Ch. 7 Transfer of Title Flashcards
acknowledgement
formal declaration under oath that that person who signs a written document does so voluntarily and that the signature is genuine.
adverse possession
may take title away from an owner who fails to use or inspect the property for a period of years -Squatters Rights-(can gain legal title after 15 years)
bargain and sale deed
grants or releases or grans, bargains and sells/ contains no express warranties against encumbrances, but it does imply that the grantor holds title and possession of the property
deed
document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else
deed of trust
trustor conveys real estate to a trustee for the benefit of a beneficiary
devise
the gift of real property , person who receives is the devisee
general warranty deed
provides the greatest protection to the buyer because the grantor is legally bound by certain covenants (promises) or warranties
Covenant of Seisin: owns the property/has right to convey title to it
Covenant against encumbrances: property is free from liens and encumbrances
Covenant of further assurance: obtain and deliver any instrument needed to make the title good
Covenant of quiet enjoyment: Good against any third party
Covenant of warranty forever: compensate for the loss if title fails at any time or in the future
grantee
the person who receives the property
granting clause
word of conveyance, that states the grantor’s intention to convey the property
grantor
the owner who transfers the property
habendum clause
when it is necessary to define or explain the ownership to be enjoyed by the grantee, ‘to have and to hold’
intestate
dies without a valid Will
involuntary alienation
without the owners consent/condemnation, foreclosure or sale to satisfy delinquent tax or mortgage liens
probate
formal judicial process for verifying the validity of a will and accounting for the decedents assets/ probate takes place in the county in which the decedent last resided/if real estate in another county, probate will occur there as well
quitclaim deed
least protection of any deed, carries no covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered /used primarily to convey less than fee simple or to cure a title defect called ‘cloud on the title’
reconveyance deed
used by a trustee to return the title to the trustor/ also in a ‘lien theory’ state executes a satisfaction of mortgage
special warranty deed
Grantor remises, release, alienates, and conveys/Warrants that the grantor received title and that the property has not been encumbered during the grantor’s ownership
testate
Dies with a Will
testator
The person who makes a will, is alive, and property included in the will can till be conveyed by the owner
title
means the right to or ownership of land; it represents the owner’s bundle of legal rights (title is said to pass only when a deed is delivered and accepted)
transfer tax
tax stamps required to be affixed to a deed by state and /or local law
trustee’s deed
trustee conveys real estate held in the trust to anyone other than the trustor
voluntary alienation
legal term for the transfer of title during the property owner’s lifetime
will
A written document, properly witnessed, providing for the transfer of title to property owned by the decreased called the testator
Oral Will=nuncupative
Handwritten=holographic
consideration
A valid deed must contain a clause acknowledging that the grantor has received some form of consideration
Codocil
A separate document that contains any modifications or additions to a previously executed will
