Deeds Flashcards
Define: Self Deed
A modern legal allowance that allows a member of a J/T to convey land to themselves to remove the J/T and create a T/C.
Modern View’s on Self Deed
Allows the grantor and the grantee to be the same person where before they had to be different people or use a straw man or trust to successfully remove a J/T.
Common Law Views on Self Deed
Self Deeds are not allowed. Grantor and grantee must be different people. A member of a J/T would have to use a strawman whom they would convey the deed to, who would then convey it back as a J/T or a trust. Modern Law sees this as outdated.
Delivery of a deed: Common law v. modern law
Common Law: must be delivered to be binding and effectuated. (similar to a gift)
Modern Law: any declaration intending to be binding is binding.
Do deeds require delivery?
Manual delivery is required under common law. Modern law requires any declaration showing the intent for the transfer to be binding, is binding. So modern law focuses on the intent, common law focuses on the actual delivery.
What must be included in a statutory short form deed?
1) Grantor
2) Grantee
3) Words of Grant (“I, Joe Blow, hereby grant to Sally Smith…”)
4) Description of the land involved
5) Price
6) Signature of the grantor
Buyer does not have to sign, just the seller. Sometimes it must be notarized.
Three types of deeds:
1) General Warranty Deed
2) Special Warranty Deed
3) Quitclaim Deed
What is a General Warranty Deed?
Warrants a title against all defects created by either the seller or previous occupants.
What is a Special Warranty Deed?
Protects against all defects made by a seller
What is a Quitclaim deed?
Provides for no protection against defects. There is no promises made at all.
Simply transfers any and all interest to the property that the grantor has and nothing more.
Under this deed, I could transfer the JMLS building to someone. I had no interest, so they would get no interest. But I could do it.
Why is the price listed on the deed, often not the actual price?
For privacy reasons, people dont want others to know what they paid.
Taxes and fees.
Common Law vs Modern law views on the deed seal
Modern Law: No longer required, just requires that it says something along the lines of “under seal.”
Common Law: Requires a seal to have a valid transfer of land.
What is a forged deed?
Is considered Null and void because it is considered to be stolen. No interest ever passed. This deed is void.
What is a fraudulent deed?
A deed procured through fraud. This deed is voidable.
What happens to a forged deed in the hands of a Bona-fid purchaser?
Because forged is considered stolen, there is an innocent person involved who had nothing to do with the title. So the title is always considered stolen and a bona-fid purchaser would not have good title under any circumstances.
