CHAPTER 10

CHAPTER 10 - Real Estate Chapter 10 CHAPTER 10 CLOSING AND...

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Real Estate Chapter 10 CHAPTER 10 CLOSING AND TAXATION; OTHER METHODS OF ACQUISITION I. Deeds A. Deed - written instrument transferring real property from one party to another (real estate equivalent of Bill of Sale) 1. No deed no ownership 2. Notice to the world of ownership; vital for this purpose 3. Names of both grantees must be on it 4. Description of real estate 5. This document must be “perfect!” (litigation hassle) B. Types of Deeds 1. General Warranty Deed - (buyer favored) the seller gives three promises or warranties, where promise is for the entire chain of title “pre-dating” the seller a. Seller convey good title b. No liens or encumbrances other than those previously disclosed c. Quiet enjoyment - someone with better title non-interference, no one out there to claim title to your rights to own 2. Special Warranty Deed - (seller favored) terms of the promises encompasses ONLY the time in which the seller was in title, primarily used in commercial, where the seller promise the same promises as (a), (b), and (c)
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CHAPTER 10 - Real Estate Chapter 10 CHAPTER 10 CLOSING AND...

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