D. Zaharopoulos. Title: “rights of ownership” bundle of rights recognized & protected by law ...
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D. Zaharopoulos
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Title: “rights of ownership”bundle of rights recognized & protected by
law
Deed: document used in the transfer of ownership in real estate
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Deed has to be notarized Signed by the Grantor Does not have sales price Does not need to be Recorded Title transfers upon
DELIVERY & ACCEPTANCE
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Recordation is not mandatory, nor does it guarantee validity of tile, but lends enforceability of claim to title
It becomes part of the chain of title.
When a Deed is submitted for recordation, it must be accompanied by a notarized “affidavit of value” that includes a sworn statement attesting to the purchase price & signatures of buyer & seller.
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Voluntary
1. Gift2. Sale3. Will
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Involuntary1. By law
1. Eminent domain2. Enforcing liens3. Escheat
2. Natural forces1. Erosion2. Accretion3. Reliction4. Avulsion
3. Adverse possession
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Transfer of a Deceased’s Property
1. Devise2. Descent3. Probate
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Grantor Grantee Consideration Conveyance Exceptions Legal description Executed & acknowledged Delivery and acceptance
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1. General warranty2. Special warranty3. Bargain & sale
1. Sheriff’s2. Treasurer’s3. Executor’s4. Trustee‘s
4. Quitclaim5. Disclaimer6. Deed in trust7. Reconveyance8. Grant 9. Beneficiary10. Gift
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A covenant is a promise
A warranty is a guarantee
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Under AZ Revised Statutes, the order of intestate succession is
Spouse Children Grandchildren Parents Siblings Grandparents Uncles & aunts
Title of property transfers at moment of death, subject to probate approval.
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In the matter of wills, real property is termed “devise”
The donor “devisor” and Recipient “devisee”
Personal property is a “bequest”, The giver, “bequestor” The recipient, “bequestee”
Cash is called “legacy” The giver “legator” The receiver “legatee”
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Formal will Holographic will Nuncupative will codocil