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The laws relating to real estate define how land is owned, what rights owners (and users) have and how it is controlled and conveyed. Generally land ownership laws will be similar from state to state, but where there are differences, the law where the land is located will control. Another issue worth considering is that land ownership laws are somewhat linked to probate law because the land will still be there after the owner is deceased. An ownership interest is usually written, in the form of a deed; in fact, until a deed is filed with the appropriate authority, a transfer of land is usually incomplete and can be challenged by creditors or interested third parties.
Control over land can be divided in many different ways. One or more persons may own all of the interests in a parcel of land (usually called "fee simple" ownership). Someone may own the right to use property for his or her life-time (a life estate) or for a period of time (a term of years or a lease). Others may own the right to the property after the life estate terminates (the remaindermen or remainder interest owners). Sometimes these relationships are spelled out in a deed and other times they appear in a Last Will & Testament or in a trust. Where land is owned by a trust, the trustee owns formal legal title, but must use the property for the trust beenficiary consistent with the trust agreement.
Land can be owned by one person (an individual or a business entity), or can be owned by multiple persons. Where land is owned by more than one person, the property may be held as Tenants in Common or as Joint Tenants. If the property is held as Joint Tenants, then the deed typically specifies how the property is distributed after one co-owner dies. If you have questions about your deed, you should contact a qualified attorney.
Georgia:
Georgia Real Estate Commission
Real Estate License Law & Rules and Regulations
Georgia Superior Court Clerk's Cooperative
Tennessee:
Tennessee Real Estate Commission
Tennessee Real Estate Laws
Tennessee Real Estate Assessment Data
Other Sources:
www.Realtor.com
Index of Real Estate Terms (www.newhomes.com)
Deeds:
A deed is a written instrument, usually under seal, conveying some property interest from a grantor to a grantee. A grantor is the person who conveys the property interest; the grantee is the person to whom the grant is made. In order for a deed to be effective in transferring title, it must be in proper legal form and executed as specified by the law in the state in which the property is located. Ownership is actually transferred the moment the deed is properly delivered to and accepted by the grantee, however, in many cases third parties will not recognize the transfer until the deed is recorded. In order to protect the validity of the title from subsequent innocent third parties purchasing the same property from the original grantor, the deed must be recorded as required by the particular state's recording statute. This also gives assurance to third parties that no one else has good title unless the title has been recorded. This gives constructive notice to third parties. When a deed is delivered, all prior oral and written agreements are merged into the deed and are collateral. This means that when a deed is delivered and accepted all prior agreements which are inconsistent with the deed are superseded and have no legal effect. An exception to this rule occurs in cases of fraud and mutual mistake. Another exception exists when the contract specifically provides that the obligations will survive the closing.
Quit Claim Deed
A quit claim deed is one of the most basic deed forms used. It allows you to give up your interest in real estate to another person or entity. You can only give what you have. The deed provides no warranty for the buyer (or recipient). It is subject to any claim held by another party.
Warranty Deed
A warranty deed contains the exact legal description of the property and is recorded in the county courthouse where the land is located. It is called a warranty deed because the person giving the deed stands behind the deed, promising that they own the interest being conveyed and that they will defend against any claim saying otherwise.
Security Deed (also called a Deed to Secure Debt or a Trust Deed)
A mortgage document that is recorded in the courthouse records showing the amount and term of loan. It gives the lender the right to foreclose if the loan isn't paid back.
Executor's Deed (or Administrator's Deed)
An Executor's deed is a deed delivered by the presonal representative of an estate. If the decedant died with a Will, then it is an Executor's deed. If there was no Will, then it is an Adminstrator's deed. Typically court approval is required.
© 2004, Law Office of David L. McGuffey, LLC
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