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