Truck Series

Workers put the final touches on Martinsville Speedway’s new race-morning Party Plaza this week in plenty of time for a morning of fun before the Goody’s® Headache Relief Shot® 500 Powered by Kroger on October 27.

Tickets for the 2014 NASCAR Hall of Fame Induction Ceremony will be available to the public beginning Tuesday, Oct. 8. Tim Flock, Jack Ingram, Dale Jarrett, Maurice Petty and Fireball Roberts will be honored during this year’s ceremony set for Wednesday, Jan. 29, 2014. Ticket prices range from $45 for general Induction Ceremony seats to $350 for an Exclusive Driver Dinner Packagem

Title Transfer 1 Methods of Transfer – There are several ways by which title to real property can be transferred. • Deed • Inheritance • Adverse possession • Acts of nature Deeds are the most common method used to convey title while the holder of the title is alive. Inheritance is the process of conveying title after the holder of the title has died. 1. Deeds A deed is a written instrument which transfers ownership interest in real property. A deed is used to convey any fee estate, any life estate, or certain easements The Statute of Frauds requires that all deeds: • Be in writing • Be signed by the grantor in order to transfer title The actual act of conveying ownership is called a grant. There are two parties to a deed: • Grantor – the party who transfers title. • Grantee – the party to whom the title is transferred. Deeds / Elements of a deed As noted previously, deeds must be written. In addition they must include the following elements: • Competent Parties – Both grantor and grantee must be legally competent. In most states this means that the grantor: • must be of legal age (usually 18) and must be of sound mind. The grantee: • Must be of sound mind. • Does no have to be of legal age (a minor can be the grantee) • Consideration – The deed must state that consideration was given by the grantee to the grantor. The consideration can be either: • Valuable consideration – Money or its equivalent, or • Good consideration – One not expresses in monetary terms, such as love and affection. • Words of Conveyance (granting clause) – These words indicate the intent of the grantor to transfer title. o The words “grant” and “convey” either alone or in a combination, are commonly used in the conveyance. o Another name for the words of conveyance is the “granting clause.” • Property Description – The deed must adequately describe the property being conveyed. o Any legal recognized method of description can be used. o A street address is not acceptable as it does not identify the property boundaries and is subject to change. • Name of Grantor and Grantee – Both names must be stated on a deed for purposes of chain of title. o A fictitious name may be used by the grantee. o In that case, the deed is still valid. o But, the SAME name must be used when the property is later transferred to another person to preserve chain of title. • Grantor’s Signature – A deed must be signed by the grantor in order to be valid. o The signature of the grantee is NOT required. o Some states require that the grantor’s signature be witnessed. • Delivery and Acceptance – To be valid, a deed must be delivered by the grantor to the grantee and accepted by the grantee. Delivery does not have to be a physical act of “handing over” the deed. If the grantor indicates by their actions that they intends for the grantee to own the property, then delivery has occurred. Delivery of a deed is presumed to have occurred if: o The deed is found in the possession of the grantee Or o The deed is recorded Acceptance is presumed to have occurred if the grantee: o Retains the deed o Records the deed o Encumbers the title o Performs any other act of ownership To be valid, a deed must be delivered during the grantor’s lifetime. Non-Essential Element – One element found in most deeds, but NOT REQUIRED, is the Habendum Clause. If it is included, it contains: • Any guarantees or warranties of title. • The type of estate being granted. Types of Deeds There are several types of deeds: • General warranty deed • Special warranty deed • Bargain and sale deed • Quitclaim deed These deeds differ primarily in the guarantees (warranties) provided about the title being conveyed. Guarantees are provided through covenants included in the deed. The covenants are the means by which the grantor agrees to defend the title against the claims of all other persons. Q: warranties as to the title status are provided by covenants in the deed. Q: Warranties in deed affect the certainty that the title is sound. Types of Deeds – General Warranty Deed The general warranty deed is the most common form of deed. • It provides the greatest guarantee about the title being conveyed. It contains the following covenants: • Covenant of seizing (right to convey) – This covenant may also be called the “right to convey” covenant. In the covenant of seizing, the grantor warrants: o That they are the owner of the property. o That they have the right to convey the property. • Covenant against encumbrances – The grantor warrants that there are no encumbrances on the property which are not mentioned in the deed. Note: This covenant does not state that there are no encumbrances on the property, only that all encumbrances that exist are stated in the deed. • Covenant of quiet enjoyment – The grantor warrants that the grantee will enjoy the property free of claims by anyone else. • Covenant of further assistance (further assurance) – This obligates the grantor to perform any acts necessary to protect the title being conveyed to the grantee. Also called “covenant of further assurance.” • Covenant of warranty of title (warranty forever) – This assures that the grantor will bear the expense of defending the title against the claims of others There is no time limit on the covenant. It is sometimes called the “covenant of warranty forever.” Types of Deeds – Special Warranty Deed The special warranty deed is used when the grantor is unable or unwilling to include all the ` covenants given above. It includes only one covenant, the covenant against encumbrances. In effect, the grantor warrants against their own acts. They warrant that they have not encumbered the property beyond those encumbrances stated in the deed. They do not warrant that someone else had not encumbered the property prior to their assuming ownership. This deed is often used when the grantor is acting as the agent, or fiduciary, for a principal, such as a trustee or executor of a will. The agent is willing to warrant that they have not encumbered the property, but is not willing or able to provide any other warranties. Types of Deeds – Bargain and Sale Deed A bargain and sale deed conveys the grantor’s interest in the property, but contains no warranties about the state of the title. It implies that the grantor has a claim to, or an interest in, the property, but does not warrant this. Q: The type of deed which contains an implied interest in property but no warranty as to title status in the bargain and sale deed. Types of Deeds – Quitclaim Deed The quitclaim deed contains no warranties to title, either expressed or implied. It simply conveys whatever interest the grantor held at the time of conveyance. The grantee has no recourse to the grantor if the title should prove to be defective. The quitclaim deed is not inferior to any other deed in terms of its ability to transfer title. It is different only in that it provided no warranties about the status of the title. The quitclaim deed may be used to transfer ANY type of estate, including fee simple and life estates. Normally, however, it is used to convey or release minor interests in real estate for the purpose of clearing title defects or clouds on a title. For example, it may be used by anyone who held a lien that had since been satisfied, in order to release the owner from the lien. Note: the different types of deed which have been covered provide different types of guarantees (in the form of warranties) about the title being conveyed. They DO NOT convey different “amounts” of title or different “degrees” of title. The “amount” or “degree” of title conveyed is determined by the type of estate being conveyed, such as a fee simple estate, a life estate, etc. Q: Different types of estates convey different amounts of title. Miscellaneous Topics - Preparations of Deeds • State law determines who may prepare a deed. • In some states, attorneys must prepare a deed. • Some states allow the property owner to prepare the deed. • Some states allow a real estate broker to prepare a deed on which they acted as agent for the sale. Miscellaneous Topics – Acknowledgment of Deeds In order to be admissible for public records, a deed must be acknowledged in most states. Acknowledgment is a formal declaration: • That the person signing the document is the person names in the document. • That the signing of the deed is a free and voluntary act. Acknowledgment is done before an authorized official, usually a notary public, who is responsible for insuring that the person signing the deed is the grantor named in the deed. Note: The acknowledgment is the declaration made by the grantor, not the certification by the notary public. Miscellaneous Topics – Transfer Tax Many states charge a transfer tax (also called a grantor’s tax) on the conveyance of real estate. The tax is usually a percentage of the sale price, or it may be calculated as a certain amount per $1000 of the sale price. The transfer tax is usually payable when the deed is recorded. In come states, the taxpayer purchases a stamp from the recorder in the county where the property is located. The stamp must be attached to the deed before it can be recorded. In other states, the taxpayer simply pays a fee to the county clerk. The transfer tax may be paid by the buyer, the seller, or split between them. In come states, both buyer and seller must complete and sign a transfer declaration form. Some deed may be exempt from the transfer tax, depending on state law. Ex. Gifts of real estate, sale of real estate to a family member, or deeds by charitable organizations.

