Chapter 12 - Real Estate Title Flashcards
Title
- Ownership of the land and the owner’s bundle of rights and Evidence of ownership of land
Printed document that shows ownership and evidence of ownership of land
Deed
Conveyance
Legal process of transferring property from one owner to another in writing.
Features of conveyance
- Identify the parties
- Identify the land
- Identify the interest conveyed
- Signed by or on behalf of the grantors
- Signed by or on behalf of all parties
- Be delivered
Voluntary alienation
Voluntary transfer of the title through one’s intentional actions by selling the property or giving the property to another.
Involuntary alienation
Not by choice:
- Foreclosure
- Violation of deed conditions
- Life estate measured by life of another
- Bankruptcy
Who can execute a deed?
Grantor or Seller
Grantor
an interest in lands passes by conveyance, including, without limitation, lessors, vendors, mortgagors, optionors, releasors, assignors and trust settlors of interest in lands
Grantee
person to whom the interest in land passes. grantee must be named, in Wisconsin however, the new owner is not required to sign the deed
Types of Granting Clause
- Warranty Deed
- Special Warranty Deed
- Bargain and Sale Deed
- Quitclaim Deed
- Trustee’s deed
- Deed executed pursuant to a court order
Warranty Deed
I, Jennifer Long, convey and warrant. . .Grantor is legally bound by all general warranties (promises) or covenant
Special Warranty Deed
I, Jennifer Long, remise, release, alienate, and convey. . .
bargain and sale deed
I, Jennifer Long, grant, bargain, and sell. .
Quitclaim Deed
I, Jennifer Long, remise, release, and quitclaim. - gives the grantee the least protection of any deed, it is the weakest deed. Quitclaim deeds often are used to clear up a cloud (defect) on the title.
Private Corporation
Corporation other than a public corporation
Public Corporation
this state, a county, town, city or village in this state, a subunit of the state, county, town, city or village, a special purpose district in this state or any state or municipal authority or similar organization financed in whole or in part by public funds.
Covenant of Seisin
guarantee that the grantor is the owner of the property and has the right to transfer and convey that ownership.
Covenant against Encumbrances
The grantor guarantees that the title to the property has no encumbrances like an easement or lien, besides those specifically stated in the deed.
Covenant of quiet enjoyment
guarantees that no other person can come along and claim ownership of the property
Covenant of further assurance
grantor promises to obtain, provide, and deliver any documents necessary to clear up any problem that comes up with the title.
Covenant of warranty forever
grantor guarantees to compensate all costs to clear up any title problems at any time in the future for any financial losses.
Cloud on the title
Anything on the title that makes it less complete.
Trustee’s Deed
Executed by a trustee when ownership of property held by a trust is conveyed in a land trust or living trust.
Deed in Trust
conveys ownership by a trustor to a trustee for a beneficiary.
Transfer Tax
Paid by the sell in WI
$3 per $1000
Always round up to the nearest 100
Statute 77.27
Penalty for falsifying value.
Not be fined more that $1000 or imprisoned in the county jail not more than one year or both
Involuntary alienation
transfer of title to property without the owners volition or consent.
Transfer by Adverse possession
Squatter’s rights. Squatter must have been
- Continuous and uninterrupted
- Open
- Notorious
- Hostile
- Adverse to the true owner’s possession
Probate
process through which the property of a person who passes on (the decedent) is transferred to the persons entitled to inherit
