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Alpha Real Estate > Chapter 5: Transfer of Title > Flashcards

Chapter 5: Transfer of Title Flashcards

1
Q

What is alienation?

A

the act of transferring title, ownership, estate, or interest in real estate from one party to another

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2
Q

Types of voluntary alienations:

A
  1. Land Patent
  2. A Dedication
  3. Devise (Will it to someone)
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3
Q

Land patent

A

A government document which conveys title to a public land to a private individual.

Are issued by public grants

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4
Q

Dedication

A

A citizen donates land as a gift to the public

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5
Q

Last will and testament

A

a written instrument executed by an individual to arrange for the conveyance of his property at the time of death

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6
Q

What is a testator (Devisor)?

A

The person who creates a will.

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7
Q

What is a devise?

A

Real property passed down by will

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8
Q

Who is the devisee

A

The recipients of a will who receive the devise

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9
Q

What is personal property called that is received by will?

A

Legacy or bequest

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10
Q

Who is the legator?

A

The testator (devisor)

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11
Q

W?ho is the legatee?

A

The recipients of the personal property in the will

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12
Q

Who is an executor

A

A person named in a will to act as a personal representative for the testator in carrying out his directions

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13
Q

Who is an administrator

A

A person assigned by the courts to manage the affairs of the deceased if no-one is named in the will.

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14
Q

What’s the difference between testate and intestate?

A

Testate means someone died with a will, but intestate, the person died without a will

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15
Q

What’s the best will to have that’s preferred by courts?

A

Formal will

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16
Q

What is a formal will

A

It is typed or preprinted and usually prepared by an attorney.

Testator must declare in the presence of 2 or more witnesses

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17
Q

What is attestation?

A

The process of signing a formal will involving the required witnesses.

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18
Q

Holographic Will

A

Wills that are entirely handwritten, dated, and signed by the testator.

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19
Q

Nuncupative wills

A

Wills that are made orally by the testator in expectation of his death.

Must be properly witnessed and put into writing within a specific time allotted by law.

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20
Q

When does a will become active?

A

When the testator dies

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21
Q

How can one make changes to a will?

A
  1. Create a new will

2. Stating changes through an instrument called a codicil

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22
Q

How is title to deed usually transferred (what instrument is used to transfer title)?

A

A deed (normally as a result of a purchase)

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23
Q

Types of Involuntary Alienations

A
  1. Condemnation: Govt. takes property
  2. Escheat: Die w/o will
  3. Foreclosure: property is sold to pay taxes or liens
  4. Accession: Gain/lose realty (due 2 nature or manmade)
  5. Adverse Possession (Prescription)
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24
Q

Title by Accession

A

One’s ownership of land is altered due to natural or manmade causes

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25
Q

A land’s gradual increase of rock, sand, or soil due to nature

A

Accretion

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26
Q

The increase of land that results when waterborne soil (silt) is gradually deposited to produce firm dry ground.

A

Alluvium

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27
Q

When land is rapidly washed away by the actions of water.

A

Avulsion

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28
Q

When a lake, river, or sea permanently recedes exposing land

A

Reliction

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29
Q

What is the Adverse Possession Act

A

a law that allows the unauthorized occupation of a another person’s land to be the basis for acquiring title to it.

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30
Q

What are the criteria for adverse possession?

A
  1. Actual: Adver. claimant’s occupancy is unquestionable
  2. Hostile: w/o owner’s consent
  3. Open: obvious and visible to the rightful owner
  4. Notorious: Public sees claimant taking control of land
  5. Exclusive: Can’t be shared with anyone else
  6. Continuous: occurred during the statutory time limits
31
Q

What is tacking?

A

When possession by different adverse claimants are added together to determine if continuous adverse possession exists

32
Q

What is color of title?

A

Anything in writing concerning the title which suggests some plausible appearance of ownership (no matter how imperfect the instrument is)

33
Q

Once an adverse claimant has met all criteria, he must file what to acquire the title?

A

Action to quiet title

34
Q

In Tenancy in Common and Joint Tenancy, how can an owner dissolve his tenancy?

A

File a Partition Suit

35
Q

What are the laws of descent and distribution (laws of succession)?

A

Inheritance is passed down to heirs by closest of kin

36
Q

What is a deed?

A

a written legal document used to convey ownership of real estate from one party to another

a legal document that transfers property ownership from a seller/grantor to a buyer/grantee

37
Q

Who is the Grantor?

A

The person giving up ownership

38
Q

Who is the Grantee?

A

The person acquiring ownership

39
Q

What is a grant?

A

The process of conveying ownership from grantor to grantee

40
Q

What are the requirements for a grant?

A
  1. Grantor must be legal age
  2. Deed states consideration from grantee to grantor
  3. Must contain words of conveyance
  4. A land description (acceptable for legal descriptions)
  5. Grantor must sign it
  6. Delivery and acceptance
41
Q

Examples of consideration

A
  1. Ex: $10 and “For other valuable consideration”
  2. “For natural love and affection” is used when consideration is a gift (also called “Good consideration”. This can be used in a GIFT DEED.
42
Q

What are the criteria for words of conveyance?

A
  1. Clearly states he is making a grant

2. Identifies the quantity of estate to be granted

43
Q

What are the acceptable legal descriptions for a land description on a deed?

A
  1. Metes and bounds
  2. Rectangular surveys
  3. Recorded Plats
  4. Vertical land descriptions
44
Q

Deed Signing examples

A
  1. Normal situation: person signs it
  2. Use X if one can’t sign (witnesses sign on behalf)
  3. Corporations: Use a seal & 2 corporation officers sign
45
Q

What is an acknowledgement?

