Chapter 5 Deeds and Title Examination

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Chapter 5Deeds and Title Examination

• This chapter discusses two important topics
  Deeds and title examination.

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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

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

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• Types of Deeds
• General warranty deed
• Special warranty deed
• Bargain and sale deed
• Quitclaim deed
• Deeds for special uses

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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

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Title Examination (cont)

• Recording system
• Method of searching a title
• Grantor
• Grantee
• Grantor index
• Grantee index
• Other public records
• Title abstract

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Title Examination (cont)

• 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