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Midterm Memo

Midterm Exam Memo Case #3

Frank Skwierc

Bryant & Stratton College

BUSS213―Business Law & Ethics

Instructor―Jennifer DeRosa

April, 01, 2017

MEMORANDUM

Gold & Gold Law FirmHelen, New York

To: Bill Tate, Managing PartnerFrom: Frank Skwierc, ParalegalDate: April, 01, 2017Subject: Research on Deed Transfer from King to Prince

Dear Mr. Tate, as you requested I performed research for your client Mr. Prince, concerning the ten feet of property that he wants to purchase from Mr. King. Mr. Tate, you are very much aware that buying a property is one of the major investment purchases that many people will do in their lifetime. These aspects are generally fundamental but those ignorant of the process may dismiss them to their own detriment. Representation, documentation, execution, perfection and transfer of titles in general can be cumbersome if not handled properly. There are legal pitfalls to watch out for and avoid. Mr. Prince is very wise to involve a legal practitioner in this process, it is not practical for individuals to manage the process themselves. From the start of this process there is many documents that need to be examined to confirm the authenticity of title, as well as, insuring that there is no *encumbrance for the buyer (Doherty, 2017) (Chlebowski, 2017).

The type of deed transfer that Mr. King wants, the “quitclaim deed” is the worst type of deed because it conveys no warranty whatsoever that the seller’s title is a good title, or that there are no encumbrances on the property. By accepting a quitclaim deed, the transferor is saying “here is whatever interest I have in the property. Obviously, a buyer should be extremely careful before agreeing to accept a quitclaim deed. If the seller’s title turns out to be faulty, the buyer will have no remedy against the seller ("The Closing and Real Property Deeds", 2017). In contrast the type of deed transfer Mr. Prince is asking for, a “general warranty deed” makes five specific guarantees. These guarantees are sometimes known as *covenants and are an integral part of a warranty deed, these parts are:

1) Seisin: The first covenant is the covenant of seisin, in which the grantor guarantees that he or she owns the land that is being conveyed to the grantee. (Note: The term “seisin” is an ancient term that means the taking of legal possession of land.)

See Term for Words proceeded by an *.

2) Right to Convey: The second covenant is the covenant of right to convey. The grantor covenants (promises) that he or she has the power and authority to sell or give over the property to the grantee.

3) Lack of Encumbrances: The third covenant is the covenant against encumbrances. The grantor promises that there are no easements, mortgages, liens, or any other encumbrances on the property.

4) Quiet Enjoyment/ Covenant of Warranty: The grantor also promises that he or she will defend against a third party’s claims of superior title. In other words, if the grantee is sued by someone who claims to have had title to the land that was superior to the grantor’s title, then the grantor will help the grantee defend against the lawsuit. In addition, the grantor promises that he or she will compensate the grantee if the third party successfully takes title to the land (or any portion of the title to the land) against the grantee.

5) Further Assurances: The grantor promises to do whatever is necessary to perfect the conveyed title if it turns out that the grantor’s title was imperfect. If, for example, it turns out that there was a mortgage on the property at the time it was transferred, the grantor promises that he or she will pay off the mortgage so as to perfect the title of the grantee ("The Closing and Real Property Deeds", 2017).

While I highly do not recommend that Mr. Prince give in to taking the offer of a quit claim deed out of necessity for obtaining the property he desires from Mr. King. There may be an alternative deed that the two of them can agree on that will protect Mr. Prince from any future liabilities, but can be worded so that Mr. King cannot be responsible for any unknown defects with the property. This type of deed is known as a “*Special Warranty Deed”, ("Special Warranty Deed", 2017), the special warranty deed is what is used by the seller when the seller is confident that he or she owns the property, and is being honest about the conveyance, but is not so confident about the previous owners of the property. In this type of deed, the seller makes the same warranties as in the general warranty deed, but only makes those guarantees with respect to defects in title that arose during the time that the grantor had possession of the property. The grantor makes no warranty as to defects that arose before the property came into the possession of the grantor. For example:

1) Brian conveys Tanner acre to Lynn. Three years later, Alf brings an action against Lynn. Alf claims that while the property was in the possession of Willy, Alf bought the property from Willy and that he has a contract to prove it. Alf claims that Willy breached that contract and later gave the property to Brian. Alf succeeds in his lawsuit and is able to evict Lynn and take the property. The question of whether Brian is liable to Lynn for Lynn’s loss depends on what type of deed Brian used to convey the property to Lynn. If Brian used a quitclaim deed, of


course, he has no liability to Lynn. If he used a general warranty deed, then Brian would be liable to Lynn for the damage she suffered as a result of Alf’s repossession because the covenants of seisin, right to convey and quiet enjoyment were all violated by Alf’s action against Lynn. However, if Brian used only a special warranty deed to convey Tanner acre to Lynn, Brian would escape any liability. This is because the defect (in this case, Willy’s conveyance of Tanner acre to Alf) arose before Brian came into ownership of Tanner acre. Therefore, Brian’s warranty to Lynn does not cover this defect.

