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Common Law Law derived from judicial decisions ie "precedence set by the court"
Real Property Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land
Civil Code A systematic collection of laws designed to deal comprehensively with the core areas of private law
Louisiana court rule on civil code or common law? Civil Code (Napoleonic Code)
Real property exclusions include: Mineral Rights Leasehold right Royalty interest
Personal Property Any portable or intangible thing that is subject to ownership not classified as Real Property
Some examples of personal property include: Automobiles Home furnishing Oil and gas after production
Deed A written instrument whereby land is conveyed
Name the 8 essential elements of a deed 1. Be in writing 2. Contain words of grant 3. Competent grantor 4. Identified grantee 5. Provide for consideration 6. Be signed by the grantor 7. Contain an adequate description 8. Be delivered to the grantee
Warranty Deed * the highest form of conveyance * Grantor warrants that he owns, free and clear, and has the right to convey * in some states grant and convey implies warrant and defend, in which case in order not to warrant, use the language "transfer and assign."
In a Warranty Deed, the grantor warrants what three things: 1. Grantor owns the property 2. The property is free and clear of all encumberances except those expressly listed 3. Grantor has the right to convey
A conveyance (any deed) with no reservations conveys all of grantor's interests, including minerals. In some states the warranty must be expressly stated. In other states it is implied through the use of words, "grant and convey"
Special Warranty Deed a deed in which the grantor covenants to defend the title against only those claims and demands of the grantor and those claiming by and under the grantor
Name 3 Differences between a Warranty Deed (WD) and a Special Warranty Deed (SWD) In the Special Warranty Deed (SWD): 1. Warranty is not as broad 2. Warranty limited to acts of grantor 3. Words of art: "By through and under acts of grantor" " Grant and convey with special warranty"
Main difference between General Warranty and Special Warranty IN a special warranty the Grantee's recourse for a title failure is limited to what hte Grantor did or didn't do while owning the property. Special Warranty does not apply to title defects that existed prior to the time grantor acquired title
Deed without Warranty A deed that does not contain any covenant of warranty
4 Points of a Deed without Warranty 1. contains the "grant, sell and convey" language to establish title in the buyer 2. May convey all RTI of hte grantor at the time of execution 3. May pass "after acquired title" 4. May invoke Duhig
Notes on types of Deeds GWD's and SWD's purport to convey the land itself, "guarantee" the conveyance, and invoke the doctrine of after acquired title. A quitclaim deed does not invoke the after acquired title doctrine
After-Acquired- Title A legal doctrine which, if a grantor conveys what is mistakenly believed to be good title to the land that he did not own, and the grantor later acquires that title, it vests automatically in the grantee
Notes on After-Acquired-Title the Warranty Deed, General Warranty Deed or Special Warranty Deed, and likely a deed without warranty (but NOT A QUITCLAIM DEED) conveys all you own now or ever will own in the property
After-Acquired-Title applied to the field: A warranty deed (WD, GWD, and SWD) and likely a deed without warranty conveys: 1. All that the grantor owns at the time of sale PLUS 2. All that the grantor will ever own in the property
Quitclaim Deed conveys any title, interest, or claim of the grantor in the real property, but it does not profess that the title is valid nor does it contain any warranty or covenants of title
Quitclaim Deed Notes A quitclaim deed does not establish title in the person holding the deed, but merely passes whatever interest the grantor has in the property ***In most states the QCD does NOT carry after-acquired-title, either express or implied
Created by: jostewart
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