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Real estate > Chapter 3- Transfer of Title > Flashcards

Chapter 3- Transfer of Title Flashcards

1
Q

Methods of transferring title

A

1) Voluntary Alienation
A)Public Grant
B) Private Grant

2) Involuntary Alienation
3) Descent
4) Will

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2
Q

Voluntary Alienation

A

Own free will transfer title

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3
Q

Involuntary Alienation

A

Don’t want to do- will transfer title through the courts.

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4
Q

Who will prepare the document deed

A

Grantor transfers title to real property.

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5
Q

Two parties involved in transferring title

A

Grantor- Gives the deed (Not always the owner)- Can be to as many people as you want.

Grantee- Receives the deed,

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6
Q

Basic requirements for writing a deed (To be valid)

A

1) Competent Grantor- Someone with sound mind.
2) Identifiable Grantee- Grantee does not need to sign
3) Granting Clause- Grantor must agree.
4) Legal Description- Description of address. Will be on Purchase contracts, deeds, mortgages, trust deeds.
5) Legal Consideration- money, barter

6) Signature of Grantor- Final step of transferring
(Title Company)

7) Acknowledgment- 3rd party present, showing signed of free will.

8) Delivery to grantee
Actual
Escrow- Title Company

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7
Q

Legal consideration for transferring title

A

1) Valuable- Money or goods- barter

2) Good- Love and affection.

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8
Q

Covenants on all conveying deeds- ( From title company)

A

Promises

1) Covenant of Seizin
2) Covenant of Quiet Enjoyment
3) Covenant against Encumbrances

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9
Q

Covenant of Sezin

A

The grantor owns the property and has the right to convey.

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10
Q

Covenant of Quiet Enjoyment

A

The grantor will defend the grantees title against claims by 3rd party and compensate grantee if title turns out to be invalid or defective.

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11
Q

Covenant against further encumbrances

A

The grantor promises the property is free from encumbrances except those already revealed. If covenant is violated , the grantee can sue.

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12
Q

Warrantees (guarantees) of title company

A

1) Further assurance
Obligates the grantor to perfect title- No perfect title due to taxes. Liens and mortgage. contained in warranty deed forever.
2) Warranty forever- Title insurance will protect.
Requires the grantor to defend the grantee’s title forever. Contained only in a general warranty deed.

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13
Q

Types of Deeds

A

1) Patent Deed
2) Conveying or Granting Deeds
3) Beneficiary (death) deed

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14
Q

A special (limited) warranty contains (Includes)

A

1) Covenant of Seizin
2) Covenant of Quiet enjoyment
3) Covenant against encumbrances
4) perfect title

***Not forever

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15
Q

General Warranty Deed

A

1) Covenant of Seizin
2) Covenant of Quiet Enjoyment
3) Covenant against encumbrances
4) Perfect title
5) Will protect forever

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16
Q

Releasing Deeds

A

1) Quit Claim Deed
2) Gift Deed
3) Disclaimer Deed
4) Correction Deed
5) Fiduciary Deed

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17
Q

Quit Claim Deed

A

1) To remove clouds on Title- Requires quiet title suit (court) Name, or messy title.
2) No covenants or warranties
3) May convey but not designed to convey.
4) Color of Title-Appearance. of ownership, might not be.

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18
Q

Gift Deed

A

1) Type of Quit Claim deed
2) Used between relatives

**For love and affection

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19
Q

Disclaimer Deed

A

1) Used for denial of spouses interest in property
2) Signed at time of purchase.
3) Contains no covenants or warranties.

***Used for second marriage or bad credit.

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20
Q

Correction Deed

A

Correct an original deed that was messed up.

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21
Q

Fiduciary Deed

A

Someone that could handle things if incompacitated.

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22
Q

Is recordation of a deed mandatory?

A

No- Recordation provides notice but not ownership.

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23
Q

Purpose of recordation

A

1) Gives enforceability of the claim to the title.
2) Does not guarantee validity.
3) Shows Chain of Title-order of who owned liens.

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24
Q

Groundless Lien Statute

A

Protect against frivolous claim to title. Could have bogus claim or lien and it is against the law.

