Chapter 7-- Transfer of Title

Question 1

Title

Answer 1

the right to or ownership of the land;
represents the owner’s bundle of rights
Serves as evidence of that ownership

Question 2

Voluntary Alienation

Answer 2

the legal term for the transfer of title during the property owner’s lifetime

Question 3

Deed

Answer 3

a document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else.

All Deeds Must be in Writing

Question 4

Grantor

Answer 4

conveys the property to a grantee. A deed is signed by the Grantor only.

Must be of lawful age (18).
Must be legally competent (of sound mind)
Name must be spelled correctly and consistently throughout the deed.

Question 5

Grantee

Answer 5

Receives property from a grantor.

must be specifically named so that the person to whom the property is being conveyed can be readily identified from the deed itself.

Question 6

A deed executed by ay minor is

Answer 6

Voidable

Question 7

Void

Answer 7

of no legal effect

Question 8

Consideration

Answer 8

1) That received by the grantor in exchange for the deed

2) Something of value $$$ that induces a person to enter into a contract.

Question 9

Granting Clause

Answer 9

words of conveyance that state the grantor’s intention to convey the property.

Question 10

Habendum Clause

Answer 10

begins with to have and to hold. it explains or defines the ownership to be enjoyed by the grantee.

Question 11

Signature of Grantor

Answer 11

for a deed to be Valid it must be signed by all grantors named in the deed.

Question 12

Power of attorney

Answer 12

a written instrument authorizing a person, the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument.

Question 13

acknowledgement

Answer 13

a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine.

Question 14

Recording the deed

Answer 14

an important act that puts the world on notice as to who owns the property.

Question 15

Delivery and Acceptance

Answer 15

Title is said to pass only once the Deed is delivered and accepted. The effective date of transfer of title from the grantor tot the grantee is the date of delivery of the deed itself.

Question 16

General Warranty Deed

Answer 16

Strongest most powerful Deed, it provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or promises and warranties.

These warranties extend back to its origins.

Question 17

5 Covenants of the General Warranty

Answer 17

Covenant of seisin
Covenant against encumbrances
Covenant of further assurances
Covenant of quiet enjoyment
Covenant of warranty forever

Question 18

Special Warranty Deed

Answer 18

Warranty that the grantor received title.

Warranty that the property was unencumbered by the grantor.

Question 19

Bargain and Sale Deed

Answer 19

Contains no express warranties against encumbrances, but it does imply that at the grantor holds title and possession of the property.

Question 20

Quitclaim Deed

Answer 20

used primarily to convey less than fee simple or to cure title defect. provides the least protection, carries NO covenants or warranties.

when a grantor remises, releases, and quitclaims the grantor’s interest in the property, if any.

Question 21

Cloud on a title

Answer 21

a title defect, may be cleared by a quitclaim deed

Question 22

Deed of Trust

Answer 22

conveyance from truster to trustee for the benefit of a beneficiary.

Question 23

Reconveyance Deed

Answer 23

conveyance from trustee back to trustor

Question 24

Trustee’s Deed

Answer 24

conveyance from trustee to a third party

Question 25

Transfer Tax Stamps or Grantor’s Tax

Answer 25

payable when deed is recorded.

Question 26

Transfer declaration form

Answer 26

must be signed by both the buyer and the seller or their R/E professionals. It States:
the full sales price,
legal description,
type of improvements,
address, date, and type of deed,
between relative or in accordance with a court order.

Question 27

Some deeds are exempted for the transfer tax

Answer 27

gifts,
suviorship,
no sale,
partitions,
gov't conveyances

Question 28

involuntary alienation

Answer 28

carried out by the operation of the law.

such as by condemnation, foreclosure of a mortgage or a sale to satisfy delinquent tax or mortgage liens.

Question 29

Intestate

Answer 29

when a person dies without a valid will, the title to the R/E passes to the heirs identified in the state’s law of intestate succession.

Question 30

Escheat

Answer 30

when no heirs can be identified or found the state will acquire the property by this state’s power.

Question 31

Accreation

Answer 31

Land may be acquired

Question 32

Erosion

Answer 32

Land may be lost

Question 33

Adverse Possession

Answer 33

involuntary transfer where an individual who makes a claim to certain property takes exclusive possession it by excluding the true owner and any other title claimants.

may take the title away from an owner who fails to use or inspect the property for a period of years.

MUST BE:
Open
Notorious
Continuous
Hostile
Adverse

Question 34

Tack

Answer 34

ability for subsequent adverse owners to add their years together to create the necessary period of adverse use.

Question 35

Testate

Answer 35

a person who dies with a legally prepared will indicating how to dispose of his rea and personal property.

Question 36

When a person dies, ownership of R/E passes to:

Answer 36

the co-owner by virtue a joint tenancy with right of survivorship or a tenancy by the entirety;

the party or parties named in a valid will; or

the statutory heirs determined by the state’s law of descent and distribution.

Question 37

Will

Answer 37

made by a property owner to convey title to real and personal property after the owners death.

Question 38

testor

Answer 38

the person who makes the will, is still alive, any property included in the will can still be conveyed by the owner.

Question 39

Devise

Answer 39

The gift of real property

Question 40

Devisee

Answer 40

a person who receives the real property

Question 41

Devisee

Answer 41

a person who receives the real property

Question 42

Probate

Answer 42

formal judicial process for verifying the validity of a will and accounting for the decedent’s assets.

Question 43

nuncupative wills

Answer 43

oral

Question 44

holographic wills

Answer 44

entirely handwritten

Question 45

Codicil

Answer 45

a separate document containing any modification or additions to a previously executed will, which must comply with state law to be valid.

Question 46

Probate

Answer 46

a formal judicial process, takes place in the county where the deceased last resided.

Question 47

Bequest or Legacy

Answer 47

is a gift of personal property