DEEDS Flashcards
deed
a document sufficient to convey legal title to real estate to another
Livery of Seisin
before Statute of Uses
used to convey possessory estate
-went to land, stated intent & handed a chunk land to grantee
Grant
before stat of Uses
used to convey a FUTURE interest
-formal, written document executed under a seal
a future interest was conveyed by siesin……true or false?
FALSE, conveyed by grant.
Bargain & Sale Deed
- AFTER Statute of USES
- conveyed equitable title to the vendee
the statue of uses created the _____?
deed
bargain & sale deed
if you get rid of statute of uses then……
No deed.
consequent of statute of uses/bargain & sale deed
land could be conveyed purely in writing (no livery of seisin needed)
B& S deed:
once equitable title was conveyed, the statute ______ forcing _____ ___ to convey also.
“executed”, “legal title.”
so now equitable title becomes legal
will a real estate contract execute under statute of uses?
NO!!! as the vendor has more duties than merely holding legal title.
(thats why we have deeds)
remember—if you hold duty other than simple (in addition to legal title) than it does not work
French v. French holding
hisotrically
“the statute of uses is a part of comm. law in U.S” so we can recognize that form of deed HERE. = comm. law deed transfers ok under the SOU
today
most deeds are all form work, don’t draft own
comm law deeds
orig. is bargain & sale deeds
types of modern deeds:
1) warranty
2) quitclaim
warranty deed
contains the grantor’s promises about what is being conveyed
quitclaim
conveys whatever title the grantor has, if any
a mass quitclaim deed is REALLY a…..
special warranty deed
a true quitclaim deed in mass is called……
a quitclaim deed without covenants
Deed had follwing sections:
in this order
- identity of parties
- words of conveyance
- description of land
- description of any reservation being maintained
- habendum clause w/any words of limitation
- the warranty, if being given
- the execution & acknowledgment of the deed
What if deed is ambiguous?
construing ambiguous deed
1) examine extrinsic evident
2) still problem, courts will usu. construe in way that is most favorable to GRANTEE
3) Most courts don’t follow c/l formalism
common law formalism in construing ambiguous deeds
would favor the language in the Granting Clause over contradictory statements found elsewhere in the document.
(what’s granting clause say?,,,,,well, there you go!)
does statutory estoppel apply? (ucc)
No, because LAND is NOT a good
do use equitable estoppel
Escrow
involves agent of 2 or more parties to a transaction:
- items of property are turned over to the agent
- the agent keeps them until specified conditions are satisfied
- once conditions satisfied, the agent forwards the items to their ultimate recipients
Steps needed to properly convey land by deed
EXECUTED + Delivered
(escrow)-typically the type used is cause of probs
escrow agent will hold the…
- deed from the seller (until he gets $ from bank & buyer)
- down payment from buyer (until he gets deed)
- money from bank (until it gets a mortgage)
Does the transfer of the deed INTO escrow represent it’s delivery?
NO
a deed “held” in escrow is delivered as soon as ALL of the escrow conditions have been satisfied.
(delivery is not a physically based concept)
When is a deed really delivered?
when all the escrow conditions have been satisfied, (not just if sitting in there by seller)
What if deed is released from escrow before conditions met?
then NO delivery has occurred & deed is void
What if grantor’s signature is forged?
then NO execution has occurred = void
What if grantor is fraudulently induced to meet or waive the escrow conditions?
deed is only voidABLE & title Can pass to a BFP
equitable estoppel applies to real estate “transactions?”
YES.
-if a title holder gives possession w/ an indicia of title (an executed deed) to another, a subsequent conveyance to a BFP will divest the title holder.
divest?
to deprive someone of power, rights, possession
never be an escrow agent :)
if you mess up, you are personally responsible.
