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Premium member Presentation Transcript Chapter 12 Transfer of Title : Chapter 12 Transfer of TitleTransfer of Title (Page 219): Transfer of Title (Page 219) Deed – an instrument that conveys title to real property Bill of sale an instrument that conveys title to Personal property Grantor – Giver of the deed Grantee – Receiver of the deed Vendor – Seller of personal property V endee – Receiver of personal propertyTransfer of Title : Transfer of Title Voluntary Alienation (p.219-227) most real Estate sale transactions Involuntary Alienation (p.227-228 ( lose title with out the owners consent By Will (p.228-230) ( Transfer by your will) By Decent ( p. 230-231) ( Transfer when you don’t have a will)Slide 4: Grantor - has legal capacity Grantee - named with reasonable certainty Consideration Granting clause - words of conveyance Legal description Voluntary Alienation Deed RequirementsVALID DEED REQUIREMENTS ((page 221): VALID DEED REQUIREMENTS ( (page 221) Exceptions or reservations Signature of grantor Notarization Delivery and acceptance Direct action of the grantor During the life-time of the grantor Notary Acknowledgment not necessary Voluntary AlienationGENERAL WARRANTY DEED (Page 223): GENERAL WARRANTY DEED ( Page 223) Covenant of Seisin - right to convey Covenant against Encumbrances – purchaser is aware of all known encumbrances Covenant of Quiet Enjoyment – defend against third party claims Covenants Seller is making these 5 promises to the buyer Voluntary AlienationSlide 7: Covenant of Further Assurance - obtains all legal documentation necessary Covenant of Warranty Forever - protects purchaser’s right so long as purchaser or purchaser’s heirs retain ownership Voluntary AlienationSPECIAL WARRANTY DEED (Page 223): SPECIAL WARRANTY DEED (Page 223) Warranty that grantor received title Warranty that property was unencumbered by grantor. ( except for what the buyer will be told ) Covenants Seller is making these 2 promises to the buyer Voluntary AlienationBARGAIN & SALE DEED ( page 224): BARGAIN & SALE DEED ( page 224) Grantor has “Fee simple” ownership Free from encumbrances Grantor warrants quiet enjoyment Covenants Seller is making these 3 promises to the buyer Voluntary AlienationQUIT CLAIM DEED Page 224: QUIT CLAIM DEED Page 224 No expressed warranties No covenants No promises of any kind No Covenants Seller makes 0 promises to the buyer Court Deeds for “Quiet Title” suits Voluntary AlienationSlide 11: DEEDS IN A LAND TRUST (Page 224) Deed in trust Trustee’s deed Re-conveyance deed Trustee Beneficiary Trustor Voluntary AlienationDEEDS PURUSANT TO COURT ORDER: DEEDS PURUSANT TO COURT ORDER Sherriff’s Deed - Mortgage Foreclosure Tax Deed -Tax Foreclosure Administrators/Executors Deed Masters Deed of Reformation Page 225 Voluntary AlienationYou Need to Know: You Need to Know Warranty 5 premises by grantor from “beginning of title” to forever Special Warranty 2 promises on from time Grantor had title Quit Claim No promise by grantorTRANSFER TAX STAMPS (Page 225): TRANSFER TAX STAMPS (Page 225) State & County tax imposed on seller Allows purchaser to record deed State $.50 / $500 of value or fraction thereof County $.25 / $500 of value or fraction thereof Voluntary AlienationTRANSFER TAX RULES: TRANSFER TAX RULES Total consideration less than $100 – no tax Taxable value is reduced by the amount of the assumed mortgage Tax must be paid prior to the recording of the deed Voluntary AlienationTRANSFER TAX CALCULATIONS: TRANSFER TAX CALCULATIONS Sale Price -Assumed Mortgage Taxable Sale Price Divide by 500 Multiply by .75 $425,000 $300,000 $125,000 (Round if necessary) 250 $187.50 Full Tax .75 State .50 County .25Slide 17: Condemnation Foreclosure sale Escheat Accretion Erosion Adverse Possession Page 227-228 Involuntary AlienationSlide 18: Testator Devise Devisee Legacy or Bequest Legatee or Beneficiary Page 228-229 Will an instrument made to convey real and personal property AFTER an owners death By Will Maker of Will Gift of Real Property Receiver of Gift of Real Property Gift of Personal Property Receiver of Gift of Personal PropertyPROBATE (Page 231): PROBATE ( Page 231 ) Proves or confirms the validity of a will Determines the precise assets of the deceased person Identifies the persons to whom the assets are to pass Identifies the creditors and extent of unpaid debt By WillFORMAL WILL (Page 229): FORMAL WILL (Page 229) Written & Signed 18 years of age plus Sound mind and memory Declaration as last will and testament Witnessed by two people By WillTYPES OF WILLS (Page 236): TYPES OF WILLS (Page 236) Holographic Will Written in the testator’s own handwriting Nuncupative Will Verbal, deathbed will By WillIllinois Statue of Descent and Distribution p 230): Illinois Statue of Descent and Distribution p 230 ) Married Surviving Spouse ( 100% Marries Surviving Children ( 100% equally) Married Spouse and Children 50% wife e 50 % children Unmarried Father Mother Brother Sisters equally If one parent is pre deceased surviving parent gets their portion By DescentChapter 12 Study Guide Exercises Chapter 12 Chapter Tests: Chapter 12 Study Guide Exercises Chapter 12 Chapter Tests You do not have the permission to view this presentation. 