Chapter2- Encumbrances & Trasfer Of Ownership Flashcards
Encumbrance
IS a lien, clam, charge, or lability against property,may create a cloud on the title.
Lien
Creates a legal obligation to pay.
Restriction
Is a limitation placed on the use of property
Deed restrictions
And covenants are created in the deed at the time of sale or in the general plan of a subdivision by the developer.
Easement
Is the right to enter or use someone else’s land of a specified purpose.
Easement appurtenant
Creates an egress and ingress , attaches to the land
Easement in gross
Oil and gas pipelines and public utilities also have easements that are not appurtenant to any one parcel.
Express grant
The servient tenement, or the giver of the easement , grants the easement by deed or express agreement.
Express reservation
The seller of a parcel who owns adjoining land, reserves an easement or right of way over the former property.
Necessity
An easement by necessity is created when a single parcel is partitioned leaving one or more parcels completely landlocked with no access to a street.
Prescription
An easement by prescription may be created by continuous, uninterrupted use, by a single party or a number of parties, for statutory period.
Terminating an easement
- failure off purpose
- abandonment
- merger
*express release
FAME
Failure of purpose
An easement at be terminated if the purpose for crating the easement no longer exists.
Abandonment
The obvious and intentional surrender of the easement
Merger
If the same person of the dominant and servient tenements,
The easement is terminated.
Express release
The owner of the dominant tenement is the only one who can release an easement. A usual way would be to sign a quitclaim deed.
Encroachment
Placing a permanent improvement ( fence, wall, driveway, or roof) so that it extends over the lot one into adjoining property owned by another.
How title to real estate is acquired or conveyed
- will
- descent
- natural forces
- adverse possession
- transfer by deed
Will
Disposes of property after death
Witnessed will
Usually prepared by an attorney and signed by the maker (testator) and two witness.
Holographic will
Written in the makers own handwriting, dated, and signed by the maker.
Codicil
The maker may change a will
Devise
Gift of real property by will
Bequest or legacy
Gift of money or personal property by will
Intestate
Means dying without a will
Testator
Is a person who makes a will and is said to die testate
Probate
Is a legal process to prove a will is valid
Decent (succession)
Is the legal transfer of a person’s interest in real and personal property under the laws of descent and distribution.
Intestate succession
When a person inherits property as a result of someone dying without a will
Accession
Is a process by which there is an addition to property by the efforts of man or natural forces
Alluvium
The gradual build up of soil
Accretion
By natural causes on property bordering a river, lake, or ocean
Erosion
Is the gradual wearing away of land by natural processes.
Avulsion
The sudden washing or tearing away of land by water action
Adverse possession
One can acquire title to property by actual occupation,which is notorious, hostile, and continuous for the statutory period.
Deed
Is a legal instrument used to transfer an interest in real property
Grantor
Is the person conveying the property
Grantee
Is the person receiving the property
Elements of a valid deed
- legally competent grantor
- legal description
- consideration
- words of conveyance
- name grantee
- signed by the grantor, delivered to and accepted by the grantee
Habendum clause
Begins with the words to have and to hold and defines or limits the ownership interest of the grantee
Types of deeds
- general warranty deed
- special warranty deed
- bargain and sale deed
- grant deed
- quitclaim deed
General warranty deed
- covenant of seizen
- covenant against encumbrances
- covenant of quiet enjoyment
- covenant of further assurance
- covenant of warranty forever
Special warranty deed
*grantor only warrants the title to the property during the time of the grantors ownership #used in foreclosed sales by Leander's #used in sales in which the relocation company has taken title #used in estate sales
Bargain and sale deed
(Deed without warranty)is simply a deed that does not contain any covenant of warranty but does imply ownership by the grantor.
Grant deed
- grantor has not already conveyed title
* estate is free encumbrances than those disclosed by the grantor
Quitclaim deed
The grantor only conveys the right,title, and interest of the grantor
- no warranties or covenants to the grantee
- release deed
- used to clear a cloud on a title
- used to release any interest the grantor has or may have
Public grant
Is the transfer of title by the government to a private individual
Land patent
Is the document used by the government to show the original transfer title to land to an individual
Involuntary alienation/Operation of law
- foreclosure
- bankruptcy
- quiet title action
- partition action
- execution of sale
- escheat
- eminent domain
- condemnation
Foreclosure
Is the legal process used by a lender to seize property of a homeowner for breach of a deed of trust or mortgage
Bankruptcy
Is the court proceeding to relieve a person’s or company’s financial insolvency
Quiet title action
Is a court proceeding to clear a cloud on the title of real property
Partition action
Is a court proceeding to settle a dispute between co-owners (joint tenancy or tenants in common) about dividing their interests in real property
Execution sale
Is a forced sale of property under a court order with the proceeds used to satisfy a money judgement
Escheat
Is a legal process in which real and personal property under reverts to the state because the deceased owner left no will and has no legal heirs the state must wait a number of years before trying to claim the property
Eminent domain
is the power of the government to take private property for the public use after paying just compensation to the owner
Condemnation
Is the process by which the government acquires private property for public use, under its right of eminent domain
