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- TITLE TRANSFER:
- SEVERAL ways that TITLE can be TRANSFERRED
- DEED, INHERITANCE, ADVERSE POSSESSION, ACTS OF NATURE
- DEEDS
- MOST COMMON when the owner is ALIVE
- a WRITTEN instrument which TRANSFERS OWNERSHIP of REAL property
- used for FEE ESTATES, LIFE ESTATES, or certain EASEMENTS
- STATUTE OF FRAUDS requires that...
- it be in WRITING
- it be SIGNED by the GRANTOR
- GRANT: the act of CONVEYING OWNERSHIP
- GRANTOR: from whom
- GRANTEE: to whom
- REQUIREMENTS in most states
- GRANTOR:
- >= 18
- SOUND MIND
- GRANTEE:
- SOUND MIND
- MAY be a MINOR or an ADULT
- ELEMENTS OF A DEED
- CONSIDERATION must be stated
- that's what the GRANTEE gave the GRANTOR
- either VALUABLE CONSIDERATION like MONEY
- or GOOD CONSIDERATION like LOVE and AFFECTION
- WORDS OF CONVEYANCE
- state the INTENT of the GRANTOR to TRANSFER TITLE
- words like "GRANT" and "CONVEY" are used
- also called a GRANTING CLAUSE
- PROPERTY DESCRIPTION
- ANY LEGALLY RECOGNIZED METHOD is fine
- STREET ADDRESS is NOT good enough
- NAMES of GRANTOR and GRANTEE
- for the purpose of CHAIN OF TITLE
- FICTITIOUS NAME is OK but...
- then it MUST be used later when the now GRANTEE is the GRANTOR
- again, to PRESERVE CHAIN OF TITLE
- GRANTOR'S SIGNATURE
- to be VALID
- GRANTEE'S signature is NOT REQUIRED
- some states require a SIGNATURE WITNESS
- DELIVERY AND ACCEPTANCE
- a VALID DEED MUST BE DELIVERED by the GRANTOR to the GRANTEE
- and it MUST BE ACCEPTED by the GRANTEE
- need NOT be PHYSICALLY handing over the DEED
- GRANTOR can INDICATE by his ACTIONS ???
- DELIVERY OF A DEED IS PRESUMED TO HAVE OCCURRED IF...
- in GRANTEE'S POSSESSION
- DEED is RECORDED
- ACCEPTANCE IS PRESUMED TO HAVE OCCURRED IF...
- GRANTEE RETAINS the DEED
- RECORDS the DEED
- ENCUMBERS the TITLE
- PERFORMS any other ACT OF OWNERSHIP
- a VALID DEED MUST be DELIVERED DURING the GRANTOR'S LIFETIME
- HABENDUM CLAUSE (not required)
- any GUARANTEES or WARRANTIES of TITLE
- TYPE of ESTATE BEING GRANTED
- COVENANTS: guarantees given by the GRANTOR
- TYPES OF DEEDS
- GENERAL WARRANTY DEED (MOST COMMON)
- GREATEST GUARANTEES about the TITLE
- CONTAINS the following COVENANTS
- OF SEIZIN: I am the OWNER and have the "RIGHT TO CONVEY"
- AGAINST ENCUMBRANCES: if any ENCUMBRANCES, they're STATED
- OF QUIET ENJOYMENT: warrants FREE OF CLAIMS by ANYONE ELSE
- OF FURTHER ASSISTANCE: GRANTOR WILL PROTECT the TITLE
- OF WARRANTY OF TITLE: GRANTOR WILL DEFEND the TITLE
- ("WARRANTY OF FOREVER")
- SPECIAL WARRANTY DEED
- ONLY WARRANTS against ENCUMBRANCES
- basically the GRANTOR is ONLY ACCOUNTING for HIS OWN ACTIONS
- NOT PAST owners
- typically used by AGENT, FIDUCIARY, TRUSTEE, or EXECUTOR
- BARGAIN AND SALE DEED
- the GRANTOR has TITLE but NO OTHER WARRANTIES
- QUITCLAIM DEED
- NO WARRANTIES and "AS IS" (GRANTEE has NO RECOURSE)
- used like when a LIENOR releases a LIENEE
- the LIENOR would NOT want responsibility for other stuff
- DO NOT CONFUSE DEGREES of WARRANTIES with DEGREES of TITLES
- we have been talking about DEGREES of WARRANTIES here
- ALL convey the SAME DEGREE OF TITLE
- PREPARATION OF DEEDS
- who may PREPARE a DEED VARIES with the STATE
- some it's LAWYER, some OWNER, some BROKER
- ACKNOWLEDGEMENT OF DEEDS
- a FORMAL DECLARATION that...
