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Flashcards in Real Property Deck (3)
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1

Above and Below

Real property consists of land and everything permanently attached to the land, as well as legal rights to the land. Ownership of land includes not only the face of the earth but also the area below the surface to the center of the earth and the area above the surface, theoretically to infinity. These three components of land ownership are separable.

The owner of the land may retain ownership of the surface but may sell the air space above and the mineral rights below. Therefore, the landowner owns all structures on the land as well as other improvements to the land, which include things such as buildings, swimming pools, flagpoles, fences, and other structures. Improvements to the land refer to clearing the land, building roads, placing utilities and the like.

2

Deeds

Ownership of real property is transferred and evidenced by a document called a deed. A deed conveys real property only and cannot convey personal property.

There are many types of deeds, including warranty deeds, grant deeds, bargain and sale deeds, quitclaim deeds, gift deeds, guardian's deeds, executor's deeds, personal representative's deeds (probate), sheriff's deeds, commissioner's deeds (foreclosure) and deeds in trust. The major difference in each case is the type of covenant made by the grantor.

3

General Warranty Deed

Perhaps the most commonly used deed is the general warranty deed. The deed is unique in that it signals the end of one ownership and the beginning of another. In order to be valid, a deed must contain the following:
Grantor, Grantee,
Consideration, Words of conveyance,
Legal description, Signature,
A deed must be delivered.
Though not essential for validity, a deed is normally recorded to protect the grantee against claims of any third party.