Chapter 12: Transfer Of Title Flashcards
Rights to ownership or actual ownership of the land. Represents the owners bundle of rights
Title
The legal term for the voluntary transfer of title
Voluntary alienation
The owner who transfers the title
Grantor
The person who acquires the title
Grantee
A deed is executed only by who
Grantor
Defines ownership taken by the grantee
Habendum clause
A valid deed must contain a clause acknowledging that the grantor has received what
Consideration
A formal declaration that the person who signs a written document does so voluntarily and that her signature is genuine
Acknowledgment
Provides the greatest protection of any deed
General warranty deed
Warrantee that the grantor received title
Warranty that the property was not encumbered during the time the grantor held title, except otherwise as noted in the deed
Special warranty deed
Provides the grantee with the least protection of any deed. It carries no covenants or warranties and generally conveys only whatever interest the grantor may have had when the deed is delivered
Quit claim deed
What must be paid before the recording of the deed.
Transfer tax
Title to property may be transferred without the owner’s consent
Involuntary alienation
Referred to as squatters rights, is another means of involuntary transfer
Adverse possession
A person who dies has prepared a will indicating how her property should be handled
Testate
When a person dies real estate and personal property pass to the descendants errors according to the state statute of discent and distribution
Intestate
The gift of real property by will
Devise
Person who receives property by will
Devisee
The gift of personal property by will
Legacy
Person who receives personal property by will
Legatee
Title transfer occurs in what four ways
Voluntary
Involuntary
Will
Descent
The title to real estate passes when a valid deed is?
Delivered and accepted
The primary purpose of a deed is to?
Transfer title rights
A special warrant deed differs from a general warranty deed in that the grantors covenant in the special warranty deed?
Applies only to a definite limited time
The law that requires transfers of real property ownership to be in writing is the?
Statute of frauds
A third party holds title to property on behalf of someone else through the use of a?
Deed in trust
In a real estate transaction, who is usually responsible for paying any transfer taxes that are due?
The seller
Title to real estate that is inherited from a person who died restate is referee to as a?
Devise
Which type of seed contains no expressed or implied warranties?
A quitclaim deed
What is not required for a valid deed?
Signature of the grantee
What is least likely to be found in a deed?
The age of the grantors
What is the purpose of the acknowledgement by a notary public on a deed?
To show the genuineness of the grantors signature.
A valid will decides the decedents real estate after the payment of all debts, claims, inheritance taxes and expenses through the?
Court action know as probate
When the grantors does not wish to convey certain property rights, the grantor?
May not do so, as the deed conveys the entire premises.
A buyer purchased acreage in a distinct county, never went to see it, and did not use it, although the buyer regularly pay the real estate taxes on it. The second person moved a mobile home on the property, drilled for water, and lived there for many years. The second person to become the owner of the acreage of the person has complied with the state laws regarding?
Adverse possession
In what situation would a quitclaim deed be most appropriate type of deed to use?
To remove a cloud on title
The condemnation of private property for public use is exercised under the government right of?
Eminent domain
A trespasser build a log cabin in a national park and occupied the structure for over 15 years. That person will never be able to claim the property under adverse possession statutes because?
The property was not privately owned
Grantee is to a deed as devise is to a?
Will
What is not true about adverse possession?
The person taking possession must compensate the owner at the end of the possessory period.
A deed must be signed by?
The grantor
Normally a deed will be considered valid even if?
It is signed by an attorney in fact rather than the seller
In order for a deed to be valid?
The grantor must be legally competent
The seller conveyed a quick claim deed to the buyer. Upon receipt of the deed the buyer may be certain that?
There are no guarantees give by the deed
What is true regarding a special warranty deed?
The grantors warranties are limited to the time the grantor owned the property
What is not associated with deeds
Defeasance clause
A single person own a parcel of land. After the owners death the probate court determined the distribution of the land in accordance to the state statutes. This person?
Died intestate
Which of the following is an involuntary alienation of the property?
Eminent domain
The type of deed in which the granting clause states, convey and warrant is a?
General warranty deed
The type of deed in which the grantor defends the title back to its beginning is a?
General warranty deed
A grantor does not wish to be responsible for defects in the title that arise from previous owners that will guarantee the title for the time the grantor has the ownership. What type of deed would the grantor convey?
Special warranty deed
What activity is an example of involuntary alienation?
Having a piece of land sold for delinquent taxes
The clause in the deed that conveys the rights and privileges of ownership is called the?
Granting clause
Which type of deed can be executed without subjecting the grantor legal warranties
Quitclaim deed
The deed that grants bargains and sells and implies that the grantor has title is?
Bargain and sale deed
The deed states that the grantor is conveying all rights and interests of the grantor to have and to hold by the grantee. This is?
Habendum clause
What will happen to the real estate if the deceased owner did not write a will and has no heirs?
The ownership will escheat.
Under the terms of the trust established by A will, the trustee is required to sell the real estate the trust holds. The deed that will be delivered at settlement is a?
Trustees deed
