Study Guide Exam 2 LAW 368 - CHAPTER 16: Deeds - - Elements...

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CHAPTER 16: Deeds - Elements of a Deed 1. Competent Grantor (seller)—in legal capacity (age, mental state) Must understand: They are transferring title (ownership) To whom they are conveying Nature and value of the property Undue influence—executed deed but did not understand three things above this line Power of attorney—designating someone else (agent) legal authority to sign 2. Identifiable Grantee 3. Words of Conveyance—“granting clause”- document intends to convey title Special wording identifies type of deed Quit-claim deed—does NOT transfer title- says ‘I am releasing my claim in this property’ General Warranty Deed—promises to grantee AND transfers title 1. Fee simple ownership 2. No one else has a claim (unless otherwise noted) 3. If anyone makes claim, grantor will pay to defend Special (limited) warranty deed—like general, but only covers claims through the grantor (NOT previous) 4. Adequate Legal Description—distinguishable- only one that can fit description 5. Proper Execution—who signs, how, and what else goes with it STATE LAW 6. Telling gov’t who is responsible for taxes - Deed restriction—in deed or separate document- sets requirements/restrictions with a piece of property (common in subdivisions) - Restrictive covenant - Acknowledgment CHAPTER 17: Legal Description - Methods for describing land 1. Compass directions, monuments/landmarks, and linear measurement of distance between two points General order of calls (term used to refer to different monuments)
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This note was uploaded on 09/27/2011 for the course FINANCE 368 taught by Professor Phillips during the Spring '11 term at Missouri State University-Springfield.

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Study Guide Exam 2 LAW 368 - CHAPTER 16: Deeds - - Elements...

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