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Deed - Conveyance
Conveyance, not contract.
- Must Contain:
- (1) Identification of the parties
- (2) Identification of property (full legal description)
- (3) Words indicating title passes
- (4) Signature of grantor
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Deed - Consideration
Consideration for the deed is not required.
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Deed – Delivery
Deed only effective upon delivery (some intent that deed operate now).
- Actual (hand to hand), constructively (combination of safe), symbolically (title to car).
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Quitclaim Deed
All the rights of the grantor to the grantee without warranties.
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Statutory Warranty Deed
- Present covenant
- (1) covenants of seisin (I own the land, no adverse possessors)
- (2) right to convey, (I have the right to transfer)
- (3) against encumbrances (There are no encumbrances)
- Future Warranties
- (4) quiet enjoyment (I will defendant you from any lawful claims of title)
- (5) warranty (you wont be disturbed by someone with better title)
- (6)and further assurances (Ill give you any futher document you need to perfect the title)
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Adverse Possession - Elements
- Open and notorious
- actual and exclusive
- continuous
- hostile possession for staturoty period (10 years, 7 with taxes and title)
Does not need to be recorded to be protected by subsequent bonafide purchaser
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Race Notice
Bonafide purchaser prevails over a prior grantee if records first
- Bonafide purchase:
- purchaser
- who takes without notice
- and pays valuable consideration
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Real Estate Contract Requirments
- (1) ID of parties
- (2) Description of the land (clear and unambiguous)
- (3) signature of party to be charged
- (4) words of sale
- (5) price and terms
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Enforce a contract without a writing?
- (1) clear and convincing proof of all essential terms of the contract
- (2) possession of the land by the purchaser, improvements to the land, and or payment of the purchase price
- (3) acts of a party can be explained only by reference to an agreement, these acts must establish existence of an oral agreement
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Risk of loss in converyance of land
Seller bears risk until date of closing unless contract provides otherwise.
( Generally, but not in WA
Doctrine of equitable conversion:
Prop destrying before date set for closing = buyer bears risk because buyer is owner of property)
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