In a measured, Scandinavian sort of way, relations between the grantor and the grantee are tense.
Pardons, in contrast, rely exclusively on the whim of the grantor.
In most cases, he said, this means that the grantor has signed the deed before a notary while acknowledging that he or she is, in fact, the grantor named in the deed.
These focus on "what the grantee did and on what the grantee and we, the grantor, learned," he said.
This would mean a higher tax bill, but it would give the grantor all the money now.
"With a total return trust, you can achieve the aims of the grantor, but in a different way than the fund was originally set up".
Another form of free tenure was the spiritual tenure of bishops or monasteries, their sole obligation being to pray for the souls of the grantor and his heirs.
The asset would go directly to the charity and the grantor would receive back a sum equivalent to the present value of the future annuity stream.
For example, a trust fund must still be reported as an asset even if the grantor placed restrictions on access to the principal.
The necessary ingredients, he said, are the names of the parties (the grantor and the grantee), a description of the property (anything from a simple street address to detailed surveyor's measurements) and a representation that the property is being transferred from the grantor to the grantee.
Another type of deed, a "warranty deed with full covenants," also transfers title, but goes much further than a "bargain and sale" deed in that the grantor asserts that not only he but no previous owner of the property has done anything to impair the quality of the title.
