James executed a deed conveying his property in Queens to his nephew Mark, but James retained possession of the deed in his safe deposit box and never informed Mark of the transfer. James continued to live on the property and pay taxes. One year later, James died. Under New York law, what is the status of the property ownership?
Correct Answer
C) The property remains in James's estate because there was no delivery of the deed
Under New York law, a deed is not effective to transfer title until it is delivered to the grantee. Delivery requires both the grantor's intent to make a present transfer and either actual or constructive delivery of the deed. Since James retained the deed and never informed Mark, there was no delivery, and the property remains in James's estate.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
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Previous Question
Patricia receives a deed to property in Manhattan that states 'Patricia Johnson, a married woman.' Six months later, Patricia's husband claims he has ownership rights in the property because they are married. Under New York law, what is the most likely outcome?
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Susan is selling her property in Long Island and the buyer's attorney requests that she provide a deed with a covenant against her own acts but no other warranties. What type of deed should Susan's attorney prepare?