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25
Benefits of Groundless Lien Statute
Protects property owner.
26
Penalties with the Groundless Lien Statute
$5,000 or triple the damages.
27
Affidavit of Value/ Affirmation of Value
Signed by the seller and records with the deed.
28
Purpose of Affidavit of Value
So can asses taxes.
29
Components of a Affidavit of Value/ Affirmation of Value
1) Signed by buyer/seller 2) Consideration 3) Legal Description 4) Records with deed
30
Title
An accumulation of facts which, if proven, would enable a person to recover or retain possession of a piece of real property.
31
Title composes of
1) Constructive Notice- Document is recorded 2) Actual Notice- Handing deed over- usually with title company. 3) Quality of claim to the title. 4) Evidence or proof
32
Quality of claim to a title
1) Abstract of title (No deed) and possession- living there. 2) Unrecorded deed and no possession. 3) Recorded deed and no possession. 4) Unrecorded deed and possession. 5) Recorded deed and possession.
33
Proof you have title
1) Abstract of title (Certificate of title)-History of title 2) Torrens Certificate (Not in AZ) 3) Title Insurance- Most common in Az.
34
Title Insurance is composed of?
1) Benefit of the buyer (vendee) 2) Paid for by the seller (vendor)-Guarantees 3) Paid once-At beginning 4) Issued in the amount of the purchase price 5) valid as long as the buyer or heirs own the property. 6) Void when owner sells the property.
35
Title insurance does not insure against
``` Items in the public record Rights of the parties in possession Unrecorded documents such as mechanics liens Questions of survey Gaps in the chain of title Easements ```
36
What does Title Insurance insure against
Incorrect marital status Errors by Title Company Hidden (undiscovered defects) **Forgery, Incompetent grantors
37
ALTA/ Extended Coverage/Broad Form Coverage
Lenders policy that they require: 1) Insures the lender has an enforceable lien against property. 2) For the benefit of the lender (Mortgagor or trustor) 3) Paid for by the borrower. 4) Paid once-at beginning. 5) Issued in the amount of the original loan. 6) Valid if property is collateral-remains valid if property is sold and loan is assumed. 7) Void when loan is paid off.
38
What does ALTA/Extended Coverage/ Broad Form Coverage not insure against?
Items in the public records. Gaps in chain of title.
39
What does ALTA/Extended Coverage/Broad Form coverage Insure against?
1) Rights of parties in possession. 2) Unrecorded documents. 3) Questions of survey.
40
Subrogation
Give up rights in return for money.
41
Title examiner
Examine public records
42
Title plant
Collective instruction notice information
43
Preliminary Title Report
1) Schedule A- Basic stuff | 2) Schedule B- Wont be covered-Needs to be looked at by agent.
44
What's on a preliminary title report Schedule A
1) Name of the insured 2) Legal description 3) Defines the estate covered
45
What's on a preliminary title report Schedule B
1) Standard exceptions | 2) Special exceptions- easements, HOA, CCR, Encumbrances.
46
Involuntary Alienation
1) Alienation | 2) Acquisition
47
Alienation
1) Erosion- Gradual wearing away of the land | 2) Avulsion- Sudden loss of land- fire, sink hole
48
Acquisition
1) Accretion- acquiring land through build up of dirt. 2) Alluvial deposits-soil deposited by accretion. 3) Reliction- Stream that recedes the land will belong to property owner.
49
How can you have loss of land?
1) Property tax foreclosure sale 2) Bankruptcy sale 3) Mortgage foreclosure 4) Trustee's sale 5) Judgment execution 6) Escheat 7) Eminent Domain 8) Adverse possession
50
What is used for property tax foreclosure sale?
Treasurer's Deed
51
What is used for Bankruptcy sale
Trustee's Deed
52
What is used for Mortgage foreclosure
Sheriffs Deed
53
What is used for Trustee's sale?
Trustee's Deed
54
What is used for judgment execution
Sheriff's deed
55
In an Adverse Possession suit it has to be prove possession of the land was
1) Open 2) Hostile 3) Notorious 4) By claim of right 5) Continuous or tracking-many owners and 5 years Method of acquiring title-10 years
56
Most common use for law of Adverse Possession?
Boundary disputes, fences and easements
57
Title vs right with Adverse possession
If you want to avoid giving title can give them easement.
58
Descent
intestate Succession- No will 1) Administrator (personal representative) 2) Statute of descent and distribution set by A.R.S 3) Probate- court approval Title transfers at death-subject to probate.
59
What is the order of succession if no will?
1) spouse 2) children 3) parents 4) siblings 5) grandparents 6) aunt and uncles
60
Types of involuntary alienation
1) Natural causes- land changes, 2) Operation of Law- legally 3) Descent- No will
61
Voluntary Alienation
Testate succession is voluntary with a will.
62
Testate succession
1) Personal Representative-Deceased person decided | 2) Probate- courts will decide after probate when you can sell.
63
In a will another name for Real Property
device
64
In a will another name for personal property
bequest or legacy
65
Types of wills
1) Formal or conventional 2) Holographic 3) Nuncupative (Not in AZ)
66
Codicil
Amendment to a will. Change or cut people out.

Real estate (14 decks)

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