Deeds Flashcards
Granting clause
is section of a deed identifying the property to be conveyed,
the grantor, the grantee, and the grantor’s promise to transfer title to the grantee.
It is also called words of conveyance, and it is needed for a deed to be valid.
Consideration
is something of value exchanged by the parties as evidence of agreement to the terms of a contract.
Consideration could be:
Promises
Goods
Services
Usually, consideration is money.
covenant of seisin
protection in which the grantor states they hold the title conveyed in the deed. grantor guarantees deed
The habendum clause
a necessary clause within a deed that clarifies the type and extent of interest conveyed by the granting clause.
If you see the words “to have and to hold”
Not always essential to the validity of a deed, though it is often required for recording
Acknowledgment
words like “sell, give, bargain, convey, and grant” are used for this element
Granting Clause
indicates what interest in the property is being conveyed by the grantor
Granting Clause
when real estate is gifted, this can be classified as “love and affection”
Consideration
Also known as a gift deed
formal declaration that the person signing a document is signing it by choice with a real signature
Acknowledgment
specifies both the owner’s rights and the limitations on those rights (i.e. prohibited activities)
The habendum clause
is a necessary clause within a deed that clarifies the type and extent of interest conveyed by the granting clause. If you see the words “to have and to hold
habendum clause
Quiet enjoyment covenant
is a lessee’s right to possess a property without interference from the lessor, previous owner, or anyone else about the claim to the title.
In other words protects you from previous people
Further assurance Covenant
is a protection in which a grantor assures that, in the future, they will sign and deliver any conveyance tools needed to obtain a clear title.
Also known as the bargain of sale deed with convenants
Special warranty deed
What type of deed Implies that the owner holds the right to convey title but does not warranty against encumbrances
Bargain and sale deed
Known as a deed without warranty
Bargain & sale deeds
Devise
A gift of real property left by a will
devisee
The person who receives real property by will
Testate
is the name for conditions in which the owner of a property dies having left a valid will.
Intestate
is the name for conditions in which the owner of a property dies without having left a valid will.
testator
the party who makes a will
suit to quiet title.
Serve as a kind of lawsuit against anyone who may want to claim ownership to property when there is a cloud on title
Color of title
refers to a title transfer that is defective in a way that is unknown to the new owner. A broken chain of title
Constructive notice
occurs when a property’s ownership is recorded publicly so everyone can discover the contents of recorded documents
Actual notice
occurs when an individual actually knows of a fact. Actual notice is direct or first-hand knowledge. It can include:
Reading a deed
Searching title records
Physically visiting a property to see who currently has possession
Condemnation
is the legal process through which the government seizes land from a property owner usually for eminent domain.
A restrictive covenant puts restrictions on a property’s:
title
The doctrine of laches
is a legal principle used to bar dated claims. if a neighborhood fails to enforce a deed restriction when the violation happens, they may not be able to enforce it later.
easement appurtenant
is an easement that exists when two different parties own adjacent parcels of land and one owner has the ability to cross the other’s land. It runs with the land so even if he sells property the next person would have this easement
Easement in gross
applies to the person or entity, not the specific land. such as a utility co to be allowed to access property for electric lines.
What is the difference between easement by prescription and adverse possession?
an easement by prescription grants use of the property, whereas adverse possession grants ownership.
Mortgagee
Is the organization or person who lends money (the lender)
MortgagEE has two “E”s, and so does LEndEr.
Mortgagor
is the person who takes a loan out from a bank (the borrower)
MOrtgagOr has two “O”’s, and so does bOrrOwer.
The vendor is the seller or buyer?.
The vendee is the seller or buyer?.
The vendor is the seller.
The vendee is the buyer.
Part of deed that defines or limits ownership interest of the grantee
Habendum clause
encumbrance
is a non-possessory interest in a property that burdens the title
What must happen to a deed for title to be transferred?
Delivery and Acceptance
It is also called words of conveyance, and it is needed for a deed to be valid.
Granting Clause
Abstract of Title vs Chain of title
As opposed to a thorough and exhaustive chain of title, an abstract of title is an abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, or encumbrances
(3) three basic types of public land-use controls
PET
Police
Eminent Domain
Tax
Name 4 Private Land-Use Restrictions
DELL
Deed Restrictions
Easement
Liens
Leases
Deed restrictions
Also known as restrictive covenants are conditions, and restrictions, or CC&Rs often put in by developer
What are the two
way in which citizens can control how land is used
What is the difference between easement in gross and easement appurtenant
Easement in gross applies to person not land and will expire when person dies while easement appurtenant applies to land
Here’s a helpful way to remember: People are gross and land is permanent (which kind of rhymes with appurtenant).
Easement by necessity
If you block off the land from public access they would qualify for easement y necessity to access land
Easement by prescription
if you use someone land for 20 years without theIr permission and you are loUd notorious and hostile
If an encroachment lasts for more than seven years, what may be created?
Implied easement
What Types of liens are these?
Property tax and special assessment lien
Mortgage lien
Construction lien
Vendor’s lien
Specific Liens
What type of liens are these ?
Judgment lien
Estate tax lien
Income tax (IRS) lien
General liens
Vendor’s lien is
a specific, involuntary lien that is used when a buyer doesn’t take out a loan but also doesn’t pay the full purchase price of the property. (This is also called a contract for deed.)
A subordination agreement
is used to demote an existing lien in priority, so that a new lien can be in first position.
Involuntary alienation
Transfer of title without the owners consent such as a foreclosure
Explain how an implied easement and encroachment relate to each other
An implied easement is an encroachment that has existed and continues for more than 7 years
Voluntary alienation
Example would be leaving a property to his son in a will by father
