84-100 Flashcards
Equitable Conversion
Purchaser becomes equitable owner of title to property, and seller has a security interest for payment of purchase price.
Deed
A Writing USED to transfer interest in land. 1) grantors signature 2) words indicating intent to transfer 3) description of land and parties
Covenants for Title
Assurances REGARDING conveyed title/ DETERMINING sellers’ liability/ if defect in title arises.
Future Covenant
Covenants which won’t be breached until grantee is in possession. 1) quiet enjoyment 2) warranty 3) further assurances
Present Covenant
Covenant that exist at the time conveyance is made. 1) Seisin 2) Right to convey 3) against encumbrances.
Bona Fide purchaser
One who acquires legal title to property in good faith and for valuable consideration, without notice or claim.
Special Warranty Deed
Type of deed used to convey property. Deed contains the six usual covenants, but the grantor only guarantees he has done nothing to make title defective.
Quick claim Deed
Type of deed used to convey property. Quick claim deed warrants nothing.
Recording act
Act which protects subsequent purchasers requiring them to record title. 1)race acts, one who records first wins 2)Notice acts, if no notice, BFP prevails over prior grantee who failed to record. 3)race-notice act, if second buyer who’s BFP records first and has no notice, he wins.
Actual Notice
BFP cannot have any kind of notice prior to conveyance.
Constructive Notice
If title was previously recorded, the law will impute whether person knows or should have known.
Inquiry Notice
Imposes duty on grantee/ to make a reasonable inquiry/ under certain circumstances.
General Warranty Deed
Type of Deed used to convey property. Warrants title against defects arising before and during the time grantor has title. 1) Seisin 2) Right to convey 3) against encumbrances 4) quiet enjoyment 5) warranty 6) futher assurances
