OWNERSHIP: SECTION 14, REQUIREMENTS FOR A CALUD DEED Flashcards
0
Q
Describe “GRANTOR”
A
- Legal age
* Sound Mind
1
Q
What are the 8 requirements for a valid deed?
A
1) Grantor
2) Grantee
3) Consideration
4) Granting Clause
5) Property Description
6) Exceptions and Reservations
7) Signatures of Grantor’s
8) Delivery and Acceptance
2
Q
Describe “GRANTEE”
A
- Must be clearly identified
- Does not have to be of legal age or sound mind
- Must be clearly identified
3
Q
Describe “CONSIDERATION”
A
- Something of value
- Usually money
- But doesn’t have to be money
- Could be livestock, etc…
4
Q
Describe “GRANTING CLAUSE”
A
- Words of conveyance
- “I CONVEY AND WARRANT”
- Contains HABENDUM
- Which means “To have and to hold”
5
Q
Describe “PROPERTY DESCRIPTION”
A
- The legal description of the property
6
Q
Describe “EXCEPTIONS AND RESERVATIONS”
A
- List of all encumbrances
- List of all liens
- List of all restrictions
- List of all easements
7
Q
Describe “SIGNATURES OF GRANTORS”
A
- Only GRANTOR signs
* GRANTEE doesn’t need to sign
8
Q
Describe “DELIVERY AND ACCEPTANCE”
A
Title is legally transferred when deed is delivered and accepted
