By Charles F Floyd and Marcus T Allen Chapter 5 Deeds and Title Examination 2 Deeds Written document that transfers title ownership to real estate from the grantor to the grantee Necessary Elements of a Deed ID: 584021
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Real Estate Principles, 11th Edition
By Charles F. Floyd
and Marcus T. AllenSlide2
Chapter 5
Deeds and Title Examination
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Deeds
Written document that transfers title (ownership) to real estate from the grantor to the grantee
Necessary Elements of a Deed
Identification of the parties
Consideration given by grantee
Legal description
Specific interest conveyedSignature of the grantor and witnesses Delivery of deed required to complete the transfer
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More on DeedsSeeFigure 5.1 Warranty Deed
Close-Up “Sleuthing for Transaction Price”
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Additional Deed ElementsCovenant against encumbrancesCovenant of seisin
Covenant of quiet enjoyment
Covenant of further assurances
Warranty forever
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Types of DeedsGeneral warranty deedSee Figure 5.1 Warranty Deed
Special warranty deed
Bargain and sale deed
Quitclaim deedSee Figure 5.2 Quitclaim DeedDeeds for special uses
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Title ExaminationThe process of verifying the ownership rights being offered by the seller of a property
Marketable title
Insurable title
Title perfect of recordTitle opinion (more later)Title insurance (more later)
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Title SearchDetailed examination of all public records that relates to the ownership history of a property
Recording system
Grantor and grantee indexes
See Close-Up “Title Examination through the Grantor and Grantee Indexes”Tax records searchLien search
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Title AbstractWritten compilation of chain of titleUsed by attorneys to issue title opinion
Title Insurance
Paid in full when policy is issued
Not transferableProtects only against past events that were undiscovered during the title search
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Torrens systemA title registration systemTitle search not needed
Certificate holder transfer certificate to new owner
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