Definition§
Delivery in the real estate context is the official act of transferring the possession of a deed or real property from one entity to another. For delivery to be effective, there generally needs to be an intent by the grantor (the person transferring the property) to transfer the property and the actual handing over of the deed to the grantee (the recipient). Delivery can occur directly to the grantee or through a third-party such as an escrow agent.
Examples§
- Direct Delivery: A homeowner sells their property and hands over the deed directly to the buyer. The buyer now has possession and can officially record the deed to confirm ownership.
- Escrow Delivery: A seller places the deed with an escrow company. The company will only deliver the deed to the buyer upon fulfillment of agreed-upon conditions, like securing financing or completing inspections.
- Non-delivery Consequence: A person intends to transfer land to their nephew, signing a deed but not physically handing it over. Upon the person’s death, the court may rule that the non-delivery means the land does not legally transfer to the nephew.
Frequently Asked Questions§
What constitutes a valid delivery of a deed?§
A valid delivery involves intent by the grantor to transfer the property and the actual handing over of the deed to the grantee.
Can delivery be revoked once the deed is handed over?§
Once a deed has been properly delivered, especially when recorded, it is typically irrevocable.
Does a deed need to be recorded to be effective?§
While recording is not required for the deed to be valid, it is essential for public notice to assert ownership rights.
Can an electronic transfer count as delivery?§
Laws regarding electronic transfers vary by jurisdiction, but in some cases, electronic deeds are acceptable if they meet specific criteria.
Related Terms§
Deed§
A legal document that transfers ownership of real estate from one party to another, often requiring proper execution and delivery to be effective.
Escrow§
A neutral third-party service that holds funds and documents in trust until conditions are met for completion of a real estate transaction.
Grantor§
The individual or entity transferring the property or interest in property via a deed.
Grantee§
The individual or entity receiving the property or interest in property via a deed.
Online Resources§
- Investopedia on Deeds
- U.S. Department of Housing and Urban Development (HUD) on Real Estate Transactions
- Nolo on Real Estate Transfers
References§
- U.S. Department of Housing and Urban Development. Real Estate Transactions Overview. HUD.gov
- Nolo Press. Legal Guide to Buying and Selling Property. Nolo.com
- Richard R. Powell, Powell on Real Property. LexisNexis
Suggested Books for Further Studies§
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“Real Estate Law” by Marianne M. Jennings
- A comprehensive guide to real estate law, covering all aspects of property transactions, including delivery and transfer procedures.
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“Real Estate Principles: A Value Approach” by David C. Ling and Wayne R. Archer
- This book provides a detailed understanding of the principles underlying real estate practices, focusing on value creation and legal processes.
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“Practical Real Estate Law” by Daniel F. Hinkel
- Offers a practical approach to real estate law, complete with sample documents and step-by-step explanations of real estate transactions.
