Rules of Deeds

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Rules of Deeds Door Mind Map: Rules of Deeds

1. Whether by sale or by gift, niterests are transferred by a deed.

2. Elements of a Valid Deed

2.1. Historically custom drives the contents of the deed, however statutes now require the deed

2.1.1. Must Contain

2.1.1.1. Grantor's name

2.1.1.2. Grantee's name

2.1.1.3. Words that indicate an intent to convey property or interest in property

2.1.1.4. Interest being transferred.

2.1.1.5. Followed by a description or identification of the property

2.1.1.5.1. Legal description of the property is followed by the habendem clause

2.1.1.6. Grantors Signature

2.1.1.6.1. Deed is a conveyance, so only grantor needs to sign. However, if there is a promise contained in the sale, both must sign

2.1.2. CONSIDERATION IS NOT REQUIRED TO BE STATED IN THE DEED

2.2. Must be in writing to satifsy the statute of frauds

2.3. Most are recorded

2.3.1. To be valid in some jurisdictions, it must be acknowledged before a notary public and in a few states witnessed

2.3.2. Even though an unacknowledged and unattested deed will transfer title in most purchases

2.4. Two Primary Forms

2.4.1. Long form Deed

2.4.1.1. Contains the four essential parts: Identities of the parties to the transaction, words of intent to convey or transfer, words of the interest being transferred and a description of the property.

2.4.1.2. Also includes the express warranties of tile and the Habendum Clause

2.4.2. Short form Deed

2.4.2.1. Contains the four essential parts: Identities of the parties to the transaction, words of intent to convey or transfer, words of the interest being transferred and a description of the property.

2.4.2.1.1. No Habendum Clause

2.4.2.1.2. references statue to authorize the form and only lists some warranties.

2.5. If married, deed should inidcate the grantor owns his property as his or her separate estate

2.5.1. If the spouse also holds interest, they must also execute deed to release the interest

3. Delivery

3.1. In general, a deed transfers title only when

3.1.1. Grantor intends to convey interest

3.1.2. Grantor manually delivers a deed to the grantee

3.1.3. Grantee accepts the deed

3.2. Not delivered if given w/o intending to is a question of fact

3.2.1. A grantor's handing over the deed physically demonstrates an intent to convey title

3.2.1.1. delivery of a deed to an from an escrow agent adds objective third party evidence of such intent

3.3. Presumptions in Delivery

3.3.1. Grantee acceptance is presumed unless

3.3.1.1. Possession would not be beneficial

3.3.2. Preumes the Grantor did not deliver if still in possession of the deed

3.3.3. Presumes acknowledged and recorded deeds are delivered.

3.4. Can turn on whether the grantor retains control of the deed and can retrieve before the grantee takes possession

3.4.1. Give to agent

3.4.1.1. not delivered

3.4.2. Give to agent of grantee

3.4.2.1. Delivered

3.5. Special Issues to Delivery

3.5.1. Escrow Transfers

3.5.1.1. using a 3rd party (escrow agent) to hold deed and pass deed to grantee after grantee satisfies conditions set out in a valid sales contract

3.5.1.1.1. Irrevokable if

3.5.2. Donative and testamentary transfers

3.5.2.1. A deed does not qualify as the vehicle for testamentary transfer.

3.5.2.1.1. Only documents meeting formalities under statute of wills will transfer property at the grantor's death.

3.5.2.2. To be effective, the deed must be delivered to hte grantee during the grantor's lifetime.

3.5.2.2.1. May not guarantee immediate possession

3.5.2.2.2. May convey present of future interest, such that the interest is immediately transferred.