![]() ![]() Covenant of Further Assurances What the seller is saying is that the seller if asked will sign any other documents to perfect his title that he gave the buyer 5.Quit Claim Deed – also called as Dollar Deed and $1 Deed, is a transfer with no guarantees about the extent of a person’s interest. ![]() Well, they probably have a case there and the Indian tribes did not want to take possession but they wanted to be payed for giving up their ownership rights and this is where the tile insurance company has to come up with some money. Some people say that the people using the property have the right of property because they have been so long in that property and using it. Now when this document was given to them by an officer who has authorized to do this there was no recorded process so these Indians presented this documents and it turned out to be true. ![]() o There was an Indian tribe in Connecticut that showed documents that they owned what is now 25% of downtown Bridgeport. ![]() relevant when it comes to old claims for Indian tribes. Covenant of quiet enjoyment That means that a party will not claim ownership on your property or that they have a lean on your property o Ex. Covenant of seisin This means that the seller does have the right to sell the property Very important example: Professor was involved in one deal many years ago buying a portfolio of an industrial property and they were negotiating with partners and when it came to sign the contract they wouldn't sign it and it was suspicious and the reason was that they were not dealing with the managing partner and turns out the people they were dealing with didn't have the right to sell the property, they were just hoping to convince who had the right to sell it. Covenant against encumbrances o Encumbrances is a lean o What the seller is saying to the buyer is that other than what is the public records, all leans are recorded, and the buyer or the lawyer should find out what these leans are by searching in the public records o Other than what is in the public records and other than what I'm (SELLER) telling you there is no other encumbrances 2. When mailed completed too Additional elements of a deed Four covenants and one warranty o A covenant is a promise o A warranty is guarantee that the statements being said are trueġ. o That is shown by the term "warranty deed" (fee simple) The last necessary element of a deed is the signature o Of the GRANTOR NOT THE GRANTEE The deed is only delivered when it is accepted by the buyer o The deed is mailed or handle to someone in a closing and when the buyer actually touches the document the transaction is completed. CHAPTER 5: Deeds and Tile Examination Deeds: Deed is a legal document that represents title or ownership Tells you what legal rights you are buying (of ownership) o what legal rights you have in that property A tile is the right to ownership o Like the tile to a car that shows that you own the car Five necessary elements of a deed: Warranty Deed The first necessary element of a deed is the identification of the parties First party - the seller (grantor) someone giving up their interest in property Second party - the buyer (grantee) who gives up money in order to receive the property o Example in handout New Port Largo, INC (seller) Colorado Investments, NV (buyer) The second necessary element of a deed is consideration o The consideration is shown in document with the words "$10.00 dollars and other valuable considerations" Does not mean they are paying $10 for the property but it has to be stated that money has been transferred so that this becomes a legal document The third necessary element is legal description o Legal description will be shown at bottom of the page "All Port Largo Fourth Addition." o This happen to be undeveloped lots thats why we see tracks and lot numbers The fourth necessary element of a deed will tell you what interest is being conveyed o Is it a fee simple interest, life estate interest, lease hold interest, etc. ![]()
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