2) Brian conveys Tanner acre to Lynn. Three years later, Alf brings an action against Lynn. Alf claims that while the property was in the possession of Brian, Brian sold Tanner acre to Alf. Alf claims that Brian breached the contract and conveyed Tanner acre to Lynn instead. In this case, even a special warranty deed would subject Brian to liability to Lynn for any damage she suffers as a result of Alf’s suit. The defect arose while Brian owned Tanner acre, and so even a special warranty deed would cover that defect. The only type of deed that would not cover this defect would be a quitclaim deed ("The Closing and Real Property Deeds", 2017).

There is one fact Mr. Tate, that should be made clear to both Mr. King, and Mr. Prince, and that is if the deed does not specifically mention what type of deed it is, it is presumed to be a general warranty deed, so if the seller violates any of the warranties that are conveyed with the deed, the rules that govern the deed will be those that are normally outlined in a general warranty deed, leaving the buyer with an unlimited choices on how to rectify any problems. A couple of options the buyer can do is rescind the contract and get back what they paid for the *real estate, or they can keep the property and sue the seller for damages caused by the breach of the *covenant. This will be of great interest to Mr. King when trying to sell him on the idea of a Special Warranty Deed should the reason he wants a quit claim deed is generally because he is not sure of what covenants were applied during conveyance to Mr. King when he procured the property. For example:

Jack *conveys the Hill to Jill, but neither specify the type of deed, the deed will automatically be listed as a general warranty deed. If it turns out, that the Wicked Witch, who for some reason, saunters over from her Gingerbread House and tells Jill she holds a $100,000 mortgage on the Hill she got from Jack. Jill can either rescind the contract she had with Jack and get her money back that she paid for the Hill. Or, she can pay the Wicked Witch off for the $100,000 and the sue Jack for the $100,000. Even if Jack claims at a later date that it was only a quit claim deed, he will have no defense because no such notation was made on the deed when it was filed ("The Closing and Real Property Deeds", 2017) (Chlebowski, 2017).


While we know that a quit claim deed can only benefit Mr. King in the conveyance of this piece of property, and that a general warranty deed is in the best interest of our client Mr. Prince. Also, the fact that I pointed out how a special warranty deed would provide Mr. King and Mr. Prince, the opportunity to write in any special conditions that involve how the two of them would resolve certain covenants that worry Mr. Prince, like #2 the right to convey, #3 lack of encumbrances, and #4 quiet enjoyment. Should Mr. King still insist on a quit claim deed, we can try and approach this matter a different way, by changing the name on the type of deed that would be filed. Mr. King might feel that the word “warranty” absolves Mr. Prince of any responsibilities concerning the property even if those problems were created through no fault of Mr. King ("The Closing and Real Property Deeds", 2017).

Because Mr. King, may only be concerned with the way the wording of the title that appears on the deed, Mr. Prince can offer to call the deed a “*Vesting Deed.” When it comes to different types of deeds, and the rights transferred through them, a Vesting Deed is one of the best to get. It's generally a part of the Warranty Deed. The "vesting term" refers to the fact that the seller has absolute right of title, as well as, ownership rights. These rights can then be transferred to the buyer ("What Is a Vesting Deed? Definition and How It Works", 2017). This type of deed will serve in the best interest of our client Mr. Prince, and may appeal to Mr. King, by omitting the word warranty from the title of the deed.

However, Mr. Prince should not try to fill out a vesting deed on his own, because a vesting deed itself does not necessarily transfer all of the covenant rights of a warranty deed to the buyer of the property unless it is properly worded. However, the vesting deed, serves as a guarantee from the seller, Mr. King, to the buyer, Mr. Prince, that Mr. King, does have those rights, and he's willing to transfer them to Mr. Prince. If it turns out that Mr. King is wrong, and Mr. Prince, purchases the property that had a $50,000 lien on it, then the seller, Mr. King, must reimburse Mr. Prince for breach of contract. In addition to making payment for the lien, most states also require that the seller pay the legal fees you incur. To ensure, that the covenants that Mr. Prince, is most concerned about, and that vesting will take effect, Mr. Prince has to ensure that the language used in the deed is precise ("What Is a Vesting Deed? Definition and How It Works", 2017).

