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Real estate > Chapter 12. Transfer of Title > Flashcards

Chapter 12. Transfer of Title Flashcards

1
Q

Title

A
  • The right to ownership of land

- Serves as evidence of ownership

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2
Q

Voluntary Alienation

A

Voluntary transfer of title

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3
Q

Deed

A

A written document by which the owner conveys right title or interest.

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4
Q

Grantor

A

The owner transferring the deed

To be valid, a grantor must sign the deed

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5
Q

Grantee

A

The person who receives the deed

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6
Q

Consideration

A
  1. That received by the grantor in exchange in exchange for deed.
  2. Something of value that induces someone to enter into a contract.
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7
Q

Granting clause ( words of conveyance)

A
  • must be contained in the deed.

- Must state the grantors intention to convey the property.

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8
Q

Habendum clause

A
  • follows the granting clause.
  • begins with “to have and to hold”.
  • Defines the extent of ownership
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9
Q

Legal description of real estate in deed

A

To be valid, a deed must contain a legal description.

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10
Q

Exceptions and reservations

A

A valid deed must note any encumbrances

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11
Q

Requirements for a valid Deed

A
  • grantor must be legally competent.
  • grantee must be identified.
  • statement of consideration
  • granting clause
  • habendum clause
  • legal description
  • any exceptions and reservations
  • notarized signature of grantor
  • acceptance and delivery
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12
Q

Acknowledgment

A
  • a formal declaration under oath that the person who signs a document does so voluntarily and the signature is genuine
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13
Q

Delivery and Acceptance

A

Title is not considered to be transferred until it is delivered and accepted by grantee

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14
Q

Types of deeds

A
  • General warranty deed
  • Special warranty deed
  • Bargain and sale deed
  • quitclaim deed
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15
Q

General warranty deed

A

Provides the greatest protection because it binds the grantor. It must include:

  • Covenant of seisin
  • Covenant against encumbrances
  • Covenant of further assistance
  • Covenant of quit enjoyment
  • Covenant of warranty forever
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16
Q

Covenant of seisin

A

Possession.

Guarantees that grantor has ownership and the right to convey the title

17
Q

Covenant against encumbrances

A

Guarantees that property has no undisclosed encumbrances

18
Q

Covenant of quiet enjoyment

A

Guarantees that no one has a superior title

19
Q

Covenant of further assurance

A

Guarantees to obtain and deliver any instrument needed to make title good

20
Q

Covenant of warranty forever

A

The grantor promise to compensate grantee for losses if title fails in the future

21
Q

Special warranty deed

A

Two warranties

1 Warranty that grantor received the title
2. Warranties that the property was unencumbered by grantor

  • Grantor is not liable for encumbrances previous to ownership.
  • May include remiss, release, alienate, convey
22
Q

Bargain Sale Deed

A
  • Grantor holds title
  • No warranties of encumbrances
  • used in foreclosures and tax sales
  • buyer should get title insurance
23
Q

Quitclaim Deed

A
  • Least protection guaranteed

typically used for:

  • to fix clerical defect in title
  • conveying less then Fee simple title
  • to transfer among family
  • to transfer among heirs
24
Q

Deed of trust

A

How a trust conveys title

25
Q

Reconveyance Deed

A

How a trustee conveys title back to trustor

26
Q

Trustee’s Deed

A

How the trustee conveys deed to anyone other then the trustor

Must state the the. Trustee has the right

27
Q

Deed executed pursuant to a court order

A

Conveys title that is transferred by court order or will

28
Q

Transfer stamps

A

Many states have a transfer tax to transfer a title. Transfer stamps are purchased and attached to the deed when recorded

29
Q

Involuntary Alienation

A

Title being transferred without owners consent

  • Tax sales
  • Foreclosure
  • When someone dies without heirs
30
Q

Transfer by adverse possession

A

A matter of state law.

Squatters

31
Q

Conveyance of descendent’s property

A

When someone dies without a will, this is how it is transferred.

32
Q

Transfer of title by will

A
  • gift of real property by will is “Devise”
  • person receiving gift is devisee
  • this process must go through probate court
33
Q

Probate proceedings

A
  • Proves validity of will
  • Determines precise assets
  • Identifies who gets them
34
Q

transfer of declaration form
AKA
Affidavit of real estate

A

Required in some states.

Must me signed by buyer or seller or their agents

Real estate (14 decks)

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