Real Estate Transactions-Deed drafting and Related Statutes.
Real property can be defined as a piece of land and all that is thereon (on the surface and attached to it) and therein (beneath the land). Real property actually defines land and is not synonymous to real estate. However, at times property becomes attached to the land because its removal may damage both property and land. On the other hand, real estate includes the land, properties attached to it as well as any interest that may be owned in the properties or land. Real estate transactions (sales and purchases) are supposed to be carried under the laws of the federal government and statutes of the state that the specific property under sale lays. The general federal concepts are applied differently in different states, however; the basic principles that govern property transfer are held all the same. At times these slight variations occur even between counties, cities and towns within a single state. Disposition of real estate occurs via contract, lease and deeds as well as inheritance at the death of the owner-done based on specifics stated in a will. In this paper I will review disposition via a deed (sale), draft the deed and highlight statutes that govern this type transaction. The hypothetical scenario involves conveyance of real estate from Sam and Sarah Seller (husband and wife) to Barb Buyer (mother) and Ted Buyer (her son).
WARRANTY DEED:
RECORDING REQUESTED BY:___________________________________
AND WHEN RECORDED MAIL THIS DEED AND TAX STATEMENTS TO:
Bard Buyer and Ted Buyer
123 West Main Street
Washington.
Consideration: $ 425,000.
Property Transfer Tax: $ _______.
Exemption (R&T Code)_________.
Explanation___________________
Assesor’s Parcael Number:______.
WARRANTY DEED:
Mr. Sam and Mrs. Sarah (Husband and wife), married couple as grantor(s), for the consideration of four hundred and twenty five thousand dollars $ 425,000, hereby convey grant and deed to Barb Buyer (mother) and Ted Buyer (son), as grantee , as JOINT TENANTS, the real estate property Lot number Block 3456, Section 7 located at 123 West Main Street, Washington and more specifically as described as set forth in exhibit “A” to this warranty deed which is attached hereto and incorporated herein by reference. Grantors do hereby bind themselves, their heirs and assign TO WARRANT AND FOREVER DEFEND all and singular the said property onto the said grantees, their successors and assigns, against every person whosoever lawfully claiming or to claim the same or any part thereof, by through or under grantor, but not otherwise.
On this_________ day of_____________, 2010, in the State of Washington, I/we herewith sign this warranty deed.
- _______________________
Mr. Sam. Mrs. Sarah.
State of: Washington.
County of: _________.
On this the _______ day of ___________2010, before me, the undersigned, a notary public in and for said county and state, personally appeared Bard Buyer and, Ted Buyer, personally known to me (or proved to me on the basis of satisfactory evidence, to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that she/he/they executed the same in his/her/their authorized capacity(-ies), and that by her/his/their signature(s) 0n the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument.
I CERTIFY under the PENALTY OF PERJURY under the laws of the state of Washington that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
________________
Signature of Notary
Washington state statutes in relation to deed requirements and real estate disposition
RCW 64.04.010-Conveyances and encumbrances to be by deed
Any real estate transactions or any involved interests therein and all creations of contract or giving of evidence about encumbrances upon any real estate property should be done by use deeds as a mandatory requirement. This provision is basic for real estate property or interests of these properties that are held in trust. The trust under such considerations should be in record and the records/instruments holding such a trust should be able to authorize issuance of certification or proof of ownership of interest by the holder. This could either be by written proof or endorsement on the certificate’s back. These considerations have to be in place for conveyance to be termed legal.
RCW 64.04.020-The requisite of a deed
It is a requirement that all deeds should be in written form, and it should be signed by all parties bound by the deeds agreement. All parties should acknowledge before being signatories and before a third party acts to take their acknowledgements.
RCW 64.04.030 Form and effect of a warranty deed
Warranty deeds should entail these details as their main structural points devoid of express covenants. The grantor(s) name(s) and residential area(s), consideration in amount, Grantee(s) name(s), the description of the real estate and its situation including county and state. Then finally a date should be included. Every deed in this form when executed is deemed to have offered full possession of the real estate to the grantee his heirs and assigns at a fee (the consideration) which the grantor/s agreed to as bound in the deed. It is also deemed that the grantor/s had full rights of possession and disposition of the real estate property in question and that it was free of encumbrances. The grantor his/her/ their heirs or assignees are also deemed bound to guarantee protection and peaceful possession of the real estate property to the grantee/s, heirs and assigns.
