Deeds and Leases

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Chapter 5

• Deeds and Leases

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Deeds

• Written document that transfers title (ownership)
  to real estate from the grantor to the grantee
• Necessary Elements of a Deed
• Designation of the parties
• Consideration given by grantee
• Legal description
• Specific interest conveyed
• Signature of the grantor and witnesses

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Additional Deed Elements

• Covenant against encumbrances
• Covenant of seisin
• Covenant of quiet enjoyment
• Covenant of further assurances
• Warranty forever

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Types of Deeds

• General warranty deed
• Special warranty deed
• Bargain and sale deed
• Quitclaim deed
• Deeds for special uses

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Figure 5.1
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Figure 5.2
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Eases

• Agreement between a property owner and tenant
  that transfers the rights of use and possession
• Requirements of a Properly Prepared Lease
• Names of the lessor and lessee
• Conveyance of the premises
• Description of the premises
• Term or duration of the lease
• Amount of rent and manner of payment
• Duties and obligations of parties
• Signatures of the parties

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Classification of Leases

• Duration of term
• Tenancy for stated period
• Tenancy from period to period
• Tenancy at will
• Tenancy at sufferance
• Type of Use
• Ground Lease
• Residential lease
• Commercial lease
• Methods of Payment
• Gross lease
• Net lease
• Net net lease
• Net net net lease
• Fixed-rent lease
• Graduated-rent lease
• Reappraisal lease
• Percentage lease
• Index lease

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Issues in the Landlord-Tenant Relationship

• Renewal option
• Expense stops
• Assignment and subleasing
• Security deposits
• Improvements
• Covenant of quiet enjoyment
• Implied warranty of habitability
• Maintenance of common areas
• Protection against criminal acts

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State Statutes Affecting Landlord-Tenant
Relationship

• Each state has enacted laws that regulate the
  behavior and relationship between landlords and
  tenants. To view these laws for individual
  states, visit www.nolo.com on the World Wide Web.

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Table 5.1