Real Estate Principles
Ninth Edition
Real Estate:
An Introduction to the Profession
Ninth Edition
By Charles J. Jacobus
South-Western Publishing©2002
South-Western Publishing©2002
Chapter 5
_______________________________________
Transferring Title
South-Western Publishing©2002
Deed
• Written legal document that transfers
ownership of real property from one party to
another
• Need created by law known as
Statute of Frauds
South-Western Publishing©2002
Essential Elements of a Deed
Grantor/Grantee
Consideration
Words of Conveyance
Land Description
Signature
Delivery & Acceptance
South-Western Publishing©2002
Covenants & Warranties
•
•
•
•
•
Seizin
Quite Enjoyment
Against Encumbrances
Future Assurances
Warranty Forever
South-Western Publishing©2002
Warranty Deed
South-Western Publishing©2002
Warranty Deed (continued)
South-Western Publishing©2002
Grant Deed
South-Western Publishing©2002
Bargain and Sale Deed
South-Western Publishing©2002
Quitclaim Deed
South-Western Publishing©2002
Conveyance After Death
• Testate- with Will
– Holographic Will
– Oral Will
– Codicil
• Intestate – without Will
• Descent / Heirs
• Probate Court
South-Western Publishing©2002
Adverse Possession
• Unauthorized occupation of another person’s
land for a period of time as required by law.
• Color of Title – plausible appearance of
ownership interest.
• Easement by Prescription – acquired by
prolonged adverse use.
South-Western Publishing©2002
Key Terms
•
•
•
•
•
•
Adverse possession
Bargain & sale deed
Cloud on the title
Color of title
Consideration
Covenant
•
•
•
•
•
•
Deed
Grantee
Grantor
Quitclaim deed
Special warranty deed
Warranty
South-Western Publishing©2002