...Tutor: Course: Date: Deeds In modern times, transfer of property is at its peak. Certain documents are required to be executed in order to make the transfer of property operational. A deed is the document used in transactions involving the transfer of property. There are different types of deeds used in the transfer of property. This paper seeks to highlight the differences between the two most commonly used deeds in the transfer of property: the quitclaim deed and the warranty deed. THE QUITCLAIM DEED A quitclaim deed refers to a document of conveyance of real property that passes any claim, title or interest vested in the grantor of the deed without vouching the validity of such title, claim or interest. The quitclaim deed is therefore a release by the grantor or conveyor of the deed of any interests that the grantor may have in property as described in the document. The quitclaim deed releases the conveyor of the deed of any liability with respect to the ownership of the property in the deed. It therefore means that if a competing interest is later on discovered in respect of the property, the conveyor of the deed will not be liable to the grantee. This means that if it is later on discovered that the grantor did not actually own the property, the grantor will lose the property. Similarly, if it is discovered that the grantor only had partial interests in the property, the grantee will only receive the partial interest. This is because a quitclaim deed does not guarantee...
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...Deeds Wiley and Gemma are neighbors. Wiley’s lot is extremely large, and his present and future use of it will not involve the entire area. Gemma wants to build a single-car garage and driveway along the present lot boundary. Because of ordinances requiring buildings to be set back fifteen feet from an adjoining property line, and because of the placement of her existing structures, Gemma cannot build the garage. Gemma contracts to purchase ten feet of Wiley’s property along their boundary line for $3,000. Wiley is willing to sell but will give Gemma only a quit claim deed, whereas Gemma wants a warranty deed. I will provide a brief summary below of the differences between these deeds as they would affect the rights of the parties if the title to the ten feet of land later proved to be defective. Different types of deeds provide different degrees of protection against defects of title. A warranty deed contains the most promises of title and thus provides the greatest protection for the buyer. A warranty deed includes six covenants, by which the Grantor is the legal owner of the property and has the right to possess the property. The first three covenants are “Present Covenants” and the second three are referred to as “Future Covenants”. (Contracts 101 - Warranty vs. Quitclaim Deeds Retrieved from http://www.pohlshort.com/CM/Publications/Publications35.asp) Present Covenants warranty that Wiley is the legal owner of the property and has the right to possess it, the...
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...BA 260 WEEK 4 ASSIGNMENT DEEDS A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-4-assignment-deeds Visit Our website: http://hwsoloutions.com/ Product Description BA 260 WEEK 4 ASSIGNMENT DEEDS, In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and there are no hidden tie-ins that Gemma should be aware of. This deed ensures Gemma that the property he or she is buying is actually owned by Wiley and Gemma won’t be met with any surprises later on. Furthermore, if a third party were to try to claim the property down the line, the warranty deed would legally protect the Gemma and he or she would be entitled to compensation from the original seller. In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and...
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...homeworkproviders.com/shop/ba-260-week-4-assignment-deeds/ BA 260 WEEK 4 ASSIGNMENT DEEDS BA 260 WEEK 4 ASSIGNMENT DEEDS, In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and there are no hidden tie-ins that Gemma should be aware of. This deed ensures Gemma that the property he or she is buying is actually owned by Wiley and Gemma won't be met with any surprises later on. Furthermore, if a third party were to try to claim the property down the line, the warranty deed would legally protect the Gemma and he or she would be entitled to compensation from the original seller. In this situation, Gemma prefers to have a warranty deed because this deed will provide the most protection against any defects of the title claimed against the property that is to be sold. A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts) against the property that will be transferred over. It is stating that the property is legally owned by Wiley and there are no hidden tie-ins that Gemma should be aware of. This deed ensures Gemma that the property he or...
