Deed

Question 1

Deed Definition

Answer 1

• Written Document
• Transfers legal** title** (ownership rights)
• of Real Property
• from Grantor to Grantee*

Question 2

Parties to a Deed

Answer 2

• Grantor: Gives up ownership rights/legal title (usually seller)
• Grantee: Receives ownership rights/ legal title (Usually buyer)

Question 3

Elements of Deed pg 55

Answer 3

• Premises: Names
• parties (grantor/grantee)
• consideration
• granting clause (conveys real property ownership rights)
• and legal descritpion (required for legal deed/not simply street address
• Habendum Clause: (aka “To Have and To Hold Clause)
• describes the type of owndership rights being transferred such as:
• fee simple
• determinable
• life estate
• Deeds are signed by Grantor(s) only sometimes if married, both spouses sign even if ownership is in just one spouse’s name.

Question 4

Types of Deed pg. 56

Answer 4

• General Warranty Deed (aka Deed Warranty)
• (Includes all covenents, ‘promises’)
• A. 5 Kinds of Covenants
• B. Most Protection and Grantee can receive

Question 5

5 Kinds of Covenants

Answer 5

• Covenant of Warranty Forever
  ( Granter/Seller warrants and defends the title
  (ownership) against
  a. any and all claims
  b. compensate back to beginning of time
• Covenent of Seisin : grantor/seller owns the property and has right to covey title
• Covenant Against Encumberances: Free from liens and encumberances EXCEPT those in deed.
• Covenant of Quiet Enjoyment: Title (ownership rights) good against 3rd party claims.
• Covenant of Further Assurance: Grantor will compensate for loss to grantee and provide any docs need to corect title defects.