Deeds

Question 1

Traditional Methods of Conveyancing an Interest in Real Property

Answer 1

Feoffment, or the sale of property, still qualifies as a valid transfer of interest

Question 2

Statutory Short-Form Deed

Answer 2

Defined by state statute

Question 3

Warranty Deed

Answer 3

Personal covenants of the grantor relating to the nature of the estate conveyed (generally a fee simple estate)

Question 4

Quit Claim Deed

Answer 4

Promise to convey what is owned by the seller (usually without any covenant for title)

Question 5

Deed Elements

Answer 5

1) Identification of the parties
2) Description of the land
3) Indication of a present intent to convey full title
4) Signature of the grantor

Question 6

Patent Ambiguity

Answer 6

An ambiguity that appears in an instrument and is present on the document itself

Question 7

Latent Ambiguity

Answer 7

Appears in its application–extrinsic evidence helps determine whether there are ambiguities

Question 8

Where there is doubt about whether a deed intended to convey a fee simple or lesser interest

Answer 8

That doubt should be resolved in favor of the grantee, and the greater estate shall pass

Question 9

Where the intent of parties is undiscernible, creating conflict between the granting clause and other parts of the deed

Answer 9

The granting clause will prevail

Question 10

Determining Grantors Intent

Answer 10

Intention of the Grantors is based upon the recitals in the deed and extrinsic facts

Question 11

Deed Delivered Without A Name …

Answer 11

Where a deed is delivered by grantor, with intent to vest it in the person to which it was delivered, and they are expressly authorized at the time of delivery to insert his or another’s name, title passes upon delivery

Question 12

Signature of the Grantor

Answer 12

Any mark or writing that is intended to serve as the grantor’s approval of the instrument will do, or an agent can do it

Question 13

Interest in a Third Party

Answer 13

Majority Rule: Grantor may grant more than one interest to more than one party in a single deed

Minority rule: there must be one deed, for each interest to be created in a property

Question 14

The Escrow Agreement

Answer 14

Deposit of a deed or other document with a third party to be delivered upon performance of specified conditions (must be recorded by the grantee)

Question 15

Deed and Money Escrow

Answer 15

The third party holds the document until payment is completed and may even be authorized to use purchase money to discharge liens and encumbrances

Question 16

Money Lender’s Escrow

Answer 16

Deposit of the proceeds of a mortgage loan with a third party to be disbursed as directed when satisfactory evidence shows the mortgage to be a valid first lein

Question 17

When The Deed Takes Effect

Answer 17

No effect as conveyance, and no estate passed until the second delivery has been made, or at least until the grantee has become absolutely entitled to such delivery

Question 18

Relation Back

Answer 18

Where the condition is fully performed and delivered by the escrowee, under certain circumstances, it will be treated as taking effect at the time of the original deposit in escrow

Question 19

When Conditions are Unmet

Answer 19

No title passes when a deed is delivered in escrow and then delivered to a grantee without the conditions being met/without authorization

Question 20

Voidable Deed

Answer 20

Majority: cannot be passed from a party with a void deed (i.e., grantee who obtained the deed by fraud or without meeting the condition precedent)

Minority: a BFP will be successful in obtaining a good title (acts in good faith and pays market value)