![]() ![]() In the deed, Whiteacre is described as “the premises located at the address 150 Robin Lane.” The city and state are left off. For example: Homer conveys Whiteacre to Bart. It is okay if certain outside evidence is required to figure out exactly which parcel is being conveyed. This means that the deed must contain information necessary to clearly and precisely identify the parcel that is being conveyed. ![]() Description of the Property: For a deed to be effective, it must describe the property that it purports to convey. If the deed says that the buyer is the only daughter of Bill and Hillary, that is a sufficient description of Chelsea to validate the deed.Ģ. If Al gives Chelsea a deed to the property, the deed must either name Chelsea as the buyer or describe her in a way that makes it clear that she is the recipient. Al, a friend of Bill and Hillary’s wants to sell Chelsea a piece of property. For example:īill and Hillary have one daughter, Chelsea. A description that leaves no doubt as to the identity of the party is sufficient. It is not necessary that the deed list the parties by name. However, a deed without any consideration listed is still fully binding.īoth parties to the transaction must be listed in the granting clause. Consideration is usually mentioned simply to allow the transferee to attain the status of “ bona-fide purchaser” which is important to protect against the repossession of the land later on. Consideration is not necessary to complete a transfer of property. The granting clause usually lists the consideration that the transferee is paying for the land, however, this is not a necessary part of the deed. Granting Clause: The “granting clause” lists the transferor (the seller in a buy-sell transaction) and the transferee (the buyer in a buy-sell transaction) and a statement to the effect that the transferor is transferring the land to the transferee. Although the buyer already owned equitable title to the property, as discussed in the previous chapter, formal legal title to the property is conveyed to the buyer through the delivery of the deed at the closing. In a buy-sell real estate transaction, the transfer of the deed from the buyer to seller is known as the “ closing”. The transfer of real property, whether it is in the form of a gift or a sale, must be accomplished by the transfer of a written instrument that represents ownership of the property. ![]() The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.Ī deed that purports to transfer only whatever interest the transferor has in the transferred property to the transferee a quitclaim deed makes no promises or warranties as to the validity or quality of the title that is being transferred.Ī deed that fully warrants and promises that the title being transferred is fully valid and free of encumbrances.Ī deed that warrants and promises that the title being transferred is free of defects that arose during the time that the grantor owned the property such a deed makes no warranties about defects that arose before the grantor had possession of the property. The ceremony at which the seller of real property turns the deed over to the buyer this completes the transfer and hands legal title of the property to the transferee. A document that represents ownership of property the deed is transferred to symbolically transfer real property, since real property obviously cannot be transferred physically.
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