Chapter 5 Deeds and Title Examination

1. Chapter 5Deeds and Title Examination This chapter discusses two important topics: Deeds and title examination.

2. DEEDS: • Necessary elements of a valid deed: • Designation of the parties. • Consideration given by grantee. • Legal description. • Specific interest conveyed. • Signature of the grantor and witnesses • Delivered to, and acceptance by grantee

3. Additional elements Covenant against encumbrances. Covenant of seisin. Covenant of quiet enjoyment. Covenant of further assurances. Warranty forever.

5. Types of Deeds: General warranty deed Special warranty deed Bargain and sale deed Quitclaim deed Deeds for special uses

6. Title Examination: • Types of title • “Good” title • Marketable title • Title perfect of record • Insurable title • Report of title defects • Title opinion • Title insurance • Title search • Title search • Chain of title

8. Title Examination (con’t) • Recording system • Method of searching a title • Grantor • Grantee • Grantor index • Grantee index • Other public records • Title abstract

9. Title Examination:(con’t) • Title Insurance • Determination of risk • Schedule of exceptions • Distinguished from other types of insurance • Substitution for title opinion letter • Time period and type of defects covered • Who requires title insurance? • The Torrens System • How the system works • Use of the system