Chapter 9 Flashcards
What means “Ownership”
Title Means Ownership
What kind of notice of ownership is the best kind?
Constructive notice
It is recorded in public records
What are the types of voluntary alienation of a title?
Will and Deed
What are the types of involuntary alienation of a title?
Escheat
Eminent Domain
Adverse Possession
What is escheat?
Died intestate (with no will) and no next of kin. State gets the property
What is Eminent Domain?
When the government takes your home (through condemnation) to build something for public benefit
What is adverse possession?
When someone occupies your home in a hostile manner for 7 continuous years
What are the requirements for a valid deed?
Description of the property
Consideration (monetary value)
Signed by grantor and 2 witnesses
Delivered voluntarily by grantor and received by grantee
Which clause is required to be in any deed
Premises (granting) clause
What is the habendum clause?
States what rights are being conveyed in a deed
Which is the best deed for sellers?
Quitclaim deed
What are quitclaim deeds used for?
to clarify a defect (or cloud) in the title. It just takes a name off a title
Which is the best deed for buyers?
General warranty deed. They will defend the title from any and all claims
How will the government take your home if you disagree with an eminent domain?
Through a condemnation proceeding
Which type of lease is done between a tenant and a landlord?
Gross lease. Tenant pays rent, landlord pays taxes and maintenance
Which type of lease is done for a commercial or industrial property?
Net Lease. Tenant pays taxes and maintenance, remainder is paid as rent to the landlord.
Which type of lease is done for a retail space?
Percentage lease. Renters pay rent and a portion of their earnings
Which are the superior liens?
Property Taxes
Special assessments - sidewalks
Which are the specific junior liens?
Vendor Lien
Construction lien
Mortgage lien
What are the types of ownership notice?
Actual notice - Only one person knows, from actually seeing you in the home
Constructive notice - Public Record, easier to prove
Who has to be competent in a deed transfer?
The grantor must be competent, grantee does not. Grantee does not need to sign the deed
