Ch 17: Deeds (& a taste of recording) Flashcards
(17 cards)
Deed
A legal instrument that transfers ownership of real property
For a deed to be valid, it must be _____ and _____
delivered and accepted
For the delivery requirement of deeds, what is the controlling question?
whether the grantor had the present intent to transfer the property
The grantor can make proper delivery to an ?
agent
The acceptance requirement of a deed is generally?
presumed
brokers can be involved in land sale contracts so long as they do not?
practice law
What are permissible things that brokers can do
Most states permit real estate agents/brokers to prepare a contract of sale
What are impermissible things that brokers cant do
Real estate agents/brokers cannot usually draft a legal document like a deed or a mortgage
What must a valid deed include
- must identify the parties
- be signed by the grantor
- must include words of transfer
- must include a sufficient description of the property
Whos signature is required for a deed to be effective?
Just the grantors
A principal can appoint an ____ to execute a deed
agent
What does it mean to record a deed?
Publicly register your deed
What is the purpose of recording a deed?
Notice; tell the world that you own the property
(concerned about subsequent purchasers)
A deed does not have to be ______ to be valid
recorded
What is the common law rule for recording deed’s
“first in time, first in right” principle
(the first grantee to receive a deed wins)
Every state has a recording statute that ?
modifies the common law rule to give priority to certain deeds when they are competing claims of title
In the absence of a recording statute, what controls?
the common law rule
