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Property > Deeds > Flashcards

Deeds Flashcards

1
Q

Deed

A

Instrument used to transfer real property from one person to another while party is alive
(will = when dead)

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2
Q

Livery of Seisin

A

Turf and Twig

CL: no deeds used

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3
Q

Statute of Frauds 1677

A

Transfers of real property had to be in writing

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4
Q

TX Statute of Frauds

A

1) In writing
2) Signed by grantor
3) Delivered by grantee, grantor, or authorized rep of grantor

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5
Q

Types of Deeds

3

A

Warranty Deed
Special or Limited Warranty Deed
Quitclaim Deed

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6
Q

Warranty Deed

A

Grantor personally makes “standard” warranties regarding title being transferred
- what buyer wants

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7
Q

Special or Limited Warranty Deed

A

Grantor personally makes some, but not all, “standard” warranties regarding title being transferred
- compromise

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8
Q

Quitclaim Deed

A

Grantor conveys property but does NOT warranty it

  • in effect, it is a release
  • what seller wants, but no one really gives them
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9
Q

Elements of Typical Deed

6

A 
Premises
Habendum
Reddendum
Warranties of Title
Signatures
Acknowledgment
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10
Q

Elements of Typical Deed:

Premises

A 
Designation of Parties
Words of Grant
Description of Land
Estate granted
Consideration paid
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11
Q

Habendum

A

Statement of Limitations if the estate is NOT Fee Simple

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12
Q

Reddendum

A

Portions of the estate the GRANTOR is KEEPING

  • easement
  • mineral rights
  • liens
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13
Q

Deed Execution

A

1) Seal
2) Signatures
3) Witnesses
4) Acknowledgement
5) Deliver and Accept by Grantee

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14
Q

Escrow

A

Agent = 3rd party

used when parties don’t trust one another

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15
Q

Land Descriptions

A

need a survey

insufficient to just provide the address

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16
Q

Methods for Using Surveys

3

A

Metes and Bounds
Rectangular Survey System
Plat Map System

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17
Q

Metes and Bounds

A

Describes perimeter of property

Start at monument and walk the perimeter

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18
Q

Rectangular Survey System

A 
Gov't Survey System
Everything is perfectly square
36 sq mi = township
1 sq mi bordering lots of township
works well for large areas
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19
Q

Plat Map System

A

Lot & Block System
Surveyors create very detailed map of the lots
Subdivisions

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20
Q

Recording

A

Purpose: resolve priorities btwn competitors for same property
Party v. Non-party
Not btwn original parties

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21
Q

Proper Forms Req’ts

A

Notice on 1st pg
Acknowledgement
3.5 inches of blank space at bottom for document #, book, and page

22
Q

Process of Searching for Title

A 
Ascertain chain of title
Determine adverse conveyance
Study each document for problems
Check relevant document in other offices
Off record claims may exist
23
Q

G deeds to A today and B tomorrow. Is this enough to determine who wins?

A

No, need to know recording system and behavior of A & B

24
Q

Recording Systems

3

A

Race
Race Notice
Notice

25
Q

Race

A

First to record wins

Notice is irrelevant

26
Q

Race Notice

A

No notice and records first

27
Q

Notice

A

No notice required
Doesn’t matter who records first, just matters when the first recording occurs
TX

28
Q

Shelter Rule

A

Grantee who has rec’d interest in property from BFP will also be protected as BFP, unless in cahoots with evil Grantor

29
Q

Evil grantor sells to X & Y. Y has priority in notice state. Y sells or gives to Z who has notice of X’s interest. Who prevails (X or Z)?

A

Z, so long as he is not in cahoots with evil grantor, b/c Y was BFP

30
Q

Methods of Title Assurance

A 
Personal Covenants for Title
Title Examination
Title Insurance
Title registration
SOL/Adverse Possession
31
Q

Personal Covenants for Title

A

Relying on seller being solvent and able to pay if breach promise
Grantor promises that title is good
Quitclaim Deed and Warranty Deed

32
Q

Quitclaim Deed in regards to Title Assurance

A

No promises

TX: standard warranty that Grantor has not sold the property to someone else

33
Q

Warranty Deed

(6) promises

A

Present

1) Covenant of Seisin
2) Covenant of Good Right to Convey
3) Covenant Against Encumbrances

Future

4) Covenant of Quiet Enjoyment
5) Covenant of Warranty
6) Covenant of Further Assurance

34
Q

Covenant of Seisin

A

Present Warranty Deed promise
Promise that Grantor:
- owns the property he is transferring
- has not already transferred the property

35
Q

Covenant of Good Right to Convey

A

Present Warranty Deed promise
Promise that Grantor
- has right to transfer the property

36
Q

Covenant Against Encumbrances

A

Present Warranty Deed promise

Promise that the property is free of all non-agreed easements, mortgages, liens, covenants, servitudes

37
Q

Covenant of Quiet Enjoyment

A

Future Warranty Deed promise
Promise that Grantee can enjoy property against 3rd party claims
- no one with better title will evict grantee

38
Q

Covenant of Warranty

A

Future Warranty Deed promise
Promise that Grantor will defend grantee’s title against claims of 3rd parties (grantor will pay to protect title)
Depends on Grantor’s ability to pay

39
Q

Covenant of Further Assurances

A

Future Warranty Deed promise

Promise that Grantor will take steps reasonably necessary to protect or perfect grantee’s title

40
Q

Title Insurance

A 
Typically paid for by Seller
Protects against
- Grantor's disability
- Marital rights
- Forgery
- Errors in recording
- Undisclosed heirs and pretermitted children
41
Q

Does Title Insurance protect against everything?

A 
No
Risks not protected by title insurance
- specifically mentioned exclusions
- current purchaser lacks BFP status
- things revealed by inspection
- boundary problems
- current taxes and assessments
42
Q

Title Insurance exclusion:

Things Revealed by Inspection

A

If inspection would reveal unknown problems, insurance will not guarantee it

43
Q

Title Insurance exclusion:

Current Taxes and Assessments

A

HOA dues; taxes owed for part of the year the buyer did not own the property for

44
Q

Does insurance policy run with the land or the policy holder? Or neither?

A

Neither

Must buy new policy when buy new property

45
Q

Adverse Possession

A

Vertical privity can tack successive interests
Law typically doesn’t apply to squatters
Adverse possessor is usually pure of heart, pure of mind

46
Q

Elements of Adverse Possession

7

A

1) Actual possession for req’d # of years
2) Open, visible, and notorious
3) Exclusive
4) Continuous and peaceable
5) Hostile
6) Claim of Right
7) Cultivates

47
Q

Adverse Possession:

Claim of Right

A

Legal argument that you belong there
If have, then SOL can be shortened to as short as 3 years
If don’t have, SOL can be as long as 25 years

48
Q

Adverse Possession:

Cultivates

A

Not always req’d

If cultivates, pretty obvious adversely possessed the property if it isn’t yours

49
Q

Can gov’t land be adversely possessed?

A

No

50
Q

Adverse Possession in TX

A

SOL ranges from 3 to 25 years depending on “strength” of adverse possessor’s actions

Property (7 decks)

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