Each state has its own precise language that must be included for the vesting to take effect. Most of the time, it involves some variation on the phrase "absolute right of title and ownership rights," the individual filing the vesting deed, must make sure that they know what the state requires.


Failure to use these precise terms can sometimes keep the vesting deed from being enforceable. You can generally find out the particular terms by talking to a real estate agent or even the clerk's office. For further protection, Mr. Prince will want to make sure that he files the proper paperwork with the courthouse where the property is located. This way, it will put all other individuals on notice that Mr. Prince, now has the full rights to the property. In most states, this filing is an essential part of the process known as “*perfection” ("Definition of PERFECTION", 2017). Failure to perfect can result in a partial or total loss of vesting rights, among other precise covenants ("What Is a Vesting Deed? Definition and How It Works", 2017).

In the event that Mr. Prince decides not to retain our services in this matter, and only wishes that we act in an advisory capacity, which I highly recommend against, because of the complex nature in the wording of these documents, there are a few things that we can advise him to do, that he can perform on his own. The first and foremost thing Mr. Prince will want to do, is to complete a title search on the parcel of property owned by Mr. King. Here are some ways Mr. Prince can do this for free:

1) Visit the Courthouse of the County or District in Which the Land Is SituatedChains of title and deed information are available for your perusal if you visit the courthouse. You must go to the courthouse where the land is located. In some cases, you may have to go through the different papers by hand, noting the specific transfers of the title and any requirements that went along with it. This form of title search is time consuming, but it is free.

2) Visit the County Assessor Most states now have additional tools available for free property title searches. You can find these on your state government sites under "county assessor." You will have to select your county, and you can then search through the listed properties. Bear in mind that in many counties, this information is incomplete. If you don't find your property through the title search, you will need to visit the courthouse in person. Remember that you should always be able to find your property. If the property does not show up in the search, that means that the information is either mislabeled or it is not in the current system. It doesn't mean that there are no restrictions on it or other similar issues ("How to Do a Property Title Search for Free", 2017).

However, if Mr. Prince finds doing this type of free title search distasteful, he can go on the Internet and locate several companies that are willing to provide the information to him for a fee. Mr. Prince should be very careful when choosing one of these title search providers, most do not provide a


refund if the title search proves to have inaccuracies or is missing some information. One company that I found that does provide a refund if their information they provide is found to be in error is, U. S. TITLE RECORDS, PROPERTY & TITLE INFORMATION, ("| United States PROPERTY RECORDS | Lien Search | Title Search | Deeds", 2017). Within this site, he will find all twelve packages he will need to ensure that he has all the information required for preparing any deed that Mr. King and Mr. Prince decide on, this search can also determine if the information he finds is adequate enough to satisfy his concerns about giving up the covenants he wants that are not part of a quit claim deed. The cost of all twelve packages is, $974.50 ("| United States PROPERTY RECORDS | Lien Search | Title Search | Deeds", 2017).

Once Mr. Prince obtains all the documentation from U. S. Title Records, and decides which type of deed that he a Mr. King can agree on, they can use the information from these records to fill out the conveyance of the property by obtaining the proper deed forms from USLegal Forms. Com. The cost of the Forms will depend on the type of deed conveyance, they choose, this company will also assist them in filling out the forms for an additional cost (U.S. Legal Forms, 2017). Mr. Tate, you must stress to Mr. Prince, that doing it this way still means that he will have to ensure “perfection” in the document otherwise failure to perfect can result in a partial or total loss of vesting rights, among others ("What Is a Vesting Deed? Definition and How It Works", 2017).

In conclusion Mr. Tate, my personal recommendations, is for Mr. Prince to accept our firm for representation on this matter, or to seek representation from a real-estate professional. While there are many sites that he can find on the Internet that can help Mr. Prince write out a proper conveyance of the deed, none of them will represent him in court if a defect is found in the transfer of the property. Besides that, it may result in a costlier court battle in the future, by trying to save a few dollars now by doing this on his own. Attached is a copy of the research I conducted on this case that I have mentioned here, along with a list of real-estate terms that Mr. Prince should make himself familiar with. Thank you for giving me this opportunity to be of assistance to you, and I look forward to serving you again in any future assignments.