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Chapter 12 - 75 Hrs Basic Broker Principles Course dsarrett Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 42 Category: Entertainment License: All Rights Reserved Like it (0) Dislike it (0) Added: November 16, 2011 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Chapter 12 Transfer of Title : Chapter 12 Transfer of TitleTransfer of Title (Page 219): Transfer of Title (Page 219) Deed – an instrument that conveys title to real property Bill of sale an instrument that conveys title to Personal property Grantor – Giver of the deed Grantee – Receiver of the deed Vendor – Seller of personal property V endee – Receiver of personal propertyTransfer of Title : Transfer of Title Voluntary Alienation (p.219-227) most real Estate sale transactions Involuntary Alienation (p.227-228 ( lose title with out the owners consent By Will (p.228-230) ( Transfer by your will) By Decent ( p. 230-231) ( Transfer when you don’t have a will)Slide 4: Grantor - has legal capacity Grantee - named with reasonable certainty Consideration Granting clause - words of conveyance Legal description Voluntary Alienation Deed RequirementsVALID DEED REQUIREMENTS ((page 221): VALID DEED REQUIREMENTS ( (page 221) Exceptions or reservations Signature of grantor Notarization Delivery and acceptance Direct action of the grantor During the life-time of the grantor Notary Acknowledgment not necessary Voluntary AlienationGENERAL WARRANTY DEED (Page 223): GENERAL WARRANTY DEED ( Page 223) Covenant of Seisin - right to convey Covenant against Encumbrances – purchaser is aware of all known encumbrances Covenant of Quiet Enjoyment – defend against third party claims Covenants Seller is making these 5 promises to the buyer Voluntary AlienationSlide 7: Covenant of Further Assurance - obtains all legal documentation necessary Covenant of Warranty Forever - protects purchaser’s right so long as purchaser or purchaser’s heirs retain ownership Voluntary AlienationSPECIAL WARRANTY DEED (Page 223): SPECIAL WARRANTY DEED (Page 223) Warranty that grantor received title Warranty that property was unencumbered by grantor. ( except for what the buyer will be told ) Covenants Seller is making these 2 promises to the buyer Voluntary AlienationBARGAIN & SALE DEED ( page 224): BARGAIN & SALE DEED ( page 224) Grantor has “Fee simple” ownership Free from encumbrances Grantor warrants quiet enjoyment Covenants Seller is making these 3 promises to the buyer Voluntary AlienationQUIT CLAIM DEED Page 224: QUIT CLAIM DEED Page 224 No expressed warranties No covenants No promises of any kind No Covenants Seller makes 0 promises to the buyer Court Deeds for “Quiet Title” suits Voluntary AlienationSlide 11: DEEDS IN A LAND TRUST (Page 224) Deed in trust Trustee’s deed Re-conveyance deed Trustee Beneficiary Trustor Voluntary AlienationDEEDS PURUSANT TO COURT ORDER: DEEDS PURUSANT TO COURT ORDER Sherriff’s Deed - Mortgage Foreclosure Tax Deed -Tax Foreclosure Administrators/Executors Deed Masters Deed of Reformation Page 225 Voluntary AlienationYou Need to Know: You Need to Know Warranty 5 premises by grantor from “beginning of title” to forever Special Warranty 2 promises on from time Grantor had title Quit Claim No promise by grantorTRANSFER TAX STAMPS (Page 225): TRANSFER TAX STAMPS (Page 225) State & County tax imposed on seller Allows purchaser to record deed State $.50 / $500 of value or fraction thereof County $.25 / $500 of value or fraction thereof Voluntary AlienationTRANSFER TAX RULES: TRANSFER TAX RULES Total consideration less than $100 – no tax Taxable value is reduced by the amount of the assumed mortgage Tax must be paid prior to the recording of the deed Voluntary AlienationTRANSFER TAX CALCULATIONS: TRANSFER TAX CALCULATIONS Sale Price -Assumed Mortgage Taxable Sale Price Divide by 500 Multiply by .75 $425,000 $300,000 $125,000 (Round if necessary) 250 $187.50 Full Tax .75 State .50 County .25Slide 17: Condemnation Foreclosure sale Escheat Accretion Erosion Adverse Possession Page 227-228 Involuntary AlienationSlide 18: Testator Devise Devisee Legacy or Bequest Legatee or Beneficiary Page 228-229 Will an instrument made to convey real and personal property AFTER an owners death By Will Maker of Will Gift of Real Property Receiver of Gift of Real Property Gift of Personal Property Receiver of Gift of Personal PropertyPROBATE (Page 231): PROBATE ( Page 231 ) Proves or confirms the validity of a will Determines the precise assets of the deceased person Identifies the persons to whom the assets are to pass Identifies the creditors and extent of unpaid debt By WillFORMAL WILL (Page 229): FORMAL WILL (Page 229) Written & Signed 18 years of age plus Sound mind and memory Declaration as last will and testament Witnessed by two people By WillTYPES OF WILLS (Page 236): TYPES OF WILLS (Page 236) Holographic Will Written in the testator’s own handwriting Nuncupative Will Verbal, deathbed will By WillIllinois Statue of Descent and Distribution p 230): Illinois Statue of Descent and Distribution p 230 ) Married Surviving Spouse ( 100% Marries Surviving Children ( 100% equally) Married Spouse and Children 50% wife e 50 % children Unmarried Father Mother Brother Sisters equally If one parent is pre deceased surviving parent gets their portion By DescentChapter 12 Study Guide Exercises Chapter 12 Chapter Tests: Chapter 12 Study Guide Exercises Chapter 12 Chapter Tests