Real Estate Records. and what they are

Transcription

1 Real Estate Records and what they are

2 Why record documents? Recording is Public notice for every transaction relating to the property. This is constructive notice whether or not the person has actual notice. i.e. Notice

3 Real estate records to be enforceable were in writing on paper to be binding due to the statute of frauds

4 Section Conveyance required to be in writing; signature; attestation by witnesses. Conveyances for the alienation of lands must be written or printed, or partly written and partly printed, on parchment or paper, and must be signed at their foot by the contracting party or his agent having a written authority; or, if he is not able to sign his name, then his name must be written for him, with the words "his mark" written against the same, or over it; the execution of such conveyance must be attested by one witness or, where the party cannot write, by two witnesses who are able to write and who must write their names as witnesses; or, if he can write his name but does not do so and his name is written for him by another, then the execution must be attested by two witnesses who can and do write their names.

5 Initially documents were handwritten, then typed but always documents were bound into books.

6 Microfilm was next. Records were copied and a backup kept stored on microfilm. Digital copies became accessible to the public.

7 Now in the Digital age Automation of indexes Ability to capture document images Public access through the internet Redactions

8 Counties that allow Electronic recording Real Estate 1. Coffee 2. Elmore 3. Houston 4. Jefferson 5. Madison 6. Mobile 7. Montgomery 8. Shelby

9 The Basics of Legal descriptions

10 Governmental Surveys Section 10, Township 16 South, Range 4 East of the Huntsville Meridian 16 South 4 East

11 , 6 MILES

12 Section 10, Township 16 South, Range 4 East of the Huntsville Meridian 10 Section

13 Read Metes & Bounds backwards S1/2 of NW1/4 of SE1/4 of Section 10, Township 16 South, Range 4 East of the Huntsville Meridian

14 S1/2 of NW1/4 of SE1/4 Section 10, Township 16 South, Range 4 East of the Huntsville Meridian 10 Section

15 Metes and Bounds Section 10, Township 16 South, Range 4 East of the Huntsville Meridian Starting point on Governmental Survey Point of beginning property described Describe property Back to point of beginning

16 Deeds

17 Requirements of Deeds 1. In writing Signed 3. Witnessed

18 1. Preparer of the Deed Name Address

19 2. Consideration 1. Inadequacy of consideration 2. No consideration $1.00 and other good and valuable consideration 3. $1.00 and the assumption of a mortgage 4. $1.00 and subject to a mortgage 5. Support and maintenance To my son John Doe in consideration of him caring for me the rest of my life 7. File RT-1 Form certifying value p. 462

20 Real Estate Sales Validation Form RT-1 This Document must be filed in accordance with Code of Alabama 1975, Section Grantee's Name Grantor's Name Mailing Address Mailing Address Date of Sale Property Address Total Purchase Price $ or Actual Value $ or Assessor's Market Value $ The purchase price or actual value claimed on this form can be verified in the following documentary evidence: (check one) (Recordation of documentary evidence is not required) Bill of Sale Appraisal Sales Contract Other Closing Statement If the conveyance document presented for recordation contains all of the required information referenced above, the filing of this form is not required. Instructions Grantor's name and mailing address - provide the name of the person or persons conveying interest to property and their current mailing address. Grantee's name and mailing address - provide the name of the person or persons to whom interest to property is being conveyed. Property address - the physical address of the property being conveyed, if available. Date of Sale - the date on which interest to the property was conveyed. Total purchase price - the total amount paid for the purchase of the property, both real and personal, being conveyed by the instrument offered for record. Actual value - if the property is not being sold, the true value of the property, both real and personal, being conveyed by the instrument offered for record. This may be evidenced by an appraisal conducted by a licensed appraiser or the assessor's current market value. If no proof is provided and the value must be determined, the current estimate of fair market value, excluding current use valuation, of the property as determined by the local official charged with the responsibility of valuing property for property tax purposes will be used and the taxpayer will be penalized pursuant to Code of Alabama (h). I attest, to the best of my knowledge and belief that the information contained in this document is true and accurate. I further understand that any false statements claimed on this form may result in the imposition of the penalty indicated in Code of Alabama (h). Date Print Unattested Sign (verified by) Form RT-1 (Grantor/Grantee/Owner/Agent) circle one

21 3. Parties: Grantor> I. 19 years of age II. Martial status The above property is no part of the homestead of the grantor or grantor s spouse Ala. Const. Sec 205 III. Sale by non-residents see: Chapter 13-17

22 4. Parties: Grantee Identifiable To the heirs of John Doe To John Doe and his heirs Doctrine Worthier Title

23 5. Granting Clause Grantors do grant, bargain, sell and convey unto Grantee the following real estate

24 6. Description Identifiable legal description Governmental survey Metes and bounds Lot and block

25 7. Habendum Clause To have and to hold the said Grantees for and during their joint lives and upon the death of either of them then to the survivor of them in fee simple, and to the heirs and assigns of such survivor forever, together with every contingent remainder and right of reversion

26 8. Warranty.> And we do for ourselves and for our heirs and personal representatives covenant with the grantees, their heirs and assigns, that we are 1. lawfully seized in fee simple of the premises; 2. that they are free of all encumbrances unless otherwise noted above; that we have a 3. good right to sell and convey the same as 4. aforesaid; that we will and our heirs and personal representatives shall warrant and defend the same to the Grantees, their heirs 5. and assigns forever, against the lawful claims of all persons.

