Ch6: Transfer of Title Flashcards
Title
right/ownership of land & represents bundle of rights
Voluntary Alienation
legal term for voluntary transfer of title by; gift/sale/will
Grantor
signer of deed , seller/gifter
Grantee
must be named, receiver
Consideration
must contain clause of acknowledgment-$$
Granting Clause
state grantors intent to sell property
Habendum Clause
defines & explains ownership to be enjoyed by grantee- “to have and to hold”
Legal Description
deed must contain accurate legal description
Exceptions & Reservations
deed MUST have note for: encumbrances/ reservations/ easements/ restrictions
Signature of Grantor
ALL grantors must sign-acknowledgment
Acknowledgment
formal declaration that grantors signature is genuine- notary/judge/attorney witness
Delivery & Acceptance
title not transferred until deed is delivered & accepted by grantee
Execution of Corporate Deeds
Corporations can convey real estate only by authority in by laws or based on resolution passed by board of directors
General Warranty Deed
greatest protection to buyer that grantor legally bound by: Covenant against encumbrances, Covenant of quiet enjoyment, Covenant of further assurance, Covenant of warranty forever
Covenant against Encumberances
grantor warrants property is free of liens except those stated on deed
Covenant of Quiet Enjoyment
guarantees no 3rd party can claim property
Covenant of Further Assurance
grantor promises to obtain & deliver any instrument needed to fix title
Covenant of Warranty Forever
grantor promises to compensate the grantee for loss sustained if title fails @ any time
Special Warranty Deed
grantor defending title against themselves only
Bargain & Sale Deed
no warranties against encumbrances, grantor holds title and possession of the property
Quit Claim Deed
no protection if grantor has no interest - then grantee gets nothing
Deed of Trust
Doc that trustor conveys RE to trustee for benefit of trustor
Reconveyance Deed
used by trustee to return title to trustor when loan secured by deed of trust fulfillment
Deed Executed Pursuant to Court Order
established by state statute
Transfer Tax Stamps
some areas in Co have transfer tax
State Real Property Declaration
buyer declares what personal property has been included in sale of home-for taxes
Involuntary Alienation
when property transferred without owners consent
Adverse Possession
someone who doesn’t own property cant take ownership of property without owners permission: Open, Notorious, Continuous & Uninterrupted, Hostile, & Adverse
Transfer of Deceased Property
someone who dies testate has plan after death, someone who dies intestate has no plan for assets after death
Transfer of Title by Will
will is instrument made by owner to convey title to real/personal property after owners death
Divise
Inherit someones house
Bequest
giver of property
Legacy
gift of money by will
Transfer of Title by Descent
passes to heirs as determined by law
Probate
proves/validates will
