FRECI_9-4 - ownership term only All other covenants and...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 9 – Lecture 4 Title, Deeds, and Ownership Restrictions Copyright, 2004 2 Lecture Preview What will you learn from this lecture? 4 types of statutory deeds General Warranty Deed Special Warranty Deed Bargain and Sale Deed Quitclaim Deed Copyright, 2004 3 Vocabulary Terms General warranty deed Quitclaim deed Copyright, 2004 4 Statutory Deeds (4 types) General Warranty . Special Warranty / Bargain and Sale 1 Quitclaim Highest quality to lowest quality deeds Copyright, 2004 5 General Warranty Deed 9 of seizen (seisen) 9 against encumbrances 9 of quiet enjoyment 9 of further assurance 9 of warranty forever Includes all covenants and warranties Covenant… Standard type of conveyance unless otherwise stated in contract Copyright, 2004 6 Special Warranty Deed Includes most covenants and warranties Used by corporate owners Grantor limits the warranty of encumbrances to their
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Unformatted text preview: ownership term only All other covenants and warranties still apply 2 Copyright, 2004 7 Bargain and Sale Deed • Granting clause • Habendum clause • Covenant of seizen (seisen) Includes very few covenants and warranties May include only: Grantor’s liability is extremely limited Copyright, 2004 8 Quitclaim Deed Offers NO covenants or warranties Grantor makes no claim of title! Used to clear clouds, or potential clouds Review of Deeds General Warranty* Special Warranty Bargain and Sale Quitclaim Has valid title Will defend grantee against claims of others No undisclosed restrictions or conflicting claims Yes! Ltd! Im p lie d ? ? No! No! No! *Highest quality deed = most covenants! Seizen: Quiet Enjoyment: No Encumbrances: Yes! Yes! Yes! Yes! Copyright, 2004 10 End of Lecture At the conclusion of this lecture, complete Quiz 9-4 in the course....
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_9-4 - ownership term only All other covenants and...

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