A

When someone signs a deed in front of witnesses, an official, or notary public.

46
Q

When does a deed transfer title from grantor to grantee?

A

When grantor delivers deed to grantee and grantee then the grantee willingly accepts it.

47
Q

When is the grantee presumed to have accepted a deed?

A

If the grantee:

  1. Retains the deed
  2. Records the deed
  3. Encumbers the title
  4. Appointing someone to accept or record the deed
48
Q

What’s another name for an escrot agent?

A

An escrowee

49
Q

When using an escrot agent, when does title pass?

A

When the deed is delivered to the escrot agent

50
Q

What is the doctrine of relation-back?

A

Says that the death of the grantor does not terminate the escrow or affect the escrowee’s authority to delver a valid deed.

At death, title relates back to the escrot due to the time of delivery.

51
Q

What is the habendum clause?

A

the statement in a contract that describes the rights and interests being given.

  1. It usually begins with the phrase “To have and behold”
  2. Describes he quantity and duration of the estate to be conveyed
52
Q

What is a reservation in a deed?

A

When grantor chooses to reserve a portion of property for himself or to have access to a certain portion of property.

53
Q

What is an exception in a deed?

A

When owner excludes for himself a portion of the property to be conveyed.

54
Q

What is a covenant of title?

A
  1. a promise by the grantor that certain conditions of the title exist
  2. If any of those conditions are found to be untrue, the grantor, his heirs, or his assigns will compensate the grantee and in some cases subsequent grantees, for actual damages suffered.
55
Q

What are the 5 title covenants?

A
  1. Seizen:
    At time of conveyanance, grantor promises he owns the property and has the right to convey it
  2. Encumberance:
    promises that grantor’s title is free from any and all encumberances not specifically accepted in the deed.
  3. Quiet Enjoyment:
    promises that grantor’s title is superior to all other titles.
  4. Further Assurances:
    grantor promises to perform any acts necessary to produce whatever documents are required to perfect title in the grantee
  5. Warranty Forever:
    Grantor promises to compensate the grantee for any loss suffered while defending his title against persons asserting a rightful claim to the property.
56
Q

What are the 7 types of deeds?

A
  1. Warranty deed
  2. Grant deed
  3. Bargain and sale deed
  4. Quitclaim Deed
  5. Correction Deed (Deed of Confirmation)
  6. Statutory Deeds
  7. Deed in Partition
  8. Guardian Deed
  9. Administrators’ Deed
  10. Deed in trust
  11. Deed of trust
57
Q

What is a warranty deed?

A

guarantees good title to the premises, not the physical condition of the property

Title is assured by: Seizen, Quiet Enjoyment, Further Assurances, and Warranty Forever.

58
Q

What is the doctrine of after acquired title?

A

When title to property is acquired after the owner attempts to sell or transfer the title to another person before he/she actually got legal title. When the title is acquired by the seller in this paper shuffle, title automatically goes to the person to whom it was sold

59
Q

What is a general warranty deed?

A
  1. Offers the most comprehensive title protection of any deed
  2. The 5 covenants of warranty apply to title defects occurring before and during the grantor’s ownership
  3. Grantor pledges to warranty and defend the title “against the world”
60
Q

What is a special warranty deed (Limited warranty deed)?

A

Only protects the title from defects during the period the grantor owned the property.

Used a lot for:

  1. foreclosures
  2. Court appointed grantors such as administrators, guardians, trustees, or corporations
61
Q

What is the covenant against grantor’s acts?

A
  1. How a limited warranty is “expressed”

2. States that grantor protects the title against claims arising “by, from, through, or under him.”

62
Q

What are grant deeds?

A
  1. Covenant of Seizin
  2. Against Encumbrances
  3. Uses limited warranty
  4. Doctrine of after acquired title applies
63
Q

What is a Bargain and Sale deed?

A

Conveys title but contains no warranties about the condition of title, either expressed or implied.

Grantor implies that he owns or has an interest in the property.

Doctor of after acquired title applies

64
Q

What is a quitclaim deed?

A

Conveys whatever interest or title the grantor may have in the property, if any.

Contains no covenants or warranties of title

Grantor does not imply (purport) to have title or possess any interest in the property to be conveyed.

Doctrine of after acquired title does not apply

Uses words “remise, release, and quit claim”

65
Q

What is a deed of confirmation (correction deed)?

A

a deed executed and recorded for the purpose of correcting an error in another deed.

66
Q

What are statutory deeds?

A

Deed conveyances that are authorized by the court.

67
Q

Sheriff’s Deed (Deed in Foreclosure)?

A

Is used to convey title resulting from a sale to satisfy a mortgage lien, judgment lien, mechanic’s lien, or tax lien (tax deed).

68
Q

What is a deed in partition?

A

A deed issued by the court to partition property that was owned in joint tenancy or tenancy in common.

69
Q

What is guardian deed?

A

A deed executed on behalf of a person who lacks legal capacity to convey title for himself.

70
Q

What is an executor’s deed?

A

Conveys title to property of a descendent who died leaving a valid will.

71
Q

What is an administrator’s deed?

A

Conveys title to property of someone who died intestate

72
Q

What is a deed in trust?

A

A form of deed where real estate is conveyed to a trustee (usually to establish land trust).

73
Q

What is a deed of trust (trust deed)?

A

a legal document where title is transferred to a neutral third party (trustee) as security fo an obligation owed by the trustor to the beneficiary (lender).

74
Q

What is a title?

A

a legal right to ownership of a property

Alpha Real Estate (20 decks)

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