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...Torts and Warranties James.Oliver78 AIU Online Abstract This is an essay about a story of the four wrongs, and the invasion of privacy. It is about a Harvard Law Review article and what the newspapers in 1890 had to do with it. The differences and similarities of the four wrongs which make-up the invasion of privacy principle, and then on towards the world of warranties and what they mean. How warranties affect our lives in today’s society and a brief description of what the buying customer can expect from a warranty. The essay ends with what defective products do to business and the legal system. How a defective product is defined legally, and how it affects profits of a business. Last but not least, a comment about the buying public, the business, brand name, and the lawyers that make-up a business in today’s world. Invasion of Privacy There exists a story involving invasion of privacy and it dates back to the 1800s, in Boston, Massachusetts. The story starts with a young married couple by the name of; Mr. and Mrs. Samuel D. Warren. Mr. Samuel D. Warren was a young lawyer who inherited a paper manufacturing business. At the time, he was partners in a prestigious law firm with his Harvard classmate, Mr. Louis D. Brandeis. There came a time when, Mr. S. D. Warren decided he would have to devote more time and energy to his paper manufacturing business and less time with his practice of law. Mrs. Samuel D. Warren was a pillar in elite high society...
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...SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED is made this 18th day of January, 2011, from Joseph E. Little and Karen L. Little, formerly husband and wife (hereinafter called “Grantors”), to Joseph E. Little, unmarried (hereinafter called “Grantee”). WITNESSETH: THAT in consideration of One Dollar and Zero Cents ($1.00), paid to the Grantors by the Grantee, receipt of which is hereby acknowledged, Grantors hereby grant, transfer and convey unto the Grantee, his successors and/or assigns, the following: ALL that certain lot or parcel of ground situate in the Borough of Plum, County of Allegheny and Commonwealth of Pennsylvania, being Lot No. 219 in that certain Plan of Lots known as Holiday Park Plan No. 29, as the same recorded in the Recorder’s Office of Allegheny County, Pennsylvania, in Plan Book Volume 105, Page 157 to 165; and HAVING erected thereon a dwelling house known as 1445 Abers Creek Road, Pittsburgh, Pennsylvania 15239; and BEING designated as Block and Lot No. 1239-E-378; and UNDER AND SUBJECT TO any mineral rights, including, but not limited to, oil, coal and gas and the right to mine the same heretofore conveyed, transferred or granted by prior instruments of record; and UNDER AND SUBJECT TO reservations, restrictions, rights of ways, easements, exceptions, building liens, conditions and covenants as appearing in prior instruments of record; and SUBJECT TO Protective Covenants dated 11/17/1978 and recorded in DBV 6035, Page 903; and ...
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...MIDLANDS STATE UNIVERSITY Faculty of Commerce Bachelor of Commerce Honours Degree in Business Management Course: BM105: BUSINES LAW ASSIGNMENT QUESTIONS a) Discuss the method of delivery in a contract of sale b) Explain the seller’s warranty against latent defects a) Discuss the method of delivery in a contract of sale Ownership in a contract of sale is transferred by the delivery of the property from the seller to the buyer, agrees Hutchison et al, (1991). In a contract of sale, both the seller and the buyer have roles/obligations to play/perform to qualify the sale. Apart from making a payment by the buyer and receiving of the same payment by the seller, there need for the object sold or the merx to be delivered to the buyer. Delivery is effected by the physical hand over of the property to the buyer and there are several varieties or options to do so. Either the thing itself is actually handed over, which is actual or real delivery or the thing is not moved at all, but the circumstances are such that, while the thing is not moved at all, the physical control nevertheless vests in the transferee or buyer Different methods of delivery are used, depending on the object or merx in the transaction. The seller has an obligation to deliver the thing under sale to the buyer in time; however the seller has no obligation to transfer ownership to the buyer, as the law compels him to only transfer the merx. In Kleynhams Vs Wessels Trustee, the court observed that...
