Presentation on theme: "Deeds- Operation & Construction Misty Briscoe-Garcia TRUMP TOWER."— Presentation transcript:
Deeds- Operation & Construction Misty Briscoe-Garcia TRUMP TOWER
Introduction A deed is an important instrument that is a central component of Real Estate, Property Law, and Contract Law. The deed is so important that it is essential to both the Executory Period and the Post Closing Stage of a Real Estate Transaction. Deeds are generally governed by specific state law requirements of construction and operation.
Deeds- Operation & Construction Real Estate- Residential, Commercial, Realty, Brokers, Agents, Commissions Real Property- Land, Fee, Fee Simple, Lot, Parcel Property- Deed, Title, Lease, Foreclosure, Marketable Title Contracts- UCC, Licensing, Promissory Estoppel, Part Performance, Equitable Estoppel, Liquidated Damages
Stages of a RE Transaction 3 Steps in a Real Estate Transaction 1. Pre K stage- PSA is signed 2. Executory Period- the period that runs between the signing of the contract and the closing of the contract. The deed is delivered and the $ is exchanged 3. Post- Closing – recording of the deed This is My House
3 Types of Deeds General Warranty Deed – highest level of protection, deed warranty against all levels of defect in the title up until the person deeding, most comprehensive form you can get. Special Warranty Deed- warranty of defects in title when the grantor had the title only. Quitclaim Dead- lowest level of protection, no warranties on title – it is the as is deed. CO- Bargain and Sale Deed for deeds conveyed by executors, administrators and guardians. Can be any of the 3 above. (Phantom Category)
DEED COVENANTS common law covenants If ever breached, they can only be breached on the day of closingthe SOL starts to run on the date of closing Implied in CO, even if they are not mentioned in any warranty deed the covenants are implied to exist in the deed (not for QCD).