Enclosures: Research/Terms


Midterm Memo

Research

The Closing and Real Property Deeds. (2017). Nationalparalegal.edu. Retrieved 31 March 2017,

From http://nationalparalegal.edu/public_documents/courseware_asp_files/realProperty/Acquisition/ClosingandDeeds.asp

U.S. Legal Forms, I. (2017). Real Estate Deeds | Property Deeds | US Legal Forms.

Uslegalforms.com. Retrieved 31 March 2017, from http://www.uslegalforms.com/deedforms/

How to Do a Property Title Search for Free. (2017). Rocketlawyer.com. Retrieved 31 March

2017, from https://www.rocketlawyer.com/article/how-to-do-a-property-title-search-for-free-ps.rl

| United States PROPERTY RECORDS | Lien Search | Title Search | Deeds. (2017).

Ustitlerecords.com. Retrieved 31 March 2017, from https://www.ustitlerecords.com/property-records/

Vesting | Real Estate Deed Information | Deeds.com. (2017). Deeds.com. Retrieved 31 March

2017, from https://www.deeds.com/information/information-topic.html?topicid=1391452310gat644961

What Is a Vesting Deed? Definition and How It Works. (2017). Rocketlawyer.com. Retrieved 31

March 2017, from https://www.rocketlawyer.com/article/vesting-deed-definition-ps.rl

Chlebowski, K. (2017). Real Estate Definitions. Dane County Register of Deeds. Retrieved 31

March 2017, from https://rod.countyofdane.com/realEstate/definitions.aspx

Special Warranty Deed. (2017). TheFreeDictionary.com. Retrieved 31 March 2017, from

http://legal-dictionary.thefreedictionary.com/Special+Warranty+Deed

Doherty, A. (2017). Legal pitfalls when buying a property. Punch Newspapers. Retrieved 1 April

2017, from http://punchng.com/legal-pitfalls-when-buying-a-property/

Definition of PERFECTION. (2017). Merriam-webster.com. Retrieved 1 April 2017, from

https://www.merriam-webster.com/dictionary/perfection


Midterm Memo

Terms

Appraisal― The process through which conclusions of property value are obtained; also, refersto the report that sets forth the process of estimation and conclusion of value.Assessment― The imposition of a tax, charge, or levy, usually according to established rates.Assignment― The transfer in writing of interest in a bond, mortgage, lease, or other instrument.Assumption of Mortgage ―Acquiring title to property on which there is an existing mortgageand agreeing to be personally liable for the terms and conditions of the mortgage,including payments.Authentication ―The process of establishing the fact that each signature on an instrument isgenuine. In most cases, the signatures on documents must be authenticated oracknowledged before the Register may accept them. An attorney may authenticate asignature on a legal document. How authentication may take place is set out in ss.706.06 and 706.07. Because Registers of Deeds are empowered by law to acknowledgedocuments, a working knowledge of these sections is important.Attachment―The act of taking a person's property into legal custody by writ or person's debt to a creditor.Certified Copy ―A document copy certified by the official records authority who has affixed his/her certification and seal to the copy.Chain of Title ―The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives his or her title.Chattel ―Moveable items considered to be personal property and not real property.Cloud on the Title ―Any document, claim, unreleased lien, or encumbrance that may impair thetitle to real property or make the title doubtful, usually revealed by a title search andremoved by either a quit claim deed or suit to quiet title.Common Elements ― Parts of a property that are necessary or convenient to the existence,

maintenance, and safety of a condominium, or are normally in common use by all of thecondominium residents. Each condominium owner has an undivided ownership interestin the common elements.Condemnation ― A judicial or administrative proceeding to exercise the power of eminentdomain, through which a government agency takes private property for public use andcompensates the owner.Condominium ―The absolute ownership of an apartment or a unit (generally in a multi-unitbuilding) based on a legal description of the airspace the unit actually occupies, plus anundivided interest in the ownership of the common elements, which are owned jointlywith the other condominium unit owners.Consideration ―That which is received by the grantor in exchange for his or her deed.Constructive Notice ―Notice given to the world by recorded documents regarding interests andrights in real estate. All people are charged with knowledge of such documents and theircontents, whether or not they have actually examined them.Covenant ―A written agreement between two or more parties in which a party or parties pledgesto perform or not perform specified acts with regard to property; usually found in suchreal estate documents as deeds, mortgages, leases, and land contracts.Conveyance― A written instrument which evidences a transaction in which any interest in land is created, alienated, mortgaged, assigned or "otherwise affected in law or in equity". (s.706.01 (1))Dedication ―The voluntary transfer, or transfer as a condition of subdivision approval, of private property by its owner to the public for some public use, such as for streets or park land.Deed ―A written instrument that, when executed and delivered, convey title to or an interest in real estate.Deed Restrictions ―Clauses in a deed limiting the future uses of the property.Document (n.) ―Any written instrument meeting all statutory requirements which may be recorded or filed with the register of deeds; the image or original document is stored and accessible through various indexes by the general public unless the document is confidential.Document Copy ―An exact reproduction of a document.


