TRANSFER OF REAL PROPERTY OWNERSHIP ► CHAPTER 9 © 2009 South-Western, Cengage Learning

real estate closing is practice of law in MA attorney represents lender attorney may represent both mortgagee and buyer buyer has additional concerns beyond mortgagee customary closing costs

© 2009 South-Western, Cengage Learning 1.warranty deed - 4 warranties 1.quitclaim deed - 2 covenants 1.release deed (similar to quitclaim in other states)

© 2009 South-Western, Cengage Learning in writing include grantor’s name used to acquire title grantor must be legally competent grantee must be alive and identifiable if two or more grantees – type of co-ownership must include granting clause state the total consideration description of property (also street address in margin) delivery and acceptance acknowledgment if registered – unregistered optional

© 2009 South-Western, Cengage Learning  based upon actual consideration  real stamps affixed to deed  tax rate varies amongst counties  not required if value is $100 or less  tax rate per $500 of value or any fraction thereof  seller customarily pays  tax imposed only on actual equity  collected at registry of deeds

© 2009 South-Western, Cengage Learning 20 years, actual, open, notorious, exclusive, continuous established by tacking occupancy: occasional(no) seasonal (maybe) cannot have owner’s permission not allowed for registered land, government land, etc.

© 2009 South-Western, Cengage Learning  testate versus intestate  requirements for a will  two witnesses  law of descent and distribution  escheat to the state

© 2009 South-Western, Cengage Learning adverse possession devise escheat intestate law of descent and distribution quitclaim deed testate transfer tax stamps warranty deed