- the PERSON SIGNING is the PERSON NAMED
- NOT UNDER DURESS
- usually with a NOTARY
- NOTE: the GRANTOR, NOT the NOTARY is making the ACKNOWLEDGEMENT
- INHERITANCE:
- TRANSFERS of REAL PROPERTY AFTER the GRANTOR is DEAD
- governed by STATE law
- the STATES VARY A LOT
- TESTATE: when the deceased LEAVES A WILL
- TESTATOR: the deceased who LEAVES A WILL
- "DIES TESTATE": said of a person who dies WITH A WILL
- DECEDENT: the deceased person
- DEVISE: a gift of REAL PROPERTY in a WILL
- DEVISEE: RECIPIENT
- DEVISOR: DECEDENT
- BEQUEST: a gift of PERSONAL PROPERTY in a WILL
- usually OTHER THAN MONEY
- LEGACY: like BEQUEST but usually MEANS MONEY
- EXECUTOR: name by the DECEDENT to ADMINISTER the WILL
- INTESTATE: NO VALID WILL is left
- DISTRIBUTEES: the HEIRS
- governed by STATE laws called LAWS OF SUCCESSION or
LAWS OF DESCENT
- if NO HEIRS are found then property REVERTS TO STATE
- under ESCHEAT
- ADMINISTRATOR: appointed by a COURT to ADMINISTER the WILL
- PERSONAL REPRESENTATIVE = EXECUTOR or ADMINISTRATOR
- ADVERSE POSSESSION:
- SQUATTING
- FOUR legal REQUIREMENTS must be met
- remember "ECHO"
- Exclusive: used by claimant ONLY and NO ONE ELSE
- Continuous: for a LEGAL NUMBER of YEARS (more on this later)
- Hostile: CONTRARY to the OWNER'S WISHES
- Open: VISIBLE to any OBSERVER (even if OWNER does NOT KNOW)
- LEGAL NUMBER OF YEARS:
- 3 to 30 years - VARIES by STATE
- called the STATUTORY PERIOD
- if the above stuff is met the CLAIMANT acquires LEGAL TITLE
- CLAIMANT MAY have to go to COURT to QUIT TITLE to obtain
MARKETABLE TITLE
- CLAIMANT'S CASE is HELPED if he...
- has been PAYING PROPERTY TAXES
- has COLOR OF TITLE
- APPEARANCE of TITLE like a DEFECTIVE DEED
- TACKING:
- when an HEIR "TACKS ON" a DECEDENT'S accumulated years
toward his STATUTORY PERIOD
- PREVENTING ADVERSE POSSESSION:
- EVICT the CLAIMANT
- GIVE PERMISSION to the CLAIMANT to OCCUPY
- ACTS OF NATURE:
- LAND can be GAINED:
- ACCRETION
- ALLUVION: DEPOSITING SOIL by FLOWING WATER
- RELICTION: RECEDING water that EXPOSES LAND
- LAND can be LOST:
- EROSION: GRADUAL WASHING AWAY by WATER - usually lost FOREVER
- AVULSION: SUDDEN WASHING AWAY by WATER - usually RECOVERED
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