Easement ―A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land. An easement appurtenant passes with the land when conveyed.Encumbrance ―Any lien--such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land--that may diminish the value of the property.Equitable Title ―The interest held by a vendee under a land contract; the equitable right to obtain absolute ownership to property when legal title is held in another's name.Execution ―The signing and delivery of an instrument. Also, a legal order directing an official to enforce a judgment against the property of a debtor.Fee Simple Estate ―The maximum possible estate or right of ownership of real property, continuing forever.File (v.) ―To place on file within the office of the register of deeds, documents which are accepted by the register and are time stamped, assigned a unique document number and indexed.Financing Statement ―An instrument filed with the Register of Deeds in order to give notice of a security agreement regarding personal property. Fixtures and personal property related to a business may affect interest in real estate associated with the business. See also, Uniform Commercial Code.Foreclosure ― A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title of the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale.Filing ―To physically keep an original instrument in the Register's office.Grantee ―A person who receives a conveyance of real property from the grantor.Granting Clause ―Words in a deed of conveyance that state the grantor's intention to convey the property at the present time.Grantor ―The person transferring title to or an interest in real property to a grantee.Improvement ―An improvement on land is any structure, usually privately owned, erected on a site to enhance the value of the property. An improvement to land is usually a publicly owned structure, such as a curb sidewalk, street or sewer.Indexing ―To provide a system for all recorded and filed documents which indicates where they can be found.Instrument ―A legal document which effects some change in rights and interests; often related to real estate. Many different types of instruments are recorded daily in the office of the Register of Deeds. New instruments are established as societal needs change.Joint Tenancy ―Ownership of real estate between two or more parties named in one conveyance as joint tenants. Upon the death of a joint tenant,


his or her interest passes to the surviving joint tenant or tenants by the right of survivorship. In Wisconsin, an HT-110 form is completed and recorded by the surviving joint tenant.Judgment ―The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment, has been entered and recorded with the Clerk of Courts, it usually becomes a general lien on the property of the defendant.Land ―The earth's surface, extending downward to the center of the earth and upward infinitely into space.Land Contract ―A contract for the sale of real estate wherein the purchase price is paid in periodic installments by the purchaser, who is in possession of the property even though title is retained by the seller until final payment.Legal Description ―A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it. The description is by subdivision name, lot and block in a platted subdivision, by certified survey map and lot number, or in un-plotted lands, it is identified according to the town, range, section and quarter section and metes and bounds associated with the Public Land Survey System or Private Claims or Government Lots.Lis Pendens ―A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.Lot-and-Block Description ―A description of real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a plat of subdivision duly recorded in the office of the Register of Deeds.Marketable Title ―Good or clear title, reasonably free from the risk of litigation over possible defects.Mechanic's Lien ―Also referred to as a construction lien and may be obtained by those who furnish labor, materials or professional services in the improvement of an owner's land or buildings. The contractor must file a lien with the Clerk of Circuit Court within six months after completing the work.Metes-and-Bounds ―Description A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using directions and distances around the tract back to the place of beginning. Wisconsin statutes now require that the point of beginning be referenced to at least one Public Land Survey System monument.Monument ―A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.Mortgage ―A pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.Mortgagee ―A lender in a mortgage loan transaction. The mortgagee receives the mortgage document and keeps it until the loan is satisfied.Mortgagor― A borrower who uses his or her property as security for a loan.


