MBA 590 Real Estate Analysis

! College of BusinessAlfaisal

UNIVERSITY

Chapter 3 !

Conveying Real Property Interests

Chapter 3 !

Conveying Real Property Interests

complex bundle land history description

Issues

conveyance document public record England 1677

Deed

grantor and grantee consideration words of conveyance Habendum clause exceptions and reservations description of land acknowledgment delivery

Grantor and Grantee

giver and receiver only grantor need be competent and exist

Consideration

unlike most contracts, not necessary

Words of Conveyance

“does hereby grant, bargain, sell, and convey

unto …”

Warranty Deed free of other claims

!

Quitclaim Deed no guarantee

CovenantsGrantor insures

seizin encumbrances

enjoyment

Habendum Clausedetails of the rights

types and limits

Exceptions and Reservations

limits grantor may keep rights

!

Description of Landunambiguous

survey subdivision

government lots !

GPS Laser Survey

Acknowledgement

grantor signs notary or witness

!

Deliverygrantor must give

to grantor !

may use third party

Types of DeedsGeneral warranty deed Special warranty deed

Deed of bargain and sale Quitclaim deed

Judicial deed

Clouded Title

a claim that limits the marketability

Title Insuranceprotect against claims against the property

!

seller usually provides

Involuntary Deedprobate

bankruptcy divorce

condemnation foreclosure

Involuntary Conveyance without a Deed

easement by prescription !

adverse possession

Involuntary Conveyance without a Deed

easement by prescription !

adverse possession

Five conditionshostile to owner

actual use open and notorious

continuous exclusive

Public records

Title

title search chain of title title abstract

professional researchers !

Land Descriptions

metes and bounds point of beginning

direction and distance !

Chain 100 links 66 feet

metes and bounds

subdivision plat

rectangle system

complex bundle land history description

Summary