Chapter 3 Flashcards
Voluntary Alienation
Transferred by choice. Effected through public and private grant.
Involuntary alienation
Proceeds against the owners will. Includes foreclosures, eminent domain, escheat and adverse possession.
Descent
Person dies with heirs but no will
Will
Person dies with will and heirs
Grantor
Is not always the seller. Person who gives the deed
Grantee
Person who receives the deed. There can be unlimited number of grantees
Valuable consideration
Money or goods
Good consideration
Love and affection
Acknowledgement
Required by state law. And it shows the deed is signed by own will.
It is required for deed to be valid. Thats why they have Third party witness typically a notary.
Actual- delivery to grantee
Delivering deed to grantee.
Escrow - delivery to grantee
Grantor hands to the third party and instructs to give to the grantee
Habendum clause
This specifies the degree of property conveyed
Or
Sets forth or limits your interest in a deed
Seizin
The person who truly has the right to sell the property.
Quiet enjoyment
Enjoys the Highest claim of ownership.
Lease doesnt terminate when property is sold.
Covenants in deed
Promises
Patent deed
Very first transfer of property from government to private party.
Bargain and sale deed
Right to sell - seizin.
Quite enjoyment
Against encumbrances
Sheriffs deed
Forclosure for Failure to make house payments
Treasures (tax)
Failure to make tax payments
Trustee’s (bankruptcy) deed
Failure to make payments in a deed of trust.
Beneficiary (death) deed
Deed that conveys title to grantee upon death of grantor
Special warranty deed
Contains seizin, quite enjoyment, against encumbrances, further assurance.
General warranty deed
Contains seizin, quite enjoyment, against encumbrances, further assurance, warranty forever
Warranty
A voluntary transfer. Designed to protect buyer against effective title. And doesn’t protect buyer against the government
Against encumbrances
Im gonna make all payments and no liens so there wont be any surprises for buyer.
Quit Claim Deed
No covenants or warranties.
Does not evidence title.
Conveys only the interest the grantor has it any.
Actor ownership.
Clouds on title
Releases an interest
Quiet title suit
Court action
Color of title
Quit claim deed. Has the appearance of title but is not title.
Example: parents give the house to son. Son is actor ownership now. It does not mean the parents gave away the interest in property.
Gift deed
Used between relatives.
Type of quit claim deed
Disclaimer deed
Is not used to convey title.
Spouse relinquishes rights to property.
Spouse denies legal claim to property.
Signed at the time of purchase.
Cut yourself from any legal claim of the property.
Correction deed
Ops!!! Its used to correct the original deed.
Fiduciary deed
Person interested to hold or manage property for another.
Recordation of deed
Page or document are assigned.
Responsibility of grantee and is not required.
Chain of title
Purpose of recording goes from owner to owner to owner.
Go through auction, and then have a winning bidder. Winning bidder gives in the deed.
Affidavit of value/ Affirmation of value
Also known as tax transfer fee.
$2 collected by collected by county recorded office.
Consideration
It is the exchange for the real property. Exchange is usually money but it can be service or promise to perform.
Groundless lien statute
Clears title against forge or groundless recorded document.
Constructive notice
When a document is recorded
Recorded document or legal document
Actual notice
Handing deed to someone
Abstract of title
No deed
Certificate of title or attorney’s opinion
History of title or chronological order of the title
Torren’s system
Registration system to determine property ownership
Title insurance
This is what we deal with going through escrow process
Owner’s policy
Refer notes
Lenders policy
Refer notes
Also known as ALTA
Also known as extended coverage/broad form coverage
Subrogation
Is an insurance claim due to an error made by title company.
Im gonna give my right and let my title insurance guy and let him fight in the court for me.
Title examiner
Employee of the title company who examines public records.
Title plant
Is a collection of constructive notice information
Alienation
Involuntary - natural or operational of law
Erosion
The gradual wearing of soil
Avulsion
Is violent and sudden loss of land.
Eg- earthquakes, sink hole, volcano
Accretion(process)
Acquiring land through soil deposits from a river or stream
Reliction
Non-navigable streets receeds and the land belongs to the property owner.
Alluvial deposits(product)
Is soil that is deposited by accretion.
Adverse possession
You may acquire title to property without permission of owner.
You win this through prescription suit.
Prescription suit
Statutory requirement if title.
Descent
Die without a will.
Probate
Is court approval
Title
Adverse possession. You just gain title to whatever- land etc
Right
Easement by prescription
Intestate
Dies without a will
Testate
Die with a will
Devise
Receiving a real property in a will
Devisee
A
Devisor
A
Holographic will
Hand written will and it does not require witness.
Validated based on hand writing.
Bequest
Transfer of personal property in a will.
Nuncupative will
Not in arizona. Usually in car accidents
Legacy
Transfer of cash in a will
