Chapter 9 Flashcards
What type of document is recorded in public records
Legal or constructive notice
What is the history of the title to a property called
The abstract
What are the two voluntary title transfers
Deed
Will
Name 3 types of involuntary title transfer
Escheat
Eminent domain
Adverse possession
Hostile and exclusive possession of a property for seven continuous years
Adverse possession
What are requirements for a clean title valid deed
Consideration (money)
Legal description of the property-signed by the grantor
The deed is voluntarily delivered and accepted
Does a grantee have to be competent to receive the deed
No
Which is the most important clause in a deed
Premises (granting) clause
Only legally required clause
Which clause specifies the legal rights being conveyed /(conveyance?)
Habendum Clause
What is the best deed for the seller and worst for the buyer
Quitclaim deed
Which deed is most frequently used to cure defects or “clouds” in title
Quitclaim deed
Which is the best deed for the buyer or the grantee
General warranty
What is it called when you exercise eminent domain
Condemnation proceeding
Gross lease
Residential
Net lease
Commercial and industrial lease
