Home >> Dictionary Of Banking >> Companies to Guarantee Guaranty >> Conveyance

Conveyance

property, deeds, deed, jones, mortgage, brown and estate

CONVEYANCE : Is it signed and sealed by the vendor ? and does the signature appear to be genuine ? (If there ai e no covenants by the purchaser, it does not appear to be necessary for a purchaser to sign it.) Is it witnessed ? If in Yorkshire or Middlesex is it registered ? Is it correctly stamped ? See Cox VE VANCE, INCREMENT VALUE DUTY.) Is the land conveyed to the depositor in fee simple, or to him and his heirs for ever, free from all charges and incumbrances ? Observe carefully what follows the clause " To have and to hold . . ." It may go on to say " Subject to a certain mortgage . . ." If it does, has the mortgage been dis charged and is it with the deeds ? If not with the deeds, it should be asked for. It may still be a charge on the property. Or the mortgage may be with the deeds and not have been reconveyed. This should be seen to, as until a reconvevance is obtained the legal estate is outstanding. Is the reconveyance stamped ? If there have been any mortgages since the last conveyance, have they all been discharged ? What is the consideration ? How does the amount compare with the consideration, say, forty years ago ? If more, what has caused the increase ? Have houses been built ? If less, is that due to portions having been sold. or to a depreciation in the value of the property ? Are there any memoranda of sales indorsed upon the deed ? Have any sales taken place which are not indorsed upon the deed ? This is a very frequent occurrence and most misleading.

Are the particulars of the property in the last deed the same as in the first ab stracted deed ? If not, what has caused the difference ? The last deed may show five houses, whereas the prior deeds only refer to two. Have three more been built, or the two converted into five, or have three more been purchased from another source ? If the land contained in the last deed has been obtained from several sources trace each portion separately. It is a good plan to make notes of names, dates, and quantities when trying to follow a confused title.

How is the purchaser affected by any covenants in the deed ? For example, is he responsible for the making or maintenance of any roads ? Where property has passed by N•ill and is subject to legacies, receipts for the legacies should be produced.

If the last deed is in favour, say, of the depositor's father, see copy of the testator's will. His widow may have a life interest in the property, and should in that case join in any charge. If the deceased died intestate, the widow has a life interest in one-third of the real estate. A widower has a right for life to the rents of the real estate of his deceased wife, if she died intestate and had a child by the husband and such child was capable of inheriting. (See I N T ESTA CY.) The legal estate of freeholds, on a death since January 1, 189S, vests in the legal representatives (executors or adminis trators) and the formal assent of those representatives to the devisee, or a conveyance from them to the devisee or to the heir at law, is necessary before the devisee or heir deals with the property.

Has succession duty been paid ? Is probate, or an office copy of the will, with the deeds ? In the case of annuities upon the property, if an annuitant is still living he should join in any charge.

Does the property form part of a settle ment ? For example, if Mrs. Alan' Brown deposits deeds, and the last con veyance is to Mary Jones (her maiden name), it is quite possible that at her marriage the property may have been settled so that she cannot deal with it in any way. The trustees of the settle ment ought strictly to keep the deeds in their possession, but this is not always done, and the mere fact that Mary Brown has the deeds does not of itself prove that she has power to deposit them as security.

If a mortgage from Jones to Brown is deposited to secure Brown's account, notice of the fact should be given to Jones, and the banker should ascertain from Jones what amount is still owing. If a second mortgage from Jones to Brown is deposited to secure Brown's account. notice of the fact should be given to the first mortgagee as well as to Jones, the mortgagor, and the banker should ascer tain from Joneswhat amount is st ill owing. In each case an acknowledgment of the notice should be obtained, iI possible.