Deeds Flashcards
Deed
Display a proof of ownership someone has in real property. Deed may include limitations as to use of the property known as restrictive covenants.
Grantee
The buyer
Grantor
The seller
Requirements for valid deed
- Required to be in writing
- The grantor must be legally competent /sane
- Person receiving the property must be named in the deed
- Consideration is required. Something of value to convey interest.
- Must be accurate legal description of property
- Granting clause (grants to)(conveys to)
- Deed must be signed by person conveying interest
- Deed must be signed, delivered, and accepted in order for interest to be conveyed
Consideration
Valuable consideration(price paid for the unit) and good consideration(love and affection)
Habendum Clause(to have and to hold)
Clause in a deed that defines the estate being granted. Not a mandatory clause. It would identify if the estate is only a life estate.
Only person who signs the deed
The Grantor(seller)
Quitclaim Deed
Grantor conveys interest they have in property at the time of transfer. Grantor does not make any warranties. Least risk to the grantor.
Special Warranty Deed
Grantor is liable for claims made by third parties if the claim originated during the grantor’s ownership.
General Warranty Deed
Grantor must pay for any loss if a claim is made against the title by third parties. Includes claims before the grantor owned the property. Most risk for the Grantor.
Covenants included in General warranty to the buyer
Covenant of Seisin Covenant of conveyance Covenant of quiet enjoyment Covenant against encumbrance Covenant of Warranty Covenant of further assurance
Covenant of Seisin
a warranty that they hold the title and convey their interest
Covenant of conveyance
they have the right to convey title
Covenant of quiet enjoyment
guarantees that third parties are not making claims regarding the ownership of the property
Covenant against encumbrance
Guarantee that there are no unknown easements or liens against the property
Covenant of Warranty
guarantee by grantor to defend against any future claims made to the title if they are before the ownership
Covenant of further assurance
Guarantee by the grantor that they will correct a title defect if one is found in the future.
Sheriff’s Deed
Deed that is used by the county sheriff when they sell a property taken through failure to pay taxes or legal seizure proceedings
Legal Descriptions of Real estate
when conveying property, grantor should detail actual address of the property, land description, and title reference(book,page,date).
Registry of Deeds
County offices that record title transfers, liens, encumbrances, mortgages, discharges of liens.
Metes and Bounds Description
Legal description of a property that identifies its boundaries in a series of directions and distances from a specific point.
Metes
Referred to as the number of feet from one point to another.
Bounds
Refers to the compass direction
Point of Beginning
Measurement starts at a particular point. can be a monument,
Government Rectangular Survey/Plan
Base lines that run east and west on a plan and are crossed by meridians that run north and south.
Townships measurements
run 6 miles square. 36 square miles. divided into sections that are one square mile.
1 square mile = ? number of acres
640 acres.
Conveying Interest in real estate
Buyer needs proof that the property they are receiving is owned by the parties conveying interest and that the property does not have any outstanding liens, title defects, or issues affecting the title. If there are issues with the title, new buyer doesn’t take ownership until the issues are settled.
Constructive Notice
When a deed, lien, or public notice is recorded at the registry of deeds it is known as constructive notice. Places on public record that a real estate transaction has taken place and mentions new owner.
Who/When pays a documentary tax?
The grantor pays a documentary tax before the deed is recorded at the registry of deeds. The buyer pays to record the deed.
Title Search
Attorney researches the title to a property to ensure it stands in the owner and that all past liens against the property have been discharged. Verify that there are not any claims such as forged deeds, challenges in ownership or possible impending actions against the property.
Chain of Title
Traces the history of the property and the owners of the property back toward the original land grant.
Clear Record
According to records at the registry of deeds, the property stands in the name of the owner and there are not any claims made against the property
Marketable Title
Requirement to receive a loan. Refers to a title that is beyond question and is acceptable to a lender to be used as collateral.
Lis Pendens
Notice of impending action recorded at the registry of deeds indicating that there is pending litigation affecting the title of the property.
Lien
Money claim against the property. Liens are paid off at the conveying of the property. Liens are paid off in the order they are recorded.
Mortgage Discharge/Satisfaction Piece
Document recorded at the registry of deeds that indicates the outstanding loan against a property has been paid off.
Cloud on the title
After conducting a title search on the property, it is found that someone is making a claim to the property and had interest in the property.
Color of Title
Property that appears to possess a good title, but after a title search is found to be defective.
Certificate of Title
A written declaration by the attorney or title company that researched the title certifying that the title is clean. There is a clear and marketable title.
Action to quiet title
Legal action commenced in Land Court that’s designed to determine the true owner of the property or to remove a cloud on the title
Transferring interest in real estate
Real estate can be transferred by will, adverse possession, eminent domain, or involuntary alienation
Leaving a will
A person must be 18 to leave a will or witness the signing of a will. Two people must witness the signing of a will
Testate
This is when you die and leave a will
Testator
The person who died and left the will to be probated
intestate
you died without a will
Executor(trix)
the person who is named in will to represent the estate
Administrator
the person appointed by the court to represent the estate
Et al
a pronouncing in a deed that indicates “and others”
Devise
This is when the deceased gave real property by will to devisee(heir)
Bequeath
When the deceased leaves personal property by will to heir.
Codicil
Amendment or addition to a will
Holographic
This is a will that is in the hand writing of the testator
Probate
judicial process that validates a will
Escheat
when the title of a property goes to the state because the person who died didn’t leave a will and has no heirs
Adverse possession
when someone acquires title to a property against the owner’s wishes. Squatter’s rights
Eminent domain
right of government to take private property for public good with fair and just compensation
condemnation
process of taking property through eminent domain
Involuntary Alienation
Operation of the law to sell property because the owner failed to live up to their end of the bargain. Property can be taken for the following reasons: failed property taxes, defaulted on loan payments, court judgement, bankruptcy, partition lawsuit for property held in co-ownership
Land Court
in order to establish ownership of property one may have to petition to the land court to establish true ownership. Court issues a certificate of title and future examinations need only go back to that date.
