CHp 5- Title & Transfer Flashcards
Special Warranty Deed
Covers the grantors ownership period only
Quitclaim Deed
Covers nothing and usually used to clear title rather than convey
Quiet Title Suit
Lienor must prove validity of interest if not proven the cloud is removed
Person rep deed
Convey a decedent’s estate
Guardian’s deed
transfer property of minors or mentally incompetent
Sherifif’s deed
Foreclosed property sold at public auction
Deed of Trust
Collateral for a loan - Reconveyance deed is used to convey back
Deed in trust
convey to the trustee of a land trust DO NOT CONFUSE W? MASTER DEED
Master Deed
Conveys land to a condo developer
Partition Deed
co-owned property w/ court order from a partition suit
Patent Deed
Gove’t prop to private parties
Exemptions from transfer tax
immediate family, less than a certain amount, between gov’t or non profits, trust deed or reconveyance and tax deed
Testator
Make of a will
Devisor
Maker of a will
Testate
Died with a valid will
Not having a valid will
Intestate
4 types of wills
witnessed, holographic, approved or nuncupative
Escheat
Property goes to state
Types of involuntary Title Transfer
1) Laws of descent
2) Abandonment
3) Foreclosure
4) Eminent Domain
KY Adverse Possession time staturory time period
15 yrs
Estoppel
prevents claims inconsistent with previous statements or acts
Chain of Title
succession of owners
Abstract of Title
written, chrono summary of public records. Title search is needed to produce an abstract.
Does KY use the Torrens system
NO
COnditions for involuntary transfer by adverse possession
claim of right
possession w/out concealment
possession for a stuatory time (15 YRS)
payment of taxes (possibly)
4 principal forms of title evidence
torrens
title insurance policy
attorneys opinion of abstract
title certificate
What doc shows legal alienation of a prop
deed
If 2 parties claim severalty what doc do courts settle with
Bill of Sale
Doctrine prevents grantor from reclaiming property
Estoppel
Devise
property transferred by a will
Property transferred by will
Devise
Property may escheat to the state or cunty if…
it’s abdandoned for time by law
