It is defined as an estate limited to take effect and be enjoyed after the termination of some particular estate. B's estate in the above illustration is called the particular estate.

578. Reversion.-A reversion, is the residue of an estate remaining in the grantor, or his heirs, to come to his or their possession after the determination of some particular estate granted away.

If A has an estate in fee and grants B an estate for years, or a life estate, he still has a reversion in fee

A landlord's estate is a reversion.

579. How Property Held.-We have already discussed, (sec. 21), how property may be held by one or more owners. In addition to what is there said, it may be added that the naked title to realty may not be held by the owner at all, but by a third person called a trustee. In such case all the trustee holds is the naked title and this he holds for the benefit of the real owner, called the beneficiary, to whom he must account for all profits and proceeds. (See sec. 603.)

CHAPTER XLVIII.

REAL ESTATE CONVEYANCES.

580. Introduction.-Having described the various estates common in our country, it will now be proper for us to consider the different instruments of conveyance by means of which these estates are transferred. As the estates themselves had their origin in the feudal system already described so the instruments of conveyance were also taken from this same military age. This fact must be constantly borne in mind in order to account for not only the general form of these instruments but for the phraseology as well.

581. Deeds.-Strictly speaking estates are at common law transferred only by deed which is legally an instrument, signed, sealed and delivered. But it is in the popular sense of this term that it will be used here. They are now much simpler than formerly, owing to statutory regulations. The law of the state where the property is situated applies, and should always be consulted when involved. The following forms of instruments of conveyance are in common use:

1. Warranty Deed, full covenant.

2. Warranty Deed.

3. Warranty Deed, with covenant against grantor.

4. Quit Claim Deed.

5. Release Deed.

6. Mortgage.

7. Trust Deed.

8. Lease.

582. Requisites.-Unless the statute has provided otherwise, a deed should have the following seven requisites:

1. Parties.

2. Consideration.

3. Written (or printed) document.

4. Legal setting forth.

a. Premises.

b. Granting Clause.

c. Description.

d. Habendum (to have) and Tenendum (to hold) clause.

e. Condition, or clause of contingency.

f. Warranties, or covenants.

g. Conclusion.

5. Signing and Sealing.

6. Acknowledgment.

7. Delivery.

Of the first three requisites it will be unnecessary to speak, for what has already been said of them under contracts, applies equally well here. The one making the conveyance is called the grantor, and the one to whom it is made the grantee. The premises include the names and description of the parties, the recital of the consideration, and any other agreement peculiar to the case.

This Indenture, Made this 22nd day of August, in the year of our Lord One Thousand Nine Hundred One, between Charles H. Hathaway and Laura Hathaway, his wife, of the City of Chicago, in the County of Cook and State of Illinois, party of the first part, and Martin F. Deale, of the Township of Pella, in the County of Ford, and State of Illinois, party of the second part: Witnesseth, That for and in consideration of the sum of Two Thousand Dollars in hand paid by the said party of the second part, the receipt whereof is hereby acknowledged, and the said party of the second part forever released and discharged therefrom, *

*

*

It is not necessary that the actual consideration be stated. It is sufficient if it state a valid consideration.

Deeds are of two kinds, deeds poll, by which is meant a deed of one party to another, and indentures. The former begins: "Know all men by these presents," and the latter, "This indenture," etc. These are called indentures because in ancient times there were made as many copies, on one piece of parchment, as there were parties, and in separating them these were cut or indented like the teeth of a saw-hence the deed came to be called an indenture, and is so called to this day.

583. The Granting Clause is the one in which the grantor grants to the grantee. The language used varies in the different kinds of instruments. Thus, in a warranty deed it is usually, "bargain, grant, sell and convey," or any two or more of the terms; in a quit claim it is "bargain, sell, remise and quit claim," and in a lease it is "demise and lease." This clause also contains the words that define the length of the estate granted, or as they are called, "words of inheritance.” These are "heirs and assigns." At common law, unless these words are used, showing that the grant is to the grantee and his heirs and assigns, that is, an estate of inheritance, only a life estate will pass, leaving a reversion still in the grantor. The importance of these words cannot be overestimated.

