Ch 9 Flashcards
what is a title
the collection of rights one has when owning real property
What is an equitable title
right to full ownership of property when someone else has legal title
“alienation”
to transfer a title (with deed or operation of law)
“testator”
person making will
“devisee”
person receiving will
What is needed to make a will valid
18+ yrs of age, testator is of sound mind, proper verbiage, no influence on testator, state specified number of witnesses
“escheat”
the transfer of land to the state because owner dies with no heirs
“eminent domain”
take property for public use
What is the role of the title company
Reviews title, issues insurance policies, facilitates closings, and files and records paperwork.
purpose of title insurance
to protect against any hidden claims that don’t surface before closing
what is a deed
the document to transfer ownership from grantor to grantee
three parts to a deed
premises (names and property description)
habendum (defines ownership/limitations)
testimonium (signed wishes of grantor)
4 types of deeds
general warranty (most often used) special warranty (used by large corps/banks) bargain & sale of deed quit claim (grantor "quits" any interest in the property
“easement”
gives someone else use of property while owner still owns
easement terminations
- purpose no longer there
- quit claim by owner
- destruction of property
- court determined excessive use
The three methods of legal description of land
- metes and bounds (distance/direction)
- rectangular government survey (begins in Tallahassee)
- lot and block number on plat map (subdivision)
Section is 640 acres and you want to buy SW 1/2. How many acres is that?
Now determine acreage of
E1/2 of the NW 1/4 of the NE 1/4 of the SW 1/4
320
244*4= 128
128/640= 5 acres
1 mi = 1 sq yd = 1 cubic yd = 1 sq mi = 1 acre =
5,280 ft 9 sq ft 27 ft 640 sq ft 43,560 ft
purpose of contract
valid, voidable, and enforceable document that deciphers legal effect
“earnest money”
good faith deposit
what is equitable title
interest buyer has in property between offer and closing. (important if house were to burn down, etc)
Bilateral contract
“two-way” sales contract
unilateral contract
“one-way” seller promises to sell IF buyer will buy at later date.
expressed contract
oral or written with specific terms (i.e. purchase price)
implied contract
not written, but implied.
executory contract
contract in process
executed contract
completed
informal contract
oral; not enforceable
what results in contract termination?
performance (completed), mutually recind, operation of law (bankruptcy or eminent domain)
“novation”
change original terms of contract
“parol evidence rule”
written word take precedence over oral in contract law
“assignment of contract”
third person takes place of an original person
List types of listing agreements
- open listing- any number of brokers are hired and whomever sells gets commission
- exclusive- one broker, but no commission if owner sells.
- exclusive right to sell- listing broker is entitled to commission regardless.
