In complete sentences, answer the following questions: There are five different

Question

In complete sentences, answer the following questions: There are five different types of deeds which provide different degrees of protection against defects of a title.

1. Briefly describe each of the following (10 points): A) Warranty Deed: B) Special Warranty Deed: C) Quitclaim Deed: D) Grant Deed: E) Sheriff's Deed:

2. Eminent Domain is the power of a governmental body (municipality, county, etc) to take personally owned real estate for public use for just compensation. Issues of fairness often arise when the government takes private property for public use. One issue is whether it is fair for the government to take property by eminent domain and then convey it to private developers. For example, the town thinks there should be a large parking lot for a privately owned sports stadium or that land is needed for a new manufacturing plant that will bring in jobs. But is the land really being taken for public use as required by the Fifth Amendment to the U.S. Constitution. In 2005, the U.S. Supreme Court ruled that the power of eminent domain may be used to further economic development. (Kalo v. City of New London, Connecticut, 545 U.S.. 469 (2005). At the same time, the U.S. Supreme Court recognized that individual states had the right to pass laws that prohibit taking for economic development. Since 2005 many states have passed such laws. What do you think? Should eminent domain be used to promote private development? (8 points. )

3. What is inverse condemnation? (2 points)

Explanation / Answer

A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer).

A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer).

A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of ownership.

A grant deed contains the name of the person or entity transferring the property (the grantor); the legal description of the property being transferred (i.e., lot number, track number, city, county and state); and the name of the person or entity that the property is being transferred to (the grantee).

A Sheriff's deed is a deed that gives ownership rights in property bought at a sheriff's sale. A sheriff's sale is a sale conducted by a sheriff upon order of a court after a failure to pay a judgment. Often, a property that is involved in a mortgage foreclosure is subject to being sold at a sheriff's sale.

Inverse condemnation is a lawsuit brought by a property owner seeking compensation for land taken for a public use by a government entity with eminent domain powers. Eminent domain is the taking of private land for public use with payment of compensation by a government entity.

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