8th ed CaREP ch 4 (2).doc - California Real Estate...

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California Real Estate Principles Eighth Edition Chapter 4: Transferring Real Estate Chapter Outline Learning Objectives After completing this chapter, the student should be able to 1. describe what happens when someone dies and leaves a will; 2. describe how the California Law of Intestate Succession affects the disposition of community property and separate property; 3. list the steps involved in a probate sale of real estate; 4. identify the ways in which property can be increased or acquired that do not involve a purchase; 5. define the ways in which title to property can be transferred; 6. explain the requirements for a valid deed; and 7. list the types of deed used in California. Suggested Items to Bring to Class for Discussion 1. Sample California Statutory Will forms, available from the State Bar 2. Sample deeds, showing acknowledgment, recording, and payment of documentary transfer tax Lecture Outline I. How Real Estate May Be Required A. Acquisition by succession or will 1. Intestate succession means that a decedent left no will. California law specifies how property is to be distributed in that event. 2. A will can be amended by a codicil . a. A testator is a person who makes a will; that person is said to die testate . b. A devise is a transfer of property by will to a named devisee . c. A bequest is a transfer of a legacy (usually personal property) by will to a legatee . 3. A formal, witnessed will must follow legal formalities. The State Bar of California provides statutory will forms for a nominal fee. 4. A holographic will must be written entirely in the testator’s own handwriting, but need not be witnessed. 5. Probate is the court procedure for distributing a decedent’s property. a. An executor is an estate representative who is named in a will. b. An administrator is an estate representative appointed by the court. c. Duties of the estate representative include the following: i. Publishing notice to creditors © 2011 Kaplan, Inc.
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California Real Estate Principles Eighth Edition ii. Conducting inventory and appraisal of estate property iii. Reporting estate assets and liabilities to the court iv. Distributing proceeds of estate as court directs B. Accession
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  • Fall '17
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