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...Business law assignment Business Law Assignment Common law and stare decisis Common law is all that law that is made by judges. It is initiated by citizens when they file cases in courts. Stare decisis is a term used in the common law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in business, this is a principle that can assure a business person of the ruling of a case that is similar to the previous. Rulings in business cases are hence made predictable. Bailment It is where a person delivers his personals to someone else for safety keeping. Bailor is the one delivering property while the one receiving is the bailee. It involves delivery of goods to somebody else in trust creating a contract either express or implied. The bailee must be willing to possess the property physically but is not entitled to use it. In business transactions, the bailee has both the duty of care and responsibility to re-deliver the property. Statute of frauds This is a requirement that certain contracts like sale of goods that exceeds a certain value, land sale or a guarantee of debt be made in writing and then signed to prevent perjury and fraud. Two sophisticated business corporations may enter into a joint venture say of about 10 years. There are different negotiations that they engage in and one party promises that it will join the negotiations in time. In case the party fails to...
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...for such change) DOCUMENTS TO BE PROVIDED TO ATTORNEY (Please provide copies - we would prefer you keep your originals) ____ 1. ____ 2. ____ 3. Past three years tax returns, including W-2 forms Current pay stubs from January to present Past six months bank statements for all checking and savings accounts (upon receiving it, provide current months bank statement) Verification of debts (i.e., credit card statements, invoices, monthly statements, etc.) Verification of assets (i.e., monthly or quarterly statement of any asset listed above in General Information Sheet) Vehicle titles Boat titles, Motorcycle titles NADA (blue book) value of automobiles (highlight car value - you may obtain this information from a bank, car dealership, etc.) Warranty Deed or Quit Claim Deedto all real estate, including residence and/or any and all land. Verification of medical insurance cost for children only Verification of monthly day care cost for children Costs of transportation for visitation Verification of other child support payments made either by you or your spouse for any children of a previous marriage or children prior to marriage Certificates of Deposit ____ 4. ____ 5. ____ 6. ____ 7. ____ 8. ____ 9. ____ 10. ____ 11. ____ 12. ____ 13. ____ 14. GENERAL INFORMATION SHEET (To be completed by client) Full Name: _____________________________ Birthdate: Address: Phone: (H): (W): (FAX): _____________________________ ___________________________________________________________________...
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...disposing of real property in Volusia County Florida is that if new buyers must record their deeds at the public records office of Volusia County Florida courthouse. The recording gives notice that the particular piece of property has been sold and subsequent purchases should be careful. The Florida law applies in Volusia County Florida and Titles in Florida are registered under the abstract system. The Title to the real estate is the right to or the ownership of the property. The documentary evidence is also called Title to the ownership. The company must take out a warranty deed as this provides the greatest protection to the purchaser. The warranty deed is a pledge by the seller that she/he is the legal owner of the property and there are no outstanding liens, mortgages, or other encumbrances against it. The seller can be held responsible later if the title is defective. The purchasing of a real estate must provide ample opportunity to your company to make sure that there are no environmental hazards or injuries because of the defects of the structure. In case of Volusia County Florida, the county laws apply to the development of the property. Specifically, the laws relating to river rafting in Volusia County apply. The disposing of real property requires a deed to be made that transfers the property to the buyer. The best form of deed that is appropriate in the circumstances is the quitclaim deed. This relinquishes to the buyer whatever interest the seller may have in the property...
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...Facts: Barry would like to transfer his property to his wife, Lucy to avoid being vulnerable to creditors. He would like his three heirs to equally inherit the property after his and his wife’s death. Issue: Can Barry convey his property to Lucy and still be assured that the children will obtain the intended interest? How should this be conveyed? What interests should he give to whom? What kind of remainder interests and tenancies should he give to the children? What type of deed is necessary for this conveyance? Rule: The Rule in Shelley’s Case states that a remainder interest cannot be created in the heirs of the holder of the present interest. The theory behind it is that a person should be able to decide what his or her own heirs will inherit and should not have that decision dictated by a grantor of property. The rule has been abolished in most states. The Doctrine of Worthier Title dictates that a grantor cannot create a remainder interest in his own heirs. The idea behind this rule is that a grantor should rather keep a reversion for himself and then distribute the property to his heirs through the normal inheritance methods. The Doctrine of Worthier Title has been abolished in some states, but still exists as law in many other states Analysis: Since Barry doesn’t want the property in his name due to his financial situation, following the Doctrine of Worthier Title idea of keeping the reversion for himself is not a sensible option. The Rule in Shelly’s Case has...