27 .. Warranty Caveat emptor Existing Mortgages 10 year statue of limitations

28 9. Execution 1. Signed and 2. Witnessed

29 10. Acknowledged Notary A. County (No more created after ) B. State at large 2. Differences A. Witnessed B. Notarized 3. Person not authorized to notarize A. Cannot notarize your own signature B. Interested party C. Corporate stockholder / 1% stock D. Bank officer 4. Out of state notaries

30 Notarized V. Acknowledgements Notarized: What is it? Sworn and subscribed before me this 21 st. day of August, 2018 Acknowledged: Is there a difference? Being informed of the contents See

31 Acknowledgements see Form Conclusiveness 2. Seal 3. Defective Acknowledgements 4. Kinds of Acknowledgments 5. Picture copy grantor s driver license or picture ID 31 USCA 5318

32 ACKNOWLEDGMENT FOR INDIVIDUAL I, a notary public in and for the State of Alabama hereby certify that whose name is signed to the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, executed the same voluntarily on the day the same bears date. Given under my hand this day of, A. D. 20

33 Section Seal. For the authentication, each notary shall provide a seal of office,, by its impression or stamp, the name, office, and the state for which was appointed

34 11. Delivery 1. Actual 2. Constructive 3. Presumptions a) Date of signing b) Date of notary c) Date of filing 4. Signed/ not delivered 5. Signed/ conditional delivery 6. Signed/ left with third party 7. Signed/ placed with will<

35 12. Recording 1. Effect Place Time Filed not indexed 5. Recorded 10 years cures defects 6. R.E. Sales Validation Form

36 Prepare deed without Checking Title The preparer of this instrument has not reviewed the status of title on this property and acts only as the drafter of this instrument

37 1. Patent a) From the United States b)section 16 from the State of Alabama

38 General Warranty (with source of Title) 8-101

39 Quit Claim Deed 8-102

40 Warranty with right of Survivorship 8-103

41 Kinds of Deeds> 6. Warranty, Tenancy in Common with right of survivership Durant V. Hamrick

42 Other Kinds of Deeds> 6. Warranty, Tenancy in Common with right of survivership 7. Mortgage Foreclosure Deed Tax Deed Sheriff s Deed Conservators' Deed Deed in Lieu of Foreclosure 8-117

43

44 1. Mortgage 2. Vendors 3. Ad Valorem Tax 4. Municipal 5. Federal Tax 6. Landlords 7. Condominium 8. Attorneys 9. Judgment 10. Estate 11. Special 12. Anti-Terrorism 13. Mechanics

45 1. Mortgage Chapter 34 To be discussed next class & following week we will review a loan closing

46 2. Vendors Lien Chapter 42 To be discussed next class

47 3. Ad Valorum Taxes Chapters 5 & 27 Superior to any mortgage Superior to all liens

48 4. Municipal assessments Chapter 35-7 Streets,Sewer, and water Demolish Unsafe Structures 11-53A&B-1 Urban renewal project <$1000 due at completion >$1000 over a 10 year period Records kept by City Clerk Superior to all liens except State and County taxes.

49 5. Federal Tax Liens Chapter 27-3 Filed in Probate Office Release is not effective until certificate of release is issued. Special 25 day notice required to IRS in a foreclosure.

50 6. Landlords Lien Chapter After default Property of commercial tenant No landlord s lien in Alabama on residential tenants after January 1, 2007.

51 7. Condominium Chapter 27-6 Ala. Code 35-8A-316 Individual units Six months priority for association assessments

52 8. Attorney s Lien Chapter 27-4 On real or personal property recovered

53 9. Judgments Chapter 23 & Certificate of Judgment recorded in Probate records (Recording Judgment insufficient) Interest rate Ala. Code % (After 9/1/2011)* 12% (5/4/1982 to 8/31/2011) * simple interest rate OR Rate in note Length of lien 10 years Second execution, another 10 years ie.20 years

54 How does one register a judgment lien? Ala. Code File Certificate of Judgement In Probate office Must follow statute Constructive Notice * Does not attach to homestead ($15,000)

55 10. Estate Chapter 3 & Verified Claim see form Filed in the estate 3. Within the statutory time period

56 11. Special Statutory liens Fire District Liens (Local law) Utility and sewer service liens Crops Timber Transfer fee liens

57 12. Federal Anti Terrorism Lien 26 U.S.C. 6323, 18 U.S.C. 3613(a) & 28U.S.C Enforce a civil Judgment File In Probate Office Notice as IRS liens Good for 20 years

58 13. Mechanics Liens Chapter 27-1 A. Who may claim? B. When does the lien attach? C. What property is subject to lien? >

59 Real Estate Recordings

60 Solo and Small Firm Section of the Alabama Bar.