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