Officials from Mooresville, North Carolina-based Win-Tron Racing confirmed today that the team will compete in the upcoming NASCAR Camping World Truck Series (NCWTS) fred’s 250 powered by Coca-Cola from Talladega (Ala.) Superspeedway on Saturday, October 19 with development driver Mason Mingus.

While most NASCAR Camping World Truck Series drivers spent last week enjoying the off-week, Ryan Blaney was one of those who didn’t put the steering wheel down. He headed off to Kentucky Speedway to drive the No. 22 Discount Tire Dodge for Penske Racing. It turned out to be a good decision as he won the race, scoring his first career Nationwide Series victory.

Preseason Thunder, the annual test session held at Daytona International Speedway in preparation for the season-opening races at the 2.5-mile superspeedway, will expand in 2014 to include all three NASCAR national series – the NASCAR Sprint Cup, NASCAR Nationwide and NASCAR Camping World Truck Series.

Roll of the Dice...James Buescher and his Exide EDGE team head into Vegas coming off an eighth-place finish at Chicagoland Speedway two weeks ago. This was the team's fifth top-10 finish in a row. Buescher has four previous starts at Las Vegas Motor Speedway (LVMS) and has an average finish of 10.8. Buescher's best result at LVMS came in 2010 when he finished in the third position. Buescher and his Exide EDGE team will also have a chassis that is a proven winner at LVMS in their quest to close the points gap to the leader.

Race fans will discover new restrooms and a new concession stand along the concourse in the first-turn area of Martinsville Speedway when they arrive for the Goody’s® Headache Relief Shot® 500 Powered by Kroger.

LAS VEGAS CONTENDER: The NASCAR Camping World Truck Series season is winding down with only six races left in the season. John Wes Townley and his No. 7 Zaxby's Toyota Tundra team have a lot to be proud of coming off a career high finish for the young driver at the series last race at Chicagoland.

With a pass on Brad Keselowski with 23 laps to go, Kyle Busch would take the lead and hold Keselowski off to win the EnjoyIllinois.com 225 at Chicagoland Speedway on Friday night. It marks Busch’s fourth win of the season and seventh top 10 in eight starts this year.