RCW 64.04.090-Abolishment of private seals
Use of private seals on leases, deeds, bonds, mortgages and other related instruments or contractual documents from wife to husband and vice versa for their community rights, interest, title or estate any part of their real community property is abolished by statutes of Washington. Additionally, the addition of any such seal to the above mentioned written documents shall have no influence on legality or validity.
RCW 64.04.060-The use of the word heirs
In the creation and conveyance of an estate in fee simple “heirs” and other inheritance technical terms shall not be necessary. Therefore, conveyance of an estate in fee simple is validated despite any omissions of any technical inheritance terms such as heir.
RCW 64.04.105 Effects of the absence of a corporate seal in a conveyance instrument.
The absence of a corporate seal from any leases, mortgages, deeds, contracts or any other instruments shall not affect legality or validity.
RCW 64.04.055 Deed used in the conveyance of apartments under the act of horizontal property regimes.
All deeds conveying apartments should be as stated in chapter RCW 64.32-they should be in a form designated by law for the conveying of any land or property and should additionally have contents as stated in RCW 64.32.120. (Denis , 2008).
RCW 64.04.040-Form and effect of a sale and bargain deed
Warranty deeds should entail these details as their main structural points devoid of express covenants. The grantor(s) name(s) and residential area(s), consideration in amount, Grantee(s) name(s), the description of the real estate and its situation including county and state. Then finally a date should be included. Every deed in this form when executed is deemed to have offered full possession of the real estate to the grantee his heirs and assigns at a fee (the consideration) which the grantor/s agreed to as bound in the deed. It is also deemed that the grantor/s had full rights of possession and disposition of the real estate property in question and that it was free of encumbrances. The grantor his/her/ their heirs or assignees are also deemed bound to guarantee protection and peaceful possession of the real estate property to the grantee/s, heirs and assigns. The consideration in this case should be free from encumbrances that result from the grantor his/her/their heirs, unless limited by written statements within the deed (Edward et al, 2009).
RCW 64.04.050- form and effect of a quit claim
Warranty deeds should entail these details as their main structural points devoid of express covenants. The grantor(s) name(s) and residential area(s), consideration in amount, Grantee(s) name(s), the description of the real estate and its situation including county and state. Then finally a date should be included. Any deed in the above form when executed shall be deemed a fit conveyance, quitclaim and release to the grantee, his/her/their assigns and heirs of existent equitable and legal rights of grantor in the property described in the deed. However, this shall not be extended to after acquired title, exceptions being only possible by addition of written words that express such an intention in the instrument (Washington State Legislature’, 2010).
RCW 64.04.005 Liquidated damages and forfeiture of purchase
If a purchasing party forfeits an earnest money deposit to the owner of the property as the owner’s exclusive remedy, without a legal excuse to clear the purchase. Then the purchase is still enforceable even if the other party incurs damages. However, forfeited amounts in this case are limited to five percent of the purchase price.
RCW 64.28.010 Joint tenancies with rights of survivorship
Joint tenancy allows property to past to the survivor in cases of a co-ownership that had been earlier designated in an instrument. This should be done without any probate proceedings or expenses on the side of the survivor. A joint tenancy can be severed and includes the rights of any party to severe the tenancy. Joint tenancy shall also be created only by written statements in an instrument.
References
‘WashingtonState Legislature’, (2010). Real Property and Conveyances. Retrieved from, http://apps.leg.wa.gov/RCW/default.aspx?Cite=64, on 11th June, 2010.
Weintraub, E. (2010). Property Deeds That Transfer Title to Real Estate. Retrieved from, about.com Guide, on 11th June, 2010.
Edward D. M, Charles E. R and John D. A. (2009). The revised statutes and codes of the state of Washington. New York, NY: Review printing company.
. Denis C, (2008). Plan Your Estate, Nolo, and 9th edition. p. 168
Is this your assignment or some part of it?
We can do it for you! Click to Order!
