Deeds; Wills; Recording Flashcards
DESCRIPTION OF DEEDS
In order to have a valid conveyance the deed must adequately describe the land to be conveyed. Must enclose the property (have boundaries). Description must be unambiguous. From a designated starting point that can be identified by reference to a government survey or a natural or artificial monument, the boundaries of the property can be described by successive calls of course and distances until returning to the starting point.
ANTI-LAPSE STATUTE (Modern Creation)
At common law, if a will beneficiary predeceased the testator, the gift to the beneficiary would fail. Today however, in jurisdiction that have adopted anti-lapse statute, the gift to the predeceasing beneficiary will be saved and will pass to the beneficiary’s descendants, if the beneficiary himself was a blood relative (descendant) of the testator.
If not expressly provided otherwise, a co-tenancy will be held as tenants in common with an undivided half-interest in the land.
GENERAL WARRANTY DEEDS
Quit Claim - as is.
General warranty deed contains 6 covenant:
present covenant of seisin, conveyance, encumbrances (will not run with the land, only at time of transaction).
future covenants of quiet enjoyment, general warranty, further insurances- take necessary measures to perfect title (will run with the land).
Once closing has occurred buyer is estopped from bringing suit based on marketable title.
RECORDING ACTS
Delivery of deed transfers title to property. Unless there is specific language in the deed.
Under recording acts, a subsequent mortgagee or bona fide purchaser for value generally prevails over the grantee of a prior unrecorded conveyance. However, most recording statutes do not protect subsequent judgment creditors on the theory that the creditor is not offering consideration at the time its lien is created, and the language of the recording statute generally extends protection to “purchasers”, defined as those obtaining an interest in exchange for consideration.