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...Property Outline 1. Concept of Property a. Res = a thing or object, a piece of property b. 6 theories used to Justify the private property system i. The Economic Theory 1. Private rights arise in property based on external cost factors seeking to maximize societal efficiency ii. The Occupation Theory 2. Occupation or Possession of a thing justifies legal protection iii. The Labor Theory 3. Moral right to ownership or control over things produced from one’s labor iv. The Contract Theory 4. Private property is a result of contracts between individuals and the community v. The Natural Rights Theory 5. “natural law” dictates the recognition of private property vi. The Social Utility Theory 6. The law should promote the maximum fulfillment of human needs and aspirations, and private property is on of those needs c. The Bundle of Rights (D.U.P.E.D) vii. Property consists of the following rights in regards to a “res” or thing 7. Right to Dispose of property (alienate/transfer) 8. Right to Use how you want 9. Right to Possess how you want 10. Right to Exclude others from your property 11. Right to Damages from others who violate your bundle viii. The more of the above rights that one has in regards to a res, the greater the significance of...
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...a debt. Motrgagee: Lender in a mortgage loan transaction Mortgagor: Borrower who transfer their property as security for a loan; the holder of a mortgage. Will: Document directing the disposal of ones property after death. Witness: To write ones name to a deed, last will or other documents for the purpose of declaring its authenticity and proving its execution. Binder: Agreement secured by a deposit in which someone offers to buy real estate. Vested: Person who has a right to use portion of a fund. Ex: retirement fund. Verify: To confirm Venue: A court with jurisdiction; or location where a notarial act takes place Note rate: Interest rate on a promissory note Guarantor: Person who makes a promise to be responsible for the debt of another if they fail to pay their on time. Contingency: Condition that must be met before a contract is legally binded. Quiet title: declares a person is the legal owner of a real property dispute. Quit claim: Grantor disclaims any interest in real estate property. Quash: To make void or vacate. Committing forgery is guilty of a Class D Felony. Warranty deed: Used in most mortgage contracts. Notary’s surety bond: filed to protect the state. Wild: Improperly recorded deed Encumbrance: Anything that affects title to property such as a mortgage, lease etc… Knowingly issue a false certificate is a class E felony. Acknowledgment:...
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...Chapter 17 | | respondeat superior | Latin for “let the master respond.” A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment. | agency | A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal). | apparent authority | Authority that is only apparent, not real. In agency law, a person may be deemed to have had the power to act as an agent for another party if the other party’s manifestations to a third party led the third party to believe that an agency existed when, in fact, it did not. | disclosed principal | A principal whose identity is known to a third party at the time the agent makes a contract with the third party. | e–agent | A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual. | equal dignity rule | In most states, a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing. | fiduciary | As a noun, a person having a duty created by his or her undertaking to act primarily for another’s benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence. | independent contractor...
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...Law of Property A huge subject of law and one that is very much debated on when it comes to ownership and rights is property law. There are different types of property that can be owned and how to go about owning it. The acquisition of property is important to understand to make sure there are no legal implications that are ignored. There are different ways that property can be owned, how it can be transferred to a different party, and controversies that surround the situation of property law. There are also different types of property that can be owned and how it can be acquired. Understanding these elements can help when trying to procure any type of property legally. There are different types of property that a person can purchase and own. There is real and personal property that an individual can own. And most of the legal concepts and rules that apply to these property types were originally derived from English Common Law, which modern law has incorporated these original rules and concepts into the law of real and personal property ("Property Law" 1). Personal property, which is also known as movable property, is anything other than that of land. It can be subject of ownership, which includes but is not limited to stocks, notes, money, patents, copyrights and intangible property. Then, there is real property, which is much different from personal property ("Property Law" 2). Real property is land and anything that is built or erected on this piece of land, grown on it...
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