording Acts•Common Law: the first person to acquire interest prevails over all later claimants under the first-in-time doctrine, unless a later purchaser is protected by the state's recording act •Race: the purchases who records first has priority even if she actually knows about a prior interest •Notice: a subsequent bona fide (paid value) purchaser has priority if he takes without (actual, inquiry, record) notice of a prior interest. Recording is not required to gain priority •Race-Notice: a subsequent bona fide purchaser who records first has priority if he takes without notice of a prior interest and records first.
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- Fall '08
- lew
- Common Law, Deed, bona
