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By: W. Paul Lewis, Title Counsel, Pinehurst & Wilmington
Due to various phone calls on this issue, and to take a break from Best Practices and the new Disclosure form, we are going to talk about parties necessary to a real property conveyance. Every now and again it is beneficial to review basic conveyancing concepts. A valid conveyance of real property requires five elements: a grantor, a grantee, an ascertainable subject matter, operative words of conveyance and a proper execution and delivery. This article will review two of these five requirements, the parties to the deed.
Typically this discussion would begin with the grantor requirements, but I would prefer to begin with the grantee because the requirements to be a good grantee are less stringent than that of a grantor and because, generally, one is a grantee before they become a grantor.
Early Common Law recognized that a grantee could be a natural person. This expanded to include legal entities capable of holding title. While you will find no statute authorizing a natural person to hold title, you will find authorizing statutes for corporations, partnerships, LLCs, unincorporated associations and, more recently, trusts. Prior to this statutory authority, for a trust to hold title, the conveyance had to be to the trustee of the trust or the deed was void for lack of a grantee. Also, prior to this statute, older deeds in the chain of title, to a trust, which may have been previously void, are now good links in the chain of title.
NC Closing Attorney Best Practices Task Force Webinar
You are invited to attend more upcoming Best Practices webinars addressing issues of concern in your implementation of Best Practices as well as preparing for the upcoming new integrated Closing Disclosure. The webinars are being offered free of charge to North Carolina real estate attorneys and their staff.
April 29, 2015, Time: 2:00 pm - 3:00 pm plus 1/2 hour Q&A - Michelle Korsmo, CEO of the American Land Title Association will be the featured speaker discussing changes and what remains to be done. Click HERE to register.
Best PracticeD - Our Best Practices Solution for Encryption of Email
- Attorneys Title is working hard on compliance with ALTA's Best Practices and we know you are, too. In order to send and receive securely encrypted documents via email that are in compliance with the protection of valuable NPPI, we selected ShareFile by Citrix so that...
If you haven't checked encryption off your to-do list yet, don't lose a deal - contact us and we will help. We can send our document, or even your document, via ShareFile.
*Interested in learning more information regarding ShareFile by Citrix? Visit their website, ShareFile.com
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