Chapter 3 Book Notes - Chapter 3 Book Notes List the three...

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Chapter 3 Book Notes List the three features of real property that introduce special challenges for the orderly transfer of ownership. 1. Real property is a complex bundle of rights 2. Enduring, so transactions that occurred long ago could still apply today 3. Methods of describing land must be very accurate in order to avoid parcel discrepancies Deeds- Special form of written contract used to convey a permanent interest in real property. o Requirements of a Deed Grantor- person(s) conveying the real property interest Grantee- recipient of a deed In a normal contract ALL PARTIES must be legally competent, whereas in a deed, ONLY THE GRANTOR must be legally competent. Recital of Consideration Words of Conveyance Assure the grantor clearly intends to convey an interest in real property Indicate the type of deed offered by the grantor Covenants- legally binding promises for which the grantor become liable Covenant of seizing- a promise that the grantor truly has god title and the right to convey it Covenant against encumbrances- a promise that the property is not encumbered (burdened) with liens, easements, or other limitations (not noted in the deed) Covenant of quiet enjoyment- a promise that the property will not be claimed by someone with a better claim to title Habendum Clause- defines or limits the type of interest being conveyed The type of deed is determined in the words of conveyance by
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This note was uploaded on 02/08/2012 for the course REAL EST 306 taught by Professor Mccabe during the Spring '12 term at University of Wisconsin.

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Chapter 3 Book Notes - Chapter 3 Book Notes List the three...

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