D. Zaharopoulos. Title: “rights of ownership” bundle of rights recognized & protected by law Deed: document used in the transfer of ownership in real.

D. Zaharopoulos

Title: “rights of ownership”bundle of rights recognized & protected by

law

Deed: document used in the transfer of ownership in real estate

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

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.

Voluntary

1. Gift2. Sale3. Will

Involuntary1. By law

1. Eminent domain2. Enforcing liens3. Escheat

2. Natural forces1. Erosion2. Accretion3. Reliction4. Avulsion

3. Adverse possession

Transfer of a Deceased’s Property

1. Devise2. Descent3. Probate

Grantor Grantee Consideration Conveyance Exceptions Legal description Executed & acknowledged Delivery and acceptance

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

A covenant is a promise

A warranty is a guarantee

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.

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”

Formal will Holographic will Nuncupative will codocil