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Transcript of 374 3
MGT 374Real Estate Analysis
College of BusinessAlfaisal
UNIVERSITY
Chapter 3
Conveying Real Property Interests
complex bundleland historydescription
Issues
conveyance document public recordEngland 1677
Deed
grantor and granteeconsiderationwords of conveyanceHabendum clauseexceptions and reservationsdescription of landacknowledgmentdelivery
Grantor and Grantee
giver and receiveronly grantor need be competent and exist
Consideration
unlike most contracts, not necessary
Words of Conveyance
“does hereby grant, bargain, sell, and convey
unto …”
Warranty Deedfree of other claims
Quitclaim Deedno guarantee
CovenantsGrantor insures
seizinencumbrances
enjoyment
Habendum Clausedetails of the rights
types and limits
Exceptions and Reservations
limitsgrantor may keep rights
Description of Landunambiguous
surveysubdivision
government lots
GPS Laser Survey
Acknowledgement
grantor signsnotary or witness
Deliverygrantee must give
to grantor
may use third party
Types of DeedsGeneral warranty deedSpecial warranty deed
Deed of bargain and saleQuitclaim deed
Judicial deed
Reverter Clauseso long as….
Clouded Title
a claim that limits the marketability
Title Insuranceprotect against claims against the property
seller usually provides
Involuntary Deedprobate
bankruptcydivorce
condemnationforeclosure
Involuntary Conveyance without a Deed
easement by prescription
adverse possession
Five conditionshostile to owner
actual useopen and notorious
continuousexclusive
Public records
Title
title searchchain of titletitle abstract
professional researchers
Land Descriptions
metes and boundspoint of beginning
direction and distance
Chain100 links66 feet
metes and bounds
subdivision plat
rectanglesystem
complex bundleland historydescription
Summary