The said party of the first part has granted, bargained, sold remised, released, conveyed, aliened and confirmed, and by these presents does grant, bargain, sell, remise, release, convey, alien and confirm, unto the said party of the second part, and to his heirs and assigns forever, all the following described lot, piece, or parcel of land, situated in the City of Chicago, County of Cook and State of Illinois, and known and described as follows, to-wit:

584. Description.-The description of the property should be clear and unmistakable. To avoid error, the legal description should always be used. The system of rectangular surveying employed in all western states, makes an accurate description a comparatively easy matter. If other forms of description are also employed, care should be used to see that they describe the same property.

The South East quarter (S. E. 4) of the North West quarter (N. W. 1⁄4) of Section twenty-nine (29), Township thirty-eight North (38 N.) of range fourteen (R. 14) West of the third principal meridian.

585. To Have and to Hold.-The fourth clause in a deed begins with these words. Its purpose was the same as we have described the granting clause to be, and the granting clause being used, this clause is now quite unnecessary. If words of inheritance be omitted

from the granting clause, they may be inserted in this, and the defect will be cured.

Together with all and singular, The hereditaments and appurtenances thereunto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and all the estate, right, title, interest, claim or demand whatsoever, of the said party of the first part, either in law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances: To Have and to Hold the said premises above bargained and described, with the appurtenances, unto the said party of the second part, his heirs and assigns, forever.

586. Condition. -This is a clause inserted when the estate granted is to be defeated on the happening of a certain event. A good example of it is in case of a mortgage, providing that if the debt be paid, then the mortgage to be null and void. (See sec. 596.)

587. Warranties.-By this the grantor, not only for himself, but for his heirs, warrants the grantee or his heirs, secure in the estate granted. If the grantor covenant for his heirs, they are bound to perform it, provided they have assets by descent, but not otherwise. There are four covenants to a full covenant warranty deed. These may be as follows:

And The said party of the first part, for their heirs, executors and administrators, do covenant, grant, bargain and agree, to and with the said party of the second part, his heirs and assigns, that at the time of the ensealing and delivery of these presents, (1), they are well seized of the premises above conveyed, as of a good, sure, perfect, absolute and indefeasible estate of inheritance in law, in fee simple, and (2), have good right, full power, and lawful authority to grant, bargain, sell and convey the same in manner and form aforesaid, and (3), that the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments and incumbrances, of what kind or nature soever; (4), and the above bargained premises, in the quiet and peaceable possession of the said party of the second part, his heirs and assigns, against all and every other person or persons lawfully claiming or to claim the whole or any part thereof, the said party of the first part shall and will Warrant and Forever Defend.

In case the grantee or his assigns are ousted they may fall back on the grantor or his heirs and demand damages for the loss. In most of the States the measure of damages is the money paid for it with interest (deducting rents and profits) and the legal cost of defending the suit.

An ordinary warranty deed contains only the last two covenants. It will be readily seen that these covenants are not broken until the

grantee or his assigns are actually evicted, but the first two covenants are broken if at all immediately on delivery of the deed.

588. Conclusion.-This mentions the date of the deed and the fact of its execution. The date may be at the beginning of the deed or at its conclusion and the real date may be given or a fictitious one substituted. If a deed have no date it will take effect from its delivery.

In witness whereof, The said party of the first part have hereunto set their hands and seals, the day and year first above written.

589. Signing and Sealing.-The fifth requisite of a valid deed is that it must be signed and sealed. (See sec. 28.) Some few States as we have seen have abolished Where this is the case they need not be affixed to deeds.

Signed, Sealed and Delivered in

the Presence of

J. L. TALBOT,

J. H. SMITH.

seals.

590. Acknowledgment.—This may generally be done before any officer having an official seal; it may also be done before a justice of the peace. The acknowledgment is taken by the grantor going before a person qualified by law to receive acknowledgments, and exhibiting the deed, acknowledging it as his free act and voluntary deed, to which the officer certifies on the deed under his official seal. In most States a deed must be acknowledged in order to be entitled to record. In some States the officer must examine the wife separate and apart from her husband, and certify to its being her free and voluntary act.

As between the parties themselves, a deed is valid though not acknowledged. In some States, in addition to being officially acknowledged, the deed must be attested by one or more witnesses. An attorney, A B, who executes a deed for another, C D, should acknowledge it as "the free and voluntary act of the said C D," and not his own.

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SS.

County of Cook. I, Lawrence Y. Sherman, a Notary Public in and for the said County, in the State aforesaid, Do Hereby Certify that Charles H. Hathaway and Laura Hathaway, his wife, personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that they