Latest Articles
Misc
November 26, 2018
After Acquired

Word of the day
After Acquired
Acquired after a certain event takes place. An after-acquired title is obtained by a grantor of property after the grantor has attempted to convey good title. Upon the grantor’s obtaining good title, it will automatically pass by operation of law to the grantee. For example, Smith conveyed his farm to Jones on January 1, 2004, by warranty deed. However, Smith did not have valid title on January 1 because he held title to the property under a forged deed. On March 5, 2005, Smith did receive good title under a properly executed deed, so Jones automatically acquired good title on March 5.
Note that an after-acquired title will not pass to a grantee under a quitclaim deed, because such an instrument only purports to transfer the grantor’s current interest in the land, if any. (See quitclaim deed.)
Fixtures that are bought, paid for, and installed by the property owner-mortgagor are subject to the lien of the mortgage. In addition, many mortgages provide that all fixtures found on the property after the mortgage has been made are subject to the mortgage. The Uniform Commercial Code (UCC) has established guidelines to settle conflicting claims between mortgagees and chattel security claimants involving prior rights to after-acquired property, such as appliances bought on time and installed on the mortgaged premises. Under the UCC, a debtor can grant a superior security interest in such after-acquired property to a chattel mortgagee.
Note that an after-acquired title will not pass to a grantee under a quitclaim deed, because such an instrument only purports to transfer the grantor’s current interest in the land, if any. (See quitclaim deed.)
Fixtures that are bought, paid for, and installed by the property owner-mortgagor are subject to the lien of the mortgage. In addition, many mortgages provide that all fixtures found on the property after the mortgage has been made are subject to the mortgage. The Uniform Commercial Code (UCC) has established guidelines to settle conflicting claims between mortgagees and chattel security claimants involving prior rights to after-acquired property, such as appliances bought on time and installed on the mortgaged premises. Under the UCC, a debtor can grant a superior security interest in such after-acquired property to a chattel mortgagee.

Share this post:

Written by
John Reilly
Related Post

Industry, Residential Real Estate, Education
Library of Real Estate Clauses
December 16, 2018

Brokerage, Technology, Consumer News, Residential Real Estate, Education, Misc
Short Sales and Tips for Newly Licensed Real Estate Agents
December 5, 2018

Brokerage, Consumer News, Residential Real Estate, Misc
Unilateral Contract VS Bilateral Contract
November 23, 2018
http://www.realtown.com/blog/Above-and-Beyond-CMLS2018-Saul-Klein-interviews-Rebecca-Jensen-CEO-MRED
http://www.realtown.com/blog/is-the-fed-and-congress-still-winking-and-nodding-at-mortgage-kickbacks
http://www.realtown.com/blog/coldwell-banker-on-location-youtube-channel-surpasses-two-million-views
http://www.realtown.com/blog/five-strategies-to-build-your-business-from-real-estate-s-leading-women
http://www.realtown.com/blog/realtown-announces-poll-results-of-nar-membership-fee-increase-proposal
http://www.realtown.com/blog/r-e-marketing-strategies-avoiding-mistakes-when-asked-so-what-do-you-do
http://www.realtown.com/blog/r-e-marketing-strategies-hate-to-make-cold-calls-tips-to-make-it-easier
http://www.realtown.com/blog/clear-capital-reports-slowing-of-national-quarterly-home-price-declines
http://www.realtown.com/blog/cb-expands-its-international-network-with-francise-agreement-for-greece
http://www.realtown.com/blog/coldwell-banker-real-estate-releases-annual-home-price-comparison-index
http://www.realtown.com/blog/nar-awards-grants-to-support-local-association-smart-growth-initiatives
http://www.realtown.com/blog/insurance-internet-marketing-for-p-c-agents-offered-by-agreatertown-com
http://www.realtown.com/blog/real-estate-marketing-strategies-seven-powerful-tips-to-more-confidence
http://www.realtown.com/blog/virtual-receptionist-services-are-the-ideal-and-cost-effective-method-1
http://www.realtown.com/blog/pandora-ring-is-the-quality-of-the-lyalty-declaration-of-love-ring-at-1
http://www.realtown.com/blog/luxury-real-estate-is-paris-the-most-attractive-city-for-large-fortunes
http://www.realtown.com/blog/re-marketing-strategies-does-your-people-pleaser-pattern-get-in-the-way
http://www.realtown.com/blog/the-hamp-is-not-successful-in-helping-people-distressed-by-foreclosures
http://www.realtown.com/blog/re-marketing-strategies-mistakes-agents-make-with-the-law-of-attraction
http://www.realtown.com/blog/marketing-strategies-do-you-find-it-easy-or-difficult-to-toot-your-horn
http://www.realtown.com/blog/there-are-varieties-of-gladiator-fashion-women-shoes-that-are-available
http://www.realtown.com/blog/lender-processing-services-announces-formation-of-lps-real-estate-group
http://www.realtown.com/blog/cb-portraits-campaign-spotlights-multimedia-re-tools-and-consumer-trust
http://www.realtown.com/blog/r-e-marketing-strategies-how-you-can-end-the-habit-of-procrastination-1
http://www.realtown.com/blog/fannie-mae-and-freddie-mac-again-under-pressure-to-suspend-foreclosures
http://www.realtown.com/blog/federal-aid-unable-to-control-rise-in-bank-and-hud-foreclosure-listings
http://www.realtown.com/blog/point-appoints-re-veteran-walter-t-baczkowski-jr-as-chief-sales-officer

2021 Real Town The Real Estate Network