Business Hints for Men and WomenCalhoun, A. R. (Alfred Rochefort)
Science
Business Hints for Men and Women
Calhoun, A. R. (Alfred Rochefort)
Business; Commercial law -- United States
In all the great business centers of the United States there are
Title Guarantee Companies, who for a consideration--to be paid by
the seller--furnish an abstract of title, and insure its validity.
In smaller places the local lawyers know how to make up an
abstract and one should be employed. Never trust the search of the
inexperienced.
An abstract of title is a memorandum taken from the records of the
office where deeds are recorded, and showing the history of the
title from the Government up to the present time.
The seller should furnish the buyer with a certificate from the
proper county officer, showing whether or not all taxes have been
paid up to the last assessment.
In addition to this, before the money is paid and the deed
accepted, the purchaser should be satisfied that there are no
mortgages, liens, attachments or other claims against the
property.
If such claims exist and are known to the buyer, he may assume
them as a condition of the sale.
PARTIES TO A DEED
The person selling the land and making the deed is known in law as
the Grantor. The person buying the property is known as the
Grantee.
A deed is a form of contract, and in order to have its terms and
statements binding on the maker, he must be twenty-one years of
age, or over, and he must be of sound mind.
The grantee need not be twenty-one, nor of sound mind in order to
make the terms of the deed binding on the grantor.
In some states, if the grantor be a married man, his wife must
sign the deed with him. This should be seen to, for without the
wife's signature the grantee will not have a clear title, for the
woman could still claim an interest in the property equal to her
dower right.
Also, if the grantor is a woman, her husband, for the reasons
given, should join with her in the execution of the deed.
The preparation of a deed should not be left to the unskilled.
DIFFERENT DEEDS
There are three kinds of deeds, viz.: General warranty deeds,
special warranty deeds, and quit-claim deeds.
The general warranty deed, if it can be had, is the one every
purchaser should get.
In the general warranty deed the grantor agrees for himself, "his
heirs, executors, administrators, and assigns," that at the time
of making the deed he is lawfully in possession, "seized" is the
legal term, of the estate described in the deed, that it is free
from all incumbrance, and that he will warrant and defend the
grantee and his heirs and assigns against all claims whatsoever.
In the quit-claim deed the grantor conveys to the purchaser his
interest in or right to the property under consideration.
The quit-claim grantor does not guarantee the title to the
property, nor warrant the grantee against any other claims. He
simply, by the deed, quits his claim to the property.
The special warranty deed covenants and warrants only against the
acts of the grantor and those claiming title under him.
MAKING A DEED
Public-domain text, read in full here on John Shaqi.
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