Property II Outline (Maddie)

Property II Outline (Maddie) - PROPERTY I. REQUIREMENT OF A...

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PROPERTY I. REQUIREMENT OF A WRITTEN INSTRUMENT a. Deed i. Document that transfers the estate to the grantee ii. Conveys interest in real property iii. Should describe the exact size, shape, and location of a parcel of land 1. No other parcel of land should fit the same description iv. State statutes say what is needed in a valid deed v. Generally need: 1. Name of grantor 2. Name of grantee a. Name of grantor and grantee = granting clause 3. Description of property 4. Statement showing intent vi. Statute of Frauds 1. Most states have one 2. Requires certain legal transactions to be evidenced by written documents 3. Equitable limitations on SOF: a. Doctrine of part performance b. Fraud c. Fiduciary relationship vii. In Re O’Neil’s Will 1. Hospitable invitation does not qualify as valid deed a. Intent is missing viii. Bowlin v. Keifer 1. Conveyance documents must be specific as to what is being conveyed (description) a. E.g. Must identify county, state, etc. in which land is located 2. Ks for sale also must be definite and certain a. But deeds and Ks for sale may have different legal standards 3. Can sometimes look to other sources to determine property being conveyed ( aliunde) a. But this doesn’t work if document you are starting with is too defective 4. Litigate cases dealing with real property in state where property is located ix. Harris v. Strawbridge 1. Modern trend is not to focus on formal requirements of document but to look at substance of transaction 2. BUT…. even though formalities don’t matter, follow them! 3. Premises Clause
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a. Includes granting clause (“Hereby grant…”), naming of grantor/grantee, expression of consideration, and description 4. Habendum Clause = “to have and to hold” a. Serves to define estate granted b. Formal Legal Descriptions i. A legal description is one that is in a format which is capable, without the aid of parol evidence, of yielding identification of a parcel of land which is certain and distinguishable from all other parcels of land (Powell) ii. Formal Legal Descriptions 1. Metes and bounds 2. Government Survey (AKA rectangular survey) 3. Reference to a recorded plat iii. Informal Descriptions 1. Uncommon in deeds a. Leases b. Real estate brokerage Ks 2. Street address, for ex. iv. Map Descriptions 1. E.g. “Lot 47 of Block 57 of El Rancho Subdivision 2, as recorded in a plat on March 1, 1968, in Book 41 of Maps in the Official Records of Yolo County, State of Illinois” v. How inexact can a description be? 1. Ascertain location of property “with minimum effort” 2. Cross reference to other documents a. Filed maps b. Other filed documents c. Unfiled documents vi. Metes and Bounds Descriptions ( Should I know all those terms?) 1. E.g. “Starting at the old oak tree proceed due north 500 feet, thence due east 500 feet, thence due south 500 feet, and then due west 500 feet back to the point of beginning.” II. DELIVERY OF DEED a. Delivery of Deed: Act by which grantor demonstrates that the deed is to
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This note was uploaded on 04/18/2011 for the course LAW 101 taught by Professor Many during the Spring '11 term at University of Louisville.

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Property II Outline (Maddie) - PROPERTY I. REQUIREMENT OF A...

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