Deeds

Question 1

What is a deed

Answer 1

A legal instrument that transfers interest of real property.

Question 2

For a deed to be valid..

Answer 2

Must be
1. Delivered
2. Accepted

Question 3

Delivery

Answer 3

Question is whether the grantor had the present intent to transfer the property

Delivery can be by an agent

Physical transfer of the deed is not required!

Question 4

Acceptance

Answer 4

Acceptance is generally presumed, provided the transfer is for value.

Question 5

Broker

Answer 5

Can be involved with land sale contract as long as they are not a practice law.

Can prepare contract of sale, cannot draft legal documents such as deed or mortgage.

Looking for exercise of legal discretion and whether the broke or non-lawyer is giving legal advice

Question 6

Contents of a deed

Answer 6

Must -
1. Identify the parties
2. Be signed by the grantor
3. Include words of transfer
4. Description of the property (does not have to be legal)

Question 7

Grantee signature

Answer 7

Grantee does not have to sign

Question 8

Notarization

Answer 8

Does not have to be witnessed or notarized

Question 9

Agents

Answer 9

Principal can appoint an agent to execute the deed

Question 10

What does it mean to record?

Answer 10

Publicly register your deed

Question 11

Purpose of recording

Answer 11

To give notice - tell the world you own the property

Question 12

Does recording affect validity of the deed

Answer 12

No. A deed is valid at delivery

Question 13

If deeds do not affect validity, why do recording statutes mater?

Answer 13

Concerned about the subsequent purchaser

Question 14

Common law recording rule

Answer 14

First in time, first in right.

The first person to be given the deed wins

In absence of recording statute, common law rules.