Ch. 7 Transfer of Title

Question 1

acknowledgement

Answer 1

formal declaration under oath that that person who signs a written document does so voluntarily and that the signature is genuine.

Question 2

adverse possession

Answer 2

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)

Question 3

bargain and sale deed

Answer 3

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

Question 4

deed

Answer 4

document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else

Question 5

deed of trust

Answer 5

trustor conveys real estate to a trustee for the benefit of a beneficiary

Question 6

devise

Answer 6

the gift of real property , person who receives is the devisee

Question 7

general warranty deed

Answer 7

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

Question 8

grantee

Answer 8

the person who receives the property

Question 9

granting clause

Answer 9

word of conveyance, that states the grantor’s intention to convey the property

Question 10

grantor

Answer 10

the owner who transfers the property

Question 11

habendum clause

Answer 11

when it is necessary to define or explain the ownership to be enjoyed by the grantee, ‘to have and to hold’

Question 12

intestate

Answer 12

dies without a valid Will

Question 13

involuntary alienation

Answer 13

without the owners consent/condemnation, foreclosure or sale to satisfy delinquent tax or mortgage liens

Question 14

probate

Answer 14

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

Question 15

quitclaim deed

Answer 15

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’

Question 16

reconveyance deed

Answer 16

used by a trustee to return the title to the trustor/ also in a ‘lien theory’ state executes a satisfaction of mortgage

Question 17

special warranty deed

Answer 17

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

Question 18

testate

Answer 18

Dies with a Will

Question 19

testator

Answer 19

The person who makes a will, is alive, and property included in the will can till be conveyed by the owner

Question 20

title

Answer 20

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)

Question 21

transfer tax

Answer 21

tax stamps required to be affixed to a deed by state and /or local law

Question 22

trustee’s deed

Answer 22

trustee conveys real estate held in the trust to anyone other than the trustor

Question 23

voluntary alienation

Answer 23

legal term for the transfer of title during the property owner’s lifetime

Question 24

will

Answer 24

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

Question 25

consideration

Answer 25

A valid deed must contain a clause acknowledging that the grantor has received some form of consideration

Question 26

Codocil

Answer 26

A separate document that contains any modifications or additions to a previously executed will