Deeds

Types of Deeds

General Warranty - Offers the most comprehensive title protection of any deed.  The grantor fully warrants good title to the property through the expressed or implied covenant of Seizin, covenant against encumbrances, covenant of quite enjoyment, covenant of warranty forever, and the covenant of further assurances.

Special Warranty- Grantor warrants good title to the property through the expressed or implied covenant of Seizin, covenant against encumbrances, covenant of quite enjoyment, covenant of warranty forever, and the covenant of further assurances.   Covenant apply only to the defects occurring during Grantor's period of ownership.

Bargain and Sale - A deed which contains neither expressed nor implied warranties of title, but the grantor implies ownership of the property described in the deed.

Grant Deed - A deed in which the covenant of seizin and covenant against encumbrances are implied by statute when the word grant is used in the words of conveyance.


Quitclaim - A deed without either express or implied warranties.  It simply conveys whatever interest, right, or title the grantor has in the property, if any.


Explanation of covenants

Seizin - Owns the property and has the right to convey it.

Encumbrances - Free from all encumbrances not specifically excepted in the deed.

Quite Enjoyment - Free from claim of superior title.

Warranty Forever - Compensate the Grantee.

Covenant of Further Assurances - Perform to perfect title.



Special Purpose

Gift, Deed of Trust, Trustee's Deed, Deed of Reformation

Court Ordered Deeds

Sheriff's Deed, Tax Deed, Deed in Partition

Requirements

In writing, Legal Capacity, Consideration, Legal Description, Signed by Grantor, Name of Grantor and Grantee, Granting Clause, Delivery and Acceptance.

Types of Leases

Gross - Tenant Pays Fixed Rent

Net - Tenant Pays Rent + Expenses

Percentage - Bases on % of Gross Income

Variable or Graduated - Rent Changes

Ground Lease - Tenant erects Building

Lease Purchase - Tenant Purchases 

Lease Option - Rent with Right to Purchase

Types of Listings

Open Listing- A property listing that uses multiple Real Estate agents in order to sell it.

Exclusive Agency - A listing agreement in which the seller appoints only one broker to represent him/her but reserves the right to sell the property them self without being liable to the broker for a commission.

Exclusive Right to Sell - A listing agreement which guarantees the broker a commission if the property is sold during the term of the listing, regardless of who sells it.

Net Listing - A listing agreement which authorizes the broker to sell the property for any price possible, while the seller agrees to accept a set amount.  Note:  Prohibited in most states

Real Estate Formulas

Area Math

1 Square Yard = 9 Square Feet
1 Acre = 43,560
1 Mile = 5,280 Feet
1 Square Mile = 640 Acres
1 Section = 1 Square Mile or 640 Acres
Township = 36 Sections or 6 Square Miles

Rectangle


Area = Length x Width ( LxW ) or Frontage x Depth ( FxD )

For Example:  Area = 650 ft x 490 ft = 318,500 sq. ft

Acres = Square Feet / 43,560

For Example:  Acres = 318,500 sq. ft / 43,56 = 7.3118

Area = Length x Width x Height

For Example:  Volume = 40ft x 60ft x20ft = 48,000 cubic feet


Triangle

Area = Lenth x Width / 2

For Example:  Area = 30ft x 40ft / 2 = 600 sq ft


Calculating Commission

Sales Price x Commission Rate = Commission Dollar Amount

Transfer Tax

( $0.10 per 100 )

( Sales price / 100 ) x .10 ROUND UP

Intangibles Tax

( $1.50 per 500 )

Intangible Tax = New Loan Assumed / 500 ROUND UP x $1.50

Real Estate Acronyms

Principals of Agency
C - Compensation
R - Reimbursement
I - Indemnification
P - Performance


Agency Law - Duties to Client 
P - Personal Performance
O - Obedience to Legal Instruction
L - Loyalty ( Promote and Protect Client )
A - Accountability ( Funds )
N - Notice ( Written and Informed )
D - Due Care/Diligence

Agency Termination
R - Revocation
E - Expiration of Agreement
A - Agreement
D - Death of Either Party
I - Incapacity
E - Extinction of Purpose
S - Subject of Law ( Illegality )

What an Agent owes to a Customer
H - Honesty
A - Accountability
D - Disclosure

Agent must have a license to
B - Buy
A - Appraise
R - Sell
S - Sell
A - Auction
L - Lease
E - Exchange

Creating an Easement
P - Private Grant
O - On Agreement
P - Prescription
C - Condemnation
O - Operation of Law
R - Reservation
N - Necessity

Terminating an Easement
R - Release
E - Expiration
P - Prescription
M - Merger
A - Abandonment
N - Necessity

Essential Elements of a Contract
C - Competent Parties
O - Objective
M - Mutual Agreement
I - In Writing
C - Consideration

Fair Housing Act
F - Familial Status
R - Race
E - Equal Opportunity
S - Sex
H - Handicap
C - Color
O - Origin
R - Religion
N - Nationality

Test for Fixtures
M - Method of Attachment
A - Adaptation
R - Relation of Parties
I - Intention
A - Agreement

Government Rights, Fed, & Local
P - Police Power
E - Escheat
T - Taxation
E - Eminent Domain

Termination of a Lease
D - Death of Tenant
E - Eviction of Tenant
C - Condemnation
A - Agreement
F - Foreclosure or Bankruptcy

Termination of a Listing
D - Death
E - Expiration of Listing Contract
A - Agreement ( Mutual or Written )
R - Revocation
I - Incapacity ( Legally Incompetent )
E - Eminent Domain

Counting Days at Closing
B - Buyer
A - Add
D - Day

S - Seller
A - Accrual
C - Closing Date

Bundle of Rights
PO - Possession
CO - Control
EN - Enjoy
DI - Dispose

Adverse Possession
C - Continuous
O - Open
H - Hostile
E - Exclusive Adverse
N - Notorious

Economical Characteristics of Property
S - Scarcity
P - Performance of Investment
A - Area Performance
M - Modification

Physical Characteristics of Property
I - Immobility
N - Non-Homogeneity ( Uniqueness )
I - Indestructibility

Joint Tenancy
P - Possession
I - Interest
T - Time ( Same Time )
T - Title ( Same Time )
S - Survivorship

Value of Land
D - Demand
U - Utility
S - Scarcity
T - Transferablity