NH Real Estate: NH Real Estate: Recorded DocumentsRecorded Documents

Presented by: Derek MasseyPresented by: Derek Massey

DisclaimerDisclaimer

These slides were created to help the NH These slides were created to help the NH real estate practitioner gain a general real estate practitioner gain a general and cursory understanding of typical and cursory understanding of typical recorded documents in a typical recorded documents in a typical transaction. For specific questions or transaction. For specific questions or issues, one should always seek the issues, one should always seek the advice of counsel.advice of counsel.

The DocumentsThe Documents

DeedsDeeds EasementsEasements Protective or Restrictive CovenantsProtective or Restrictive Covenants PlansPlans

Deed TypesDeed Types

Warranty DeedWarranty Deed Quitclaim DeedQuitclaim Deed Fiduciary DeedFiduciary Deed Mortgage DeedMortgage Deed Foreclosure DeedForeclosure Deed

Warranty DeedWarranty Deed

Warranty CovenantsWarranty Covenants1.1. Seisin: I own the property.Seisin: I own the property.2.2. Right to Convey: I can give it to you.Right to Convey: I can give it to you.3.3. Against Encumbrances: No one else has an Against Encumbrances: No one else has an

interest.interest.4.4. Warranty: I defend title to property.Warranty: I defend title to property.5.5. Quiet Enjoyment: No one will bug you later.Quiet Enjoyment: No one will bug you later.6.6. Further Assurances: If I need to step in, I Further Assurances: If I need to step in, I

will.will.

Quitclaim DeedQuitclaim Deed

Simply put….Simply put….

““I’m giving you what I have.”I’m giving you what I have.”

Does it matter?Does it matter?

Before Title Insurance…Before Title Insurance…

After Title Insurance…After Title Insurance…

Pop QuizPop Quiz

““I received title to my property via a I received title to my property via a Quitclaim Deed. May I give my buyer a Quitclaim Deed. May I give my buyer a Warranty Deed?”Warranty Deed?”

If you said “NO!”, you’re……If you said “NO!”, you’re……

WRONG!WRONG!

Fiduciary DeedFiduciary Deed

A conveyance in which the person signing the deed is doing so on behalf of another person (real person, trust or estate)

Mortgage DeedMortgage Deed

“Borrower does hereby mortgage, grant and convey to Lender with mortgage covenants….”

Foreclosure DeedForeclosure Deed

Common Deed ProblemsCommon Deed Problems

Lack of marital status/homestead releaseLack of marital status/homestead release Faulty acknowledgmentFaulty acknowledgment Improper legal descriptionImproper legal description Lack of authority of signer (ie Trustee Lack of authority of signer (ie Trustee

must sign on behalf of trust)must sign on behalf of trust) Lack of tenancy of multiple granteesLack of tenancy of multiple grantees

EasementsEasements

An interest in land owned by another An interest in land owned by another person, consisting in the right to use or person, consisting in the right to use or control the land, or an area above or control the land, or an area above or below it, for a specific limited purpose.below it, for a specific limited purpose.

Common easementsCommon easements

Access easement / Right of WayAccess easement / Right of Way Shared drivewayShared driveway Utility easementUtility easement Light and air easementLight and air easement

““Subject To” v. Subject To” v. “Together With”“Together With”

Subject to: The easement burdens your Subject to: The easement burdens your property for the benefit of another.property for the benefit of another.

Together with: The easement (or Together with: The easement (or additional right or property) is in addition additional right or property) is in addition to the main parcel of land.to the main parcel of land.

Restrictive CovenantsRestrictive Covenants

A private agreement – usually in a deed A private agreement – usually in a deed or lease – that restricts the use or or lease – that restricts the use or occupancy of real property by specifying occupancy of real property by specifying lot sizes, building lines, architectural lot sizes, building lines, architectural designs and the uses to which the designs and the uses to which the property may be put.property may be put.

Where are they found?Where are they found?

In the body of the deed itselfIn the body of the deed itself

In a recorded “Declaration of Covenants”In a recorded “Declaration of Covenants”

Some legal restrictive Some legal restrictive covenantscovenants

1. The premises shall be used for residential purposes only.

2. 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.

Not so much…Not so much…

PlansPlans

When is a “plan” required?When is a “plan” required?

SubdivisionsSubdivisions Lot Line AgreementsLot Line Agreements Condominiums (Site and Floor)Condominiums (Site and Floor)

Listing QuestionnaireListing Questionnaire

Do I have a copy of the recorded deed?Do I have a copy of the recorded deed? What type of deed is it?What type of deed is it? Has seller obtained any additional property Has seller obtained any additional property

that he intends to sell?that he intends to sell? Has seller deeded out any lots or parcels?Has seller deeded out any lots or parcels? Are there any easements (subject to or Are there any easements (subject to or

together with)?together with)? Are there any protective covenants?Are there any protective covenants? Does seller have an owner’s title insurance Does seller have an owner’s title insurance

policy?policy?

Questions?Questions?

Derek.Massey@MSSG.comDerek.Massey@MSSG.com

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