Definitions of Land Transactions
Deed
A written instrument, which has been signed and delivered, by which one individual, the grantor, conveys title to real property to another individual, the grantee; a conveyance of land, tenements, or hereditaments, from one individual to another.
At Common Law, a deed was an instrument under seal that contained a Covenant or contract delivered by the individual who was to be bound by it to the party to whom it was granted. It is no longer required that such an instrument be sealed.
Transfer of Land
Land can only be transferred from one individual to another in the legally prescribed manner. Historically speaking, a written deed is the instrument used to convey ownership of real property.
A deed is labeled an instrument of conveyance. Under Spanish law, which was in effect at an early date in areas of the western United States, a written deed was not necessary to convey title to land. A verbal grant was sufficient to complete the transaction, provided that it was accompanied by a transfer of possession. Verbal grants of land in Texas have, therefore, been given recognition in U.S. courts.
A deed must describe with reasonable certainty the land that is being conveyed. The conveyance must include operative words of grant; however, technical terms do not need to be used. The grantor must be adequately identified by the conveyance, although it is not required that the grantor's name be specifically mentioned. State laws sometimes require that the deed indicate the residence of the grantor by town, city, county, and state.
In order for title to property to pass, a deed must specify the grantee with sufficient certainty to distinguish that individual from the rest of the world. Some statutes mandate that the deed list the grantee's residence by town, city, county, and state.
Types of Deeds
Three basic types of deeds commonly used are the grant deed, the quitclaim deed, and the warranty deed.
Grant Deed By use of a grant deed, the conveyor says, "I grant (convey, bargain, or sell) the property to you." In a number of jurisdictions a representation that the conveyor actually owns.the property he or she is transferring is implied from such language.
Quitclaim Deed A quitclaim deed is intended to pass any title, interest, or claim that the grantor has in the property but makes no representation that such title is valid. In effect, this type of deed states that if the grantor actually owns the premises described or any interest therein, it is to be conveyed to the grantee. For this type of deed, some state statutes require a Warranty by the grantor, stating that neither the grantor nor anyone associated with him or her has encumbered the property, and that the grantor will defend the title against any defects that arise under and through him or her, but as to no others.
Warranty Deed In a warranty deed the grantor inserts covenants for title, promising that such title is good and clear. The customary covenants of title include warranty of seisin, the right to convey, freedom from encumbrances, and a defense of the title as to all claims.
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https://en.wikipedia.org/wiki/Indenturetionary.thefreedictionary.com/
Indenture
An indenture is a legal contract between two parties, particularly for indentured labour or a term of apprenticeship but also for certain land transactions. The term comes from the medieval English "indenture of retainer"[1] — a legal contract written in duplicate on the same sheet, with the copies separated by cutting along a jagged (toothed, hence the term "indenture") line so that the teeth of the two parts could later be refitted to confirm authenticity (Chirograph).[2] Each party to the deed would then retain a part. When the agreement was made before a court of law a tripartite indenture was made, with the third piece kept at the court.
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n. a type of real property deed in which two parties agree to continuing mutual obligations. One party may agree to maintain the property, while the other agrees to make periodic payments. 2) a contract binding one person to work for another. 3) v. to bind a person to work for another.
INDENTURE, conveyancing. An instrument of writing containing a conveyance or contract between two or more persons, usually indented or cut unevenly, or in and out, on the top or, side.
2. Formerly it was common to make two instruments exactly alike, and it was then usual to write both on the same parchment, with some words or letters written between them, through which the parchment was cut, either in a straight or indented line, in such a manner as to leave one-half of the word on one part, and half on the other. The instrument usually commences with these words, "This indenture," which were not formerly sufficient, unless the parchment or paper was actually indented to make an indenture 5 Co. 20; but now, if the form of indenting the parchment be wanting, it may be supplied by being done in court, this being mere form. Besides, it would be exceedingly difficult with even the most perfect instruments, to out parchment or paper without indenting it. Vide Bac. Ab. Leases, &c. E 2; Com. Dig. Fait, C, and note d; Litt. sec. 370; Co. Litt. 143 b, 229 a; Cruise, Dig t. 32, c. 1, s. 24; 2 Bl. Com. 294; 1 Sess. Cas. 222.
A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856
Metes and Bounds
Metes and Bounds: A method of describing land by measure of length (metes) of the boundary lines (bounds). Most common method is to recite direction and length of each line as one would walk around the perimeter. In general the “metes” and “bounds” can be recited by reference to record, natural or artificial monuments at the corners; and record, natural or cultural boundary lines.
http://www.newtowncfs.com/blspc/terms.html “Surveying terms