Chpt 4 - Chapter 4 Conveying Real Property Interests...

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Chapter 4 Conveying Real Property Interests Reasons for Complexity of the Conveyance of Real Estate Real property a complex bundle of rights- interest must be defined carefully Rights to land are enduring Rights available today depend on transactions long ago- past must be known accurately Land a continuous surface • Boundaries not obvious or natural - need survey: must be able to accurately identify the property. • Boundary errors always hurt someone (zero sum game) Deeds: The Principal Conveyance of Real Property Deed • A special, written contract for conveying permanent interest in real property. • Dates back to 1677 England “Statute for the Prevention of Frauds and Perjuries” required all conveyances in real property to be in writing. Must be in writing to be upheld by a court ***** Requirements of a Deed Grantor (with signature) and grantee Recital of consideration Words of conveyance Covenants Habendum clause Exceptions and reservations clause Description of land Acknowledgment Delivery Grantor and Grantee Grantor: Person or entity conveying real property • Must be of legal age • Must be legally competent • Must sign deed Grantee: recipient of real property • No need to be of legal of age • No need to be competent • Only needs to be identifiable Recital of Consideration and Words of Conveyance Recital of consideration: A minimal statement suffices: “For 10 dollars and other good and valuable consideration…” Words of conveyance typically: “Does hereby grant, bargain, sell and convey…” • Functions: 1.Affirms intention to convey real property 2.Determines type of deed Covenants 1
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Covenants: Legally binding promises Three main covenants: • Covenant of seizin: Grantor has good title and the right to convey it • Covenant against encumbrances: No encumbrances except as noted in deed (liens,
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Chpt 4 - Chapter 4 Conveying Real Property Interests...

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