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Real Property Assign 4

In: Other Topics

Submitted By cdheard71
Words 680
Pages 3
Facts:
Barry would like to transfer his property to his wife, Lucy to avoid being vulnerable to creditors. He would like his three heirs to equally inherit the property after his and his wife’s death.
Issue:
Can Barry convey his property to Lucy and still be assured that the children will obtain the intended interest?
How should this be conveyed? What interests should he give to whom? What kind of remainder interests and tenancies should he give to the children? What type of deed is necessary for this conveyance?
Rule:
The Rule in Shelley’s Case states that a remainder interest cannot be created in the heirs of the holder of the present interest. The theory behind it is that a person should be able to decide what his or her own heirs will inherit and should not have that decision dictated by a grantor of property. The rule has been abolished in most states.
The Doctrine of Worthier Title dictates that a grantor cannot create a remainder interest in his own heirs. The idea behind this rule is that a grantor should rather keep a reversion for himself and then distribute the property to his heirs through the normal inheritance methods. The Doctrine of Worthier Title has been abolished in some states, but still exists as law in many other states
Analysis:
Since Barry doesn’t want the property in his name due to his financial situation, following the Doctrine of Worthier Title idea of keeping the reversion for himself is not a sensible option. The Rule in Shelly’s Case has been abolished in most states. This being the case, we will proceed in this manner as the state of New Tutor does not acknowledge this rule.
Conclusion:
A fee simple absolute should be given to Lucy, and then the same to their heirs. being divided between his heirs in a fee simple absolute. . The heirs will have the remainder interest as tenancy-in-common. This should all be conveyed through a quick claim deed.

Quick Claim Deed
For good consideration, we (I) Barry (parties of the first part) of Hypoville, County of Spasm, State of New Tudor, hereby bargain, deed and convey to Lucy and heirs. (parties of the second part), of Hypoville, County of Spasm, State of New Tudor, for the purchase price of $0.00, the following described land in Spasm county,, free and clear with WARRANTY COVENANTS; to wit:

12 Maple Lane
Hypoville, New Tudor 66666
County of Spasm

Grantor, for itself and its heirs, hereby covenants with Grantee, its heirs, and assigns, that Grantor is lawfully seized in fee simple of the above-described premises; that it has a good right to convey; that the premises are free from all encumbrances; that Grantor and its heirs, and all persons acquiring any interest in the property granted, through or for Grantor, will, on demand of Grantee, or its heirs or assigns, and at the expense of Grantee, its heirs or assigns, execute and instrument necessary for the further assurance of the title to the premises that may be reasonably required; and that Grantor and its heirs will forever warrant and defend all of the property so granted to Grantee, its heirs, against every person lawfully claiming the same or any part thereof.

Being the same property conveyed to the Grantors by deed of Warranty, dated February 23, 2014.

WITNESS the hands and seal of said Grantors this 23rd day of February 2014.

___Barry____________________________________
Grantor

____Lucy___________________________________
Grantee

ACKNOWLEDGMENT
STATE OF New Tudor
COUNTY OF Spasm

On February 23, 2014 before me, Marissa, personally appeared Barry, and Lucy personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

WITNESS my hand and official seal.

Signature: __Marissa___________________________

[pic]…...

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