Chapter 9 Flashcards
Ownership is provided by physical possession
Actual notice
Recording document in the public records
Constructive notice
The data provides the greatest protection to the grantee is the
General warranty deed
The deed that is used to come face the property of a minor
Guardians deed
Legal rights being conveyed are expressed in the
Hanbendum clause
Protects owners against issues to the property, incorrect signatures on documents, forgery, fraud, restricted covenants, encumbrances or judgement
Title insurance
the instrument often used to transfer ownership from the government to an individual
Patent deed (public grant)
Transferring Conveying ownership from one party to another is called
alienation of title
A legal principal under which an owner may lose title to another person who was taking control of the property
Adverse possession
A legal principle on there which ownership to property may be lost because of the owners failure to provide public notice of ownership
Estoppel
The transfer title to legal hairs upon the death of an individual who died without a will
Decent and distribution
Premises clause
Known as a granting clause, is the only legally necessary clause required in the deed. Names parties, words of conveyance, consideration, and legal description.
Used to reserve a right in the title, not the land, such as remainder estate
Reddendum clause
Is essentially a claim of ownership by the grantor. Assures the grantee that the grantor owns and has legal rights to convey the property
Warrant of seisin
Deed contains no warrant of any kind. The grantor does not promise to have rights in the property, interest is relinquished to the grantee. Is rarely used and day to day sales or transfer property.
Quitclaim deed
Four rights of government that Limit private property are
Police power, eminent domain, taxation, escheat
A notice the pending lawsuit against the property owner
Lis pendens
Descent and distribution
Transfer of title to legal heirs upon death of an individual who died with no will.
Escheat
Reversion of property to the state if someone does with no will or no heirs
Assures the grantee that there are no encumbrances against the property other than disclosed in the deed. The grantor will be responsible for liens or claims not specified in the deed
Warrant against encumbrances
The grantor grants, bargains and sells the property to the grantee. No promise to defend the title of problems arise later. Counts warrant of seisin.
Bargain and sale deed
Is a type of bargain and sale deed. But offers protection to the grantee only for claims made by the grantor or others representing them.
Special warranty deed
Is a type of bargain and sale deed. The grantor promises to defend the title against any and all claims.
General warranty deed
Committees deed
Is used to convey the property of a mentally incompetent person
Allows the government to restrict the use of land to protect the health, safety, and welfare of the citizens.
Police power
The power that allows the government to levy taxes on private property. If an owner doesn’t pay taxes when due, it could foreclosed by the court
Taxation
Easement by prescription
20 years or more of continuous and uninterrupted use of a portion of another persons property .
Encroachment
Unauthorized physical intrusion onto someone else’s property.
Is a financial claim against property by a creditor or unit of government used to secure the payment of a debt or other obligation owed by the property owner
Lien
