Deeds and Title Examination

  • Deeds
    • Written document that transfers title (ownership) to real estate from the grantor to the grantee
    • Necessary Elements of a Deed
      • Identification of the parties
      • Consideration given by grantee
      • Legal description
      • Specific interest conveyed
      • Signature of the grantor and witnesses
    • Delivery of deed required to complete the transfer
    • Close-Up “Sleuthing for Transaction Price”
    • Additional Deed Elements
      • Covenant against encumbrances
      • Covenant of seisin
      • Covenant of quiet enjoyment
      • Covenant of further assurances
      • Warranty forever
    • Types of Deeds
      • General warranty deed
        • See Figure 5.1 Warranty Deed
      • Special warranty deed
      • Bargain and sale deed
      • Quitclaim deed
        • See Figure 5.2 Quitclaim Deed
      • Deeds for special uses
  • Title Examination
    • The process of verifying the ownership rights being offered by the seller of a property
      • Marketable title
      • Insurable title
      • Title perfect of record
      • Title opinion
      • Title insurance
    • Title Search
      • Detailed examination of all public records that relates to the ownership history of a property
      • Recording system
      • Grantor and grantee indexes
        • See Close-Up “Title Examination through the Grantor and Grantee Indexes”
      • Tax records search
      • Lien search
    • Title Abstract
      • Written compilation of chain of title
        • Used by attorneys to issue title opinion
      • Title Insurance
        • Paid in full when policy is issued
        • Not transferable
        • Protects only against past events that were undiscovered during the title search
      • Torrens system
        • A title registration system
        • Title search not needed
          • Certificate holder transfer certificate to new owner