Property, Part 4
Question 1: Enumerate the customary information contained in a deed.
Answer 1: The customary information contained in a deed consists of:Names of the grantor and granteeConsideration paid (if applicable)“Words of conveyance,” in which the grantor and grantee explicitly state their intent to conveyA formal and precise description of the property to be conveyedExceptions, such as easements or profits (rights to obtain ownership of some aspect of another’s land)The quantity (acreage) of the propertyCovenants or other warrantiesThe signature of the grantor
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Question 2: Distinguish among the following types of deeds:General warranty deedSpecial warranty deedQuitclaim deed
Answer 2: General warranty deed -- includes all the standard covenants, including title and a warranty that there are no encumbrances; the grantor agrees to protect the grantee against any other claim to title and guarantees the property to be free from defects arising before or during his ownership.Special warranty deed -- includes the same covenants as the general warranty deed, but the grantor does not warrant against title defects arising from conditions that existed before he owned the propertyQuitclaim deed -- Under a quitclaim deed, the grantor releases whatever interest he may have to the grantee. A quitclaim deed conveys only that right, title, or interest that the grantor has, or may have, and does not warrant that the grantor actually has any particular title or interest in the property.
Question 3: Identify and describe the three main types of possessory interests in real property.
Answer 3: Fee simple estate -- a form of ownership of real property that permits disposition of property by its holder in any manner desired; both the holder and his heirs have use of property in perpetuity and have an insurable interest in the property.Life estate -- the term of a person’s possessory interest in land which expires upon the death of the owner or some other person specified in the granting instrument; typically, the estate is for the life of the person receiving the life estate (the grantee).Leasehold -- In contrast to fee simple estates and life estates, which are labeled “freeholds,” a leasehold typically has a set term. A leasehold is an association between two individuals arising from an agreement by which one individual occupies the other's real property with permission, subject to a rental fee.
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