REAL PROPERTY TRANSFER

1
REAL PROPERTY - TRANSFER MORTGAGES
2
SALE/PURCHASE OF REAL ESTATE

• BROKERS AND LISTING AGREEMENTS
• PURCHASE AGREEMENTS AND EARNEST MONEY DEPOSITS
• TITLE DEFECTS AND EXAMINATION
• FINANCING MORTGAGES AND CONTRACTS FOR DEED
• CLOSING AND RECORDING

3
ADVERSE POSSESSION

• TAKING POSSESSION OF ANOTHERS PROPERTY
• IN AN OPEN AND NOTORIOUS WAY
• EXCLUSIVE OF THE OWNER
• UNDER CLAIM OF RIGHT OR COLOR OF TITLE (HOSTILE)
  
• AND HOLDING IT FOR THE STATUTORY PERIOD OF TIME

4
DEEDS

• REQUIREMENTS OF A DEED
• TYPES OF DEEDS
• WARRANTY DEED
• GRANT DEED SPECIAL WARRANTY DEED
• QUIT CLAIM DEED

5
RECORDING SYSTEM PRIORITIES

• NOTICE RULE --
• PERSON ACQUIRING INTEREST IN PROPERTY HAS
  PRIORITY OVER FIRST IN TIME PARTY IF SUBSEQUENT
  PERSON HAD NO NOTICE OF THE FIRST PARTYS
  INTEREST IN THE PROPERTY EVEN IF SECOND PARTY
  DOES NOT RECORD FIRST

6
RECORDING SYSTEM PRIORITIES

• NOTICE/RACE RULE --
• PERSON ACQUIRING INTEREST IN PROPERTY HAS
  PRIORITY OVER FIRST IN TIME PARTY IF SUBSEQUENT
  PERSON HAD NO NOTICE OF THE FIRST PARTYS
  INTEREST IN THE PROPERTY AND SECOND PARTY
  RECORDS FIRST

7
RECORDING SYSTEM PRIORITIES

• RACE RULE
• WHOEVER RECORDS FIRST HAS PRIORITY EVEN IF
  SECOND PARTY HAS NOTICE OF THE FIRST PARTYS
  INTEREST AT THE TIME SECOND PARTY ACQUIRED ITS
  INTEREST IN THE PROPERTY

8
MORTGAGES AND DEEDS OF TRUST

• NATURE AS LIEN INTEREST
• RIGHTS OF MORTGAGOR AND MORTGAGEE

9
MORTGAGES AND DEEDS OF TRUST

• NATURE AS LIEN INTEREST
• RIGHTS OF MORTGAGOR AND MORTGAGEE

10
FORECLOSURE

• JUDICIAL AND POWER OF SALE FORECLOSURES
• SALE PROCEEDS DEFICIENCY
• RIGHT OF REDEMPTION
• COMMON LAW EQUITY OF REDEMPTION
• STATUTORY REDEMPTION