Chapter 10 Mastering Real Estate:Transferring Title Flashcards
Define alienation and define the two kids.
Transferring the title to real estate.
Voluntary alienation: with the owner’s control and consent
Involuntary: without the owner’s control or consent
If a person leaves a will what is it called? What if they don’t?
Testate - with a will
Intestate -w/o a will
What is disposition of real estate in a will called? Personal property?
Devise = Real estate Bequest = Personal property
What is a holographic will?
Created by the testator’s writing and NOT WITNESSED
What is a codicil?
An amendment or addition to a will.
What is a noncupative will?
Will created orally
What are the six parts to make a will valid?
(WILL She Fly?) Witnessed In writing and signed Legal age (18) Last Will Sound mind Free Will
What are three other ways a title can be voluntarily transferred? (Besides by a will)
Gift
Sale
Dedication (transferring privately owned to public use without compensation)
Is transfer by descent a voluntary or involuntary alienation?
Involuntary because the laws of the state determines the disposition of the property.
What is condemnation?
The process of taking private land for the public good (eminent domain).
What are five ways of involuntary alienation?
Transfer by descent Eminent Domain Lien Foreclosure Process Escheat Adverse Possession Transfer by Accession
What are the requirements of adverse possession?
Payment of property taxes Open and Notorious- well-known to others Actual Possession Continuous and uninterrupted for 20 years Hostile - use w/o owner knowledge Exclusive to that person (POACHER)
Define and explain transfer tax: how much, to who, when due, and exemptions.
Based on selling price
Assessed by govt where property is located
Due when deed is recorded (USUALLY paid by seller)
Govt and tax-exempt organization are exempt
Define General Warranty Deed.
Guarantees that good and marketable title is given to the grantee. Highest protection for grantee.
What 5 covenants are in a general warranty deed?
Seisin - owner can convey title Encumbrances - free Quiet Enjoyment - from other parties Further Assurance - clear title Warranty Forever - Reimburse for damages
What is a special warranty deed?
It warrants the grantor has title and limits the liability to encumbrances against the property that happened after their acquired title.
What is a bargain and sale deed?
No expressed warranties, but it implies grantor holds title and right to convey it.
What is a quitclaim deed?
Least protection to grantee. Used to fix technical errors on title.
What is a grant deed?
Like a special warranty deed; used in western states.
Name the twelve kind of special purpose deeds
- Gift Deed
- Release deed
- Adminstrator’s deed
- Deed in Trust
- Executor’s deed
- Sheriff’s deed
- Deed in lieu of Foreclosure
- Tax Deed
- Trust deed
- Trustee’s deed
- Guardian’s deed
- Referee’s deed
(GRADES Don’t Take 3 Gr….)
What are the requirements for a valid deed?
Deed in WRITING NAMES if grantor and grantee must appear Grantor must have LEGAL capacity Consideration described Granting clause Habendum clause LEGAL description Signed by grantor DELIVERY and ACCEPTANCE of the deed Deed should be RECORDED
(Consider writing your name legally because it must legally be signed, delivered, accepted and recorded.)
What is a granting clause?
Words of conveyance - states the type of ownership given
Define habendum clause
Defines or limits ownership being granted to grantee.
What is acknowledgement?
Voluntary declaration before a notary that the grantor’s signature is valid and a voluntary act. Not needed to make valid, but may be needed to record.
