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Warranty Deed
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate. A ''general'' warranty deed protects the grantee against title defects arising at any point in time, extending back to the property's origins. A ''special'' warranty deed protects the grantee only against title defects arising from the actions or omissions of the grantor. Covenants for title A warranty deed can include six traditional forms of covenants for title, sometimes known as the English covenants of title. Those six traditional forms of covenants can be broken down into two categories: ''present covenants'' and ''future covenants''. ;Present covenants * Covenant of seisin: "A covenant of seisin or good right to convey." * Covenant of right to convey: Covenants that represent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty Deed Signed E
In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. In property law, it refers to a covenant by the grantor of a deed. In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured. In contract law, a warranty is a contractual assurance given, typically, by a seller to a buyer, for example confirming that the seller is the owner of the property being sold. A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract",Hogg M. (2011). ''Promises and Contract Law: Comparative Perspectives''p. 48 Cambridge University Press. and therefore only entitles the innocent party to damages if it is breached, i.e. if the warranty is not true or the defaulting party does not perform the contract in accordance with the terms of the warranty. A warranty is not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deed
A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. It is commonly associated with transferring (conveyancing) title to property. The deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be unilateral or bilateral. Deeds include conveyances, commissions, licenses, patents, diplomas, and conditionally powers of attorney if executed as deeds. The deed is the modern descendant of the medieval charter, and delivery is thought to symbolically replace the ancient ceremony of livery of seisin. The traditional phrase ''signed, sealed and delivered'' refers to the practice of using seals; however, attesting witnesses have repla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clear Title
Clear title is the phrase used to state that the owner of real property owns it free and clear of encumbrances. In a more limited sense, it is used to state that, although the owner does not own clear title, it is nevertheless within the power of the owner to convey clear title. For example, a property may be encumbered by a mortgage. This encumbrance means that no one has clear title to the property. However, standard terms in a mortgage require the mortgage holder to release the mortgage if a certain amount of money is paid. Therefore, a buyer with enough money to satisfy both the mortgage and the current owner can get clear title. According to Investopedia: "A clear title is a title without any kind of lien or levy from creditors or other parties and poses no question as to legal ownership. For example, an owner of a car with a clear title is the sole undisputed owner, and no other party can make any kind of legal claim to its ownership." See also *Cloud on title In Uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grantee
A grant, in law, is a transfer of property, generally from a person or other entity giving the property (the grantor) to a person or entity receiving the property (the grantee). Historically, a grant was a transfer by deed of that which could not be passed by livery, an act evidenced by letters patent under the Great Seal, granting something from the king to a subject, and a technical term made use of in deeds of conveyance of lands to import a transfer. Though the word "grant" was originally made use of, in treating of conveyances of interests in lands, to denote a transfer by deed of that which could not be passed by livery, and was applied only to incorporeal hereditaments, it became a generic term, applicable to the transfer of all classes of real property. As distinguished from a mere license, a grant passes some estate or interest, corporeal or incorporeal, in the lands which it embraces; can only he made by an instrument in writing, under seal; and is irrevocable, when ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quitclaim Deed
Generally, a quitclaim is a formal renunciation of a legal claim against some other person, or of a right to land. A person who quitclaims renounces or relinquishes a claim to some legal right, or transfers a legal interest in land. Originally a common-law concept dating back to Medieval England, the expression is in modern times mostly restricted to North American law, where it often refers specifically to a transfer of ownership or some other interest in real property. Commonly, quitclaims are used in situations where a ''grantor'' transfers any interest they have in property to a recipient (the ''grantee'') but without offering any guarantee as to the extent of that interest. There may even be no guarantee that the grantor owns the property or has any legal interest in it whatsoever. Specific situations where a precise definition of the grantor's interest (if any) may be unnecessary include property transferred as a gift, to a family member, or into a business entity. Another ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seisin
Seisin (or seizin) is a legal concept that denotes the right to legal possession of a thing, usually a fiefdom, fee, or an estate in land. It is similar, but legally separate from the idea of ownership. The term is traditionally used in the context of inheritance law in the form of "the son and heir of X has obtained seisin of his inheritance", and thus is a term primarily concerned with conveyancing. The person holding such estate is said to be "seized of it", a phrase which commonly appears in inquisition post mortem, inquisitions ''post mortem''. It has varying relevance in modern legal systems, with distinctions between Common law and Civil law (legal system), Civil law jurisdictions. Etymology Seisin comes from Middle English , , in the legal sense of . The Old French variations , , are from Low Latin , generally referred to the same source as Gothic language, Gothic , or the Old English , . The French phrase "le mort saisit le vif" ("the dead give seisin to the living") is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Encumbrances
An encumbrance is a third party's right to, interest in, or legal liability on property that does not prohibit the property's owner from transferring title (but may diminish its value). Encumbrances can be classified in several ways. They may be financial (for example, liens) or non-financial (for example, easements, private restrictions). Alternatively, they may be divided into those that affect title (for example, lien, legal or equitable charge) or those that affect the use or physical condition of the encumbered property (for example, restrictions, easements, encroachments).Fillmore E. Galay et al., '' Modern Real Estate Practice in Illinois'', 4th edn. (Chicago: Dearborn Real Estate Education, 2001), 107. Encumbrances include security interests, liens, servitudes (for example, easements, wayleaves, real covenants, profits a prendre), leases, restrictions, encroachments, and air and subsurface rights. Jurisdictions Hong Kong In Hong Kong, there is a statutory definition of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eviction
Eviction is the removal of a Tenement (law), tenant from leasehold estate, rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosure, foreclosed by a mortgagee (often, the prior owners who defaulted on a mortgage). Depending on the laws of the jurisdiction, eviction may also be known as unlawful detainer, summary possession, summary dispossess, summary process, forcible detainer, ejectment, and repossession, among other terms. Nevertheless, the term ''eviction'' is the most commonly used in communications between the landlord and tenant. Depending on the jurisdiction involved, before a tenant can be evicted, a landlord must win an eviction lawsuit or prevail in another step in the legal process. It should be borne in mind that ''eviction'', as with ''ejectment'' and certain other related terms, has precise meanings only in certain historical contexts (e.g., under the English common law of past centurie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title Search
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. A title search is also performed when an owner wishes to sell mortgage property and the bank requires the owner to insure this transaction. In the case of a prospective purchase, a title search is performed primarily to answer three questions regarding a property on the market: * Does the seller have a saleable and marketable interest in the property? * What kind of restrictions or allowances pertain to the use of the land? These would include real covenants, easements and other equitable servitudes. * Do any liens exist on the property which need to be paid off at closing? These would be mortgages, back taxes, mechanic's liens, and other assessments. Anyone may do a title search, with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Easement
An easement is a Nonpossessory interest in land, nonpossessory right to use or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B". An easement is a property right and type of Incorporeality, incorporeal property in itself at common law in most jurisdictions. An easement is similar to covenant (law), real covenants and equitable servitudes. In the United States, the Restatements of the Law, Restatement (Third) of Property takes steps to merge these concepts as servitudes. Easements are helpful for providing a 'limited right to use another person's land for a stated purpose. For example, an easement may allow someone to use a road on their neighbor’s land to get to their own.' Another example is someone's right to fish in a privately owned pond, or to have access to a public beach. The rights of an easement holder vary substantially among jurisdictions. Types ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
