CA_Principles_03[1]

CA_Principles_03[1] - Principles of California Real Estate...

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1 Lesson 3: Transfer of Real Property Principles of California Real Estate Alienation » Alienation : Process of transferring ownership of (title to) real property from one party to another. May be voluntary or involuntary. Alienation Voluntary alienation » Voluntary alienation : An owner voluntarily transfers an interest in her land to someone else. Examples: § Patents § Deeds § Wills
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2 Voluntary Alienation Patents » Patent : Instrument used to convey government land to a private individual. Voluntary Alienation Deeds » Deed : Instrument which, when properly executed and delivered, conveys title to real property from the grantor to the grantee. Deeds Parties to a deed » Grantor : One who grants an interest in real property to another. » Grantee : One who receives a grant of real property.
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3 Deeds Types of Deeds » Grant deed » Quitclaim deed » Trustee’s deed » Deeds executed by court order » Warranty deed » Special warranty deed Types of Deeds Grant Deed » Grant deed warrants that grantor has not: conveyed title to anyone else caused any undisclosed encumbrances to attach to the property » Both warranties apply even if not stated in the deed. Grant Deed After-acquired title » Grant deed conveys after-acquired title. » After-acquired title : Title acquired by a grantor after she attempted to convey property she didn’t yet own.
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4 Types of Deeds Quitclaim deed » A quit-claim deed: contains no warranties does not convey after-acquired title conveys only the interest held by the grantor at the time it is given Quitclaim Deed Cloud on title » Cloud on title : A claim, encumbrance, or apparent defect that makes the title to a property unmarketable. Example: Construction lien filed against the property. » A quitclaim deed is often used to “cure” a cloud on the title. Quitclaim Deed Reformation deed » One common reason for using a quitclaim deed is to correct an error in an earlier deed, e.g. spelling mistakes. » A quitclaim deed used this way may be referred to as a reformation deed.
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5 Quitclaim Deed Language Should use the words: release remise quitclaim Should NOT use the words: grant convey Types of Deeds Trustee’s deed » Trustee’s deed : The deed given to a successful bidder at a trustee’s sale (deed of trust foreclosure). Types of Deeds Sheriff’s deed » Sheriff’s deed : The deed used to transfer property to the highest bidder at a court- ordered foreclosure sale. Example: Mortgage foreclosure sale
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Summary Patents and Deeds » Alienation » Patent » Deed » Grant deed » Quitclaim deed Requirements for a Valid Deed » Be in writing » Identify grantor(s) and grantee(s) » Be signed by competent grantor » Have a living grantee » Contain words of conveyance » Have adequate description of the property Requirements for a Valid Deed In writing » Under statute of frauds, deed to real property must be in writing. » Statute of frauds
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This note was uploaded on 09/06/2011 for the course FI 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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CA_Principles_03[1] - Principles of California Real Estate...

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