4 Basic Ways to Transfer Title?
Descent,
Will,
Voluntary Alienation
Involuntary Alienation
3 Examples of Involuntary Alienation
Taxes
Mortgage Foreclosures
Adverse Possession
4 Types of Deeds
General Warranty
Special Warranty
Bargain & Sale
Quit Claim
5 Covenants of General Warranty Deed
covenant of seizan covenant against encumbrances covenant of quiet enjoyment covenant of further assurance covenant of forever warranty
Covenant of Seizan
grantor warranties that s/he owns the property and has a right to convey it
Covenant Against Encumbrances
there are no encumbrances on
the property except those that are specifically mentioned in the deed.
Covenant of Quiet Enjoyment
grantor warranties that grantee will not be disturbed or lose possession of property to someone who has better title
Covenant of Further Assurance
the grantor promises to either procure or to
sign any documents necessary to make the grantee’s title good.
Covenant of Warranty Forever
really part of the covenant of quiet enjoyment. It
is grantor’s promise that grantee will never lose title due to defects grantor may have
caused.
What is a Special Warranty Deed?
Grantor only warrants s/he has done nothing to breach the title. He warrants nothing about previous owners.
7 Essential Elements of a Deed
- Written instrument
- Parties Named - grantor and grantee
- Words of Conveyance
- Recital of Consideration ($)
- Description
- Signature of Grantor
- Delivery & Acceptance
Recording a Deed has 2 Effects
- Notifies world of ownership
2. Protects innocent purchaser with no notice of transfer
3 Methods of Evidencing Title
- Title Insurance (most common)
- Abstract of Title with attorney’s opinion
- Torrens certificate (rare, but used in easter Colo)
