Transfer of Property Flashcards
Real estate is transferred with a deed
Deed
Receipt or real estate (proof of ownership)
- legal document that transfers title
Physical Document
Title = Ownership
- Concept of ownership transferred via a deed
intangible
Parties involved in a title transfer:
- Grantor = gives ownership
- Grantee = recieves ownership
Concept of ownership
a property can lose title by:
- Involuntary Alienation - Forced loss of ownership
- Voluntary Alienation - Willing loss of ownership
Deed Essentials
- Must be in writing
- Grantor must be legally competent
- Signature of grantor
- must name grantee
- involve the exchange of consideration
- include full description of land
- include granting clause
- delivery and acceptance
Habendum clause
“to have and to hold”
- Seen in life estates and other fee simple defeasible estates
- outlines ownership limitations
What is recordation?
- Act of making tite trasnfer public record at county registry of deeds
- provides constructive notice = public notice
- As compared to actual notice
Recordation is reccomended, but NOT required
Full Legal Land Description
- Property’s address
- Land descripton
- Tite reference
Three main types of land description
- Metes and bounds
- Lot and block
- Government rectangular survey
Most common land description
**Metes and Bounds Survey 1.
point of beginning and ending are always the same
**Metes and Bounds Survey 2.
Lot lines or boundaries of the property are always described using:
- Bounds = directions
- Metes = distance
- Monuments = markers
- Benchmarks = permanent markers established in U.S
- Datum = point used to measure elevation
Defined at mean sea level of a local official datum
Divides land into smaller squares until specific property is located
Government Rectangular Survey System
- Land Ordinance Act of 1785
- Standardized land descriptions
- used in most of the country
NOT the original 13 colonies