Parcel―A specific tract of real estate defined by a legal description and used for taxing purposes, among others. Also, termed a surveyor's parcel and a tax parcel.Patent ―A grant of land from the United States Government (Chlebowski, 2017).Perfection―1) the quality or state of being perfect: such as (a) freedom from fault or defect, flawlessness (b) maturity, (c) the quality, or state of being saintly, 2) (a) an exemplification of supreme excellence, (b) an unsurpassable degree of accuracy, or excellence, (3) the act or process of perfecting ("Definition of PERFECTION", 2017).Personal Property ―Items called chattels that do not fit into the definition of real property; moveable objects.Plat ― A map of a town, section, or subdivision indicating the location and boundaries of individual properties.Power of Attorney ― A written instrument authorizing a person to act as agent on behalf of another person to the extent indicated in the instrument.Principal Meridian ― One of 35 north and south survey lines established as part of the Public Land Survey System (also called rectangular and government survey).Priority of Liens ―The priority of liens is determined by the chronological order in which the lien documents are recorded, except for tax liens which have priority even over previously recorded liens.Private Claims (French Claims) ― A claim to a tract of land which is based on the assertion that title thereto was granted to the claimant or predecessors in interest by a foreign government (before the territory was acquired by the United States); also, the land so claimed.Probate ―A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are. Probate court is a part of the office of Clerk of Courts in Wisconsin. Final judgments are the court ordered disposition of property during probate proceedings.Public Land Survey System ―A system established in 1785 by the Federal Government, providing for surveying and describing land by reference to principal meridians and base lines. Also, called the rectangular or government survey.Quit Claim Deed ―A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.Range― A strip of land six miles wide, extending north and south, and numbered east and west according to its distance from the principal meridian in the Public Land Survey System.Real Estate ― Land, including all things permanently attached thereto, whether by nature or by a person; any and every interest in land.Real Property ―The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in real estate ownership.


Recording ―The act of entering or recording documents affecting or conveying interests in real estate in the office of the register of deeds established in each Wisconsin county. Documents are recorded to protect the interests of persons involved and to provide constructive notice of rights and interests in land. Documents accepted for recording are time stamped, receive a unique document number, are indexed, the image captured and the original document is sent back to the returnee.Record Series ―Records that are kept together as a unit because they relate to a particular subject such as (1) real estate records, (2) personal property records organized under the Uniform Commercial Code (UCC), and (3) vital records such as birth, death and marriage certificates and military discharge papers.Restriction ―A limitation on the use of real property, generally originated by the owner or subdivider in a deed. Also, termed a deed restriction.Satisfaction ― A document acknowledging the payment of a debt, such as a satisfaction of a mortgage.Section ―A portion of a township under the Public Land Survey System. A section is approximately one mile by one mile and 640 acres. A township is divided into 36 sections. (Chlebowski, 2017).Special Warranty Deed―A written instrument that conveys real property in which the grantor (original owner) only covenants to warrant and defend the title against claims and demands by him or her and all persons claiming by, though, and under him or her. ("Special Warranty Deed", 2017).Subdivision ―A tract of land divided by the owner, known as the subdivider, into blocks, building lots, and streets according to a recorded subdivision plat, which must comply with state regulations and the local subdivision ordinance.Survey ―The process by which boundaries are measured and land areas are determined; usually performed by a land surveyor.Tenants in Common ―A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.Title ―(1) The right to or ownership of land. (2) The evidence of ownership of land.Title Insurance ―A policy insuring the owner against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy.Transfer Tax― A fee required when a deed is recorded; the fee is based on the value of the property. The Wisconsin Real Estate Transfer Return must be completed and the proper fee calculated or the exemption number indicated if the property is exempt from the transfer fee. Whether the buyer or seller is to pay the transfer tax is often negotiated during the sale; if not, the grantor is liable as per s.77.22(1). This form must accompany the deed for it to be recorded.


Township ―The principal unit of the Public Land Survey System. A township is square with approximately six-mile sides and an area of 36 square miles.Township Lines ―Lines running at six-mile intervals parallel to the base lines in the Public Land Survey System.Uniform Commercial Code ―A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded.Vendee ―A buyer; often in a land contract.Vendor ―A seller; often in a land contract (Chlebowski, 2017).Vesting Deed ―When it comes to different types of deeds, and the rights transferred throughthem, a Vesting Deed is one of the best to get. It's generally a part of the Warranty Deed. The "vesting term" refers to the fact that the seller has absolute right of title, as well as, ownership rights. These rights can then be transferred to the buyer.("What Is a Vesting Deed? Definition and How It Works", 2017).Warranty Deed ―A deed in which the grantor fully warrants good clear title to the property. Used in most real estate deed transfers, a warranty deed offers the greatest protection of any deed (Chlebowski, 2017).
