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Transfer by Mind Map: Transfer

1. Transfer

1.1. Valid Deed

1.1.1. Capacity grantor grantee

1.1.2. In Writing

1.1.3. Granting Clause Action Clause grant transfer convey

1.1.4. Description of the parties

1.1.5. Description of the physical property

1.1.6. Grantor's Signature

1.1.7. Delivery and Acceptance Acceptance grantee must accept Intention title of pass immediately possession of deed by grantee

1.1.8. Not required Acknowledgement Required for recording

1.2. Types of Deeds

1.2.1. Grant Deed implies there are no encumbrances other than those revealed is the only deed which confers after-acquired title

1.2.2. Quick Claim Deed to quiet title

1.3. Priority of Valid Deed

1.3.1. first valid deed recorded determines ownership Unless prior to recording actual or constructive had been given

1.4. Notice

1.4.1. Constructive Notice recording Taking possession with unrecorded deed

1.4.2. Actual Notice taken possession

1.5. Title Vesting

1.5.1. Join Tenancy Time Title Interest Possession They can do anything with their interest except will it May sell without permission new buyer often new buyer holds community property Disadvantage it can be severed by voluntary transfer or operation of law Rights of survivor-ship Recording a Lien Foreclosure lien will sever his particular interest will not sever interest Only One Title for all

1.5.2. May hold unequal share

1.5.3. Tenancy in Common Right of Possession May will there share One tenant in common cannot grant an easement

1.5.4. Community Property Husband and wife The assumption is CP each owns 50% Purchase of real property encumbered by one spouse is voidable within one year by the non consenting adult One party can lease for a period of less then one year One to list; two to sell Statue of Succession .5 to spouse; .5 to only child .333 to spouse; .666 two children if more than one

1.6. Title

1.6.1. give grantee and heir of a marketable title

1.6.2. Title Plant records of recorded documents by insurance companies

1.6.3. Seller is the trust-or in a preliminary title report

1.6.4. Types of Title Insurance Standard CLTA (buyer) Matter of Records Lack of Capacity Forgery Defective Delivery ALTA (lender) includes survey and unrecorded events extended coverage includes survey and unrecorded events Exclusions Defects known by buyer and seller Acts by government

1.7. Land Description

1.7.1. Metes and Bounds

1.7.2. Recorded tract

1.7.3. Township and Sections

1.8. Escrow

1.8.1. Make sure conditions of transfer are met

1.8.2. Dual agent for buyer and seller After Escrow agent may become the separate agent of either party.

1.8.3. Broker Escrow Charge fee only if agent to seller or buyer Otherwise needs license Department of Corporations

1.8.4. Seller should order termite Report before listing preventative work is usually paid by buyer

1.8.5. buyer or seller Can authorize changes or cancel Escrow

1.8.6. Only seller can give the buyer permission to move prior to close

1.8.7. Inter-pleader Action unresolved disputes between buyer and seller preventing closing Broker may file if disputes over the deposit before opening of escrow

1.8.8. Closing Selling price is a debit to buyer Prepaid Takes is a credit to seller Assumed loan is a debit to seller and credit to buyer Interest on an assumed loan does not appear as a debit to the buyer Recurring cost impounds Debit and Credits are usually different for buyer and seller

1.8.9. Pro-ration Who is going to pay use 30 day month and 360 day year

1.8.10. Short rate Home owners insurance is cancelled refund will be less than a pro-ration

1.8.11. Broker must record a deed within one closing

1.9. Miscellaneous

1.9.1. Notary employee of a corporation may notarize when notary has no personal interest

1.9.2. Trust Deeds and re-conveyance deeds Not Deeds Loan Documents

1.9.3. Warranty Deed Replaced by Title Insurance

1.10. Tax Aspects

1.10.1. Transfer Document Tax $.55 per $500 of new money

1.10.2. County Tax Assessor assesses the value of all taxable property creates assessment roll Property assessed at 100% of taxable value

1.10.3. County board of supervisors Determine the tax rate limited to 1% plus an amount to cover existing debt

1.10.4. Tax collector Prepares the bill

1.10.5. Assessment Appeals Board hears appeals from owners who believed they have been over assessed

1.10.6. Tax Calendar 07/01 to 06/30 01/01 lien date First installment Due 11/01 to 12/10 delinquent Second installment Due 02/01 to 04/10 delinquent 06/30 starts the 5 year lien period Pro-ration e.g. sold home in 10/01

1.10.7. Miscellaneous Tax bill does not have legal descriptions use tax assessor's parcel number Senior Citizen State Controller

1.10.8. Special Assessments Street Improvement Act of 1911 Specific location tax Mello-Roos act More general

1.10.9. Federal Income Tax Basis Cost Basis Adjusted Cost Basis benefits depreciation, 1031 tax defer and installment sales.