Chapter 6 Transfer of Title Flashcards
Title has 2 functions
right to/ownership of land
Evidence of ownership
States that some legal instruments must be in writing
Statute of Frauds
This person conveys property
Grantor
This person receives property
grantee
An instrument that conveys property from grantor to grantee
deed
This must clause acknowledging that the grantor has received some sort of consideration
Valid deed
Words of conveyance
granting clause
This may follow granting clause. Necessary to define the ownership to be enjoyed by the grantee. “Strings attached”. “To have and to hold”
Habendum clause
A deed may specifically note any encumberances, reservations or limitations that affect the title being conveyed
Exceptions and reservations
Written specific authority to sign legal documents for a grantor
Power of attorney
Formal decleration under oath that the person who signs a written document does so voluntarily and that the signature is genuine
acknowledgement
This is not essential to the validity of a deed unless it is required by state statute
Acknowledgement
Title passed ONLY when a deed is delivered and accepted
acceptance
Two basic rules for the execution of corporate deeds
- Corporation can convey real estate only by the authority defined in its bylaws or on the basis of resolution passed by its board of directors
- deed conveying corp-owned real estate can be signed only by an authorized officer
Deed with greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties
General warranty deed
This deed limits the grantor’s defense of the title transferred by warranting that the grantor received title and that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed
Special warranty deed
No promises expressly stated. No express warranties against encumbrances, but it does IMPLY that the grantor holds title and possession of the property. Used in foreclosure and tax sales.
bargain and sale deed.
Deed with least amount of protection. Carries no covenenats or warranties and only conveys whatever interest that the grantor may have when the deed is delivered
quitclaim deed
This is the means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary.
Deed of trust
Deed used by a trustee to return title to the trustor.
Reconveyance deed
Deed executed by a trustee. Conveys real estate held in the trust.
Trustee’s deed.
Taxpayer purchases stamps from the recorder of the county in which the deed is being recorded and the stamps must be affixed to the deed before it can be recorded
Transfer tax stamps
Transfer to property may be transferred w/out the owner’s consent by
involuntary alienation
WIthout a valid will
intestate
Involuntary transfer. Open. notorious, continuous, hostile, adverse, not public land.
Adverse possession
Gift of real property by wil
devise
Formal judicial process. takes places in the county in which the descendant last resided.
probate
Legal right to buy
Equitable right
