NH Real Estate:Recor dedDocumentsPresented by: Derek Massey
Disclaimer These slides were created to help the NH real estate practitioner gain a general and cursory understanding of typical recorded documents in a typical transaction. For specific questions or issues, one should always seek the advice of counsel.
The Documents Deeds Easements Protective or Restrictive Covenants Plans
Warranty Deed Warranty Covenants 1. Seisin: I own the property. 2. Right to Convey: I can give it to you. 3. Against Encumbrances: No one else has an interest. 4. Warranty: I defend title to property. 5. Quiet Enjoyment: No one will bug you later. 6. Further Assurances: If I need to step in, I will.
Quitclaim Deed Simply put…. “I’m giving you what I have.”
Does it matter? Before Title Insurance… After Title Insurance…
Pop Quiz “I received title to my property via a Quitclaim Deed. May I give my buyer a Warranty Deed?” If you said “NO!”, you’re…… WRONG!
Fiduciary DeedA conveyance in which the person signing the deed isdoing so on behalf of another person (real person, trust orestate)
Mortgage Deed“Borrower does hereby mortgage, grant and convey toLender with mortgage covenants….”
Common DeedProblems Lack of marital status/homestead release Faulty acknowledgment Improper legal description Lack of authority of signer (ie Trustee must sign on behalf of trust) Lack of tenancy of multiple grantees
Easements An interest in land owned by another person, consisting in the right to use or control the land, or an area above or below it, for a specific limited purpose.
Common easements Access easement / Right of Way Shared driveway Utility easement Light and air easement
“ Subject To” v.“Together With” Subject to: The easement burdens your property for the benefit of another. Together with: The easement (or additional right or property) is in addition to the main parcel of land.
Restrictive Covenants A private agreement – usually in a deed or lease – that restricts the use or occupancy of real property by specifying lot sizes, building lines, architectural designs and the uses to which the property may be put.
Where are they found? In the body of the deed itself In a recorded “Declaration of Covenants”
Some legal restrictivecovenants 1. The premises shall be used for residential purposes only. 3. The premises shall be used for single family occupancy; no multiple use dwelling shall be permitted. 1. No mobile homes, trailers or temporary structures shall be permitted on the premises. 1. No nuisance or offensive or noisy trade, calling or transaction shall be done, suffered or permitted. 1. No trees greater than six (6) inches in diameter shall be cut down.
Plans When is a “plan” required? Subdivisions Lot Line Agreements Condominiums (Site and Floor)
Listing Questionnaire Do I have a copy of the recorded deed? What type of deed is it? Has seller obtained any additional property that he intends to sell? Has seller deeded out any lots or parcels? Are there any easements (subject to or together with)? Are there any protective covenants? Does seller have an owner’s title insurance policy?