DEEDS Flashcards
What are the 5 types of Deeds?
- Quickclaim
- No Warranty Deed
- Specific Warranty Deed
- General/Full Warranty Deed
- Special Warranty Deed
What is a deed?
What you use to transfer ownership of real property from one person to another
1. Includes any warranties of title, or condition, time for possession, and who property is going to
What is a Quickclaim deed?
Quickclaim Deed→no interest identified and no warranties (Crapshoot-The grantor only conveys his interest makes no guarantee he has title or right to convey)
What is a no-warranty deed?
No Warranty Deed→interest identified and no warranties (State statutes typically imply= 3 present covenants but varies from state to state)
(i) Covenant of Seisen
(ii) Covenant of right to convey
(iii) Covenant against encumbrances
(iv) impose only personal liability on grantor
* *C.L.=no implied warranties ever
What is a specific warranty deed?
Specific Warranty Deed→interest identified and one or more warranties (only says your actions won’t affect title; not other people’s actions)
(State statutes typically imply= 3 present covenants but varies from state to state)
(i)Covenant of Seisen
(ii)Covenant of right to convey
(iii)Covenant against encumbrances
(iv)impose only personal liability on grantor
What is a general/full warranty deed?
General/Full Warranty Deed→interest is identified and covenants a implied by statute or statutory form deed (present and future warranties)
What is special warranty deed?
Interest identified, and covenants as implied by statute or statutory form of deed.
(State statutes typically imply to: no warranty deed and specific warranty deed (this makes them special warranty deed) 3 present covenants but varies from state to state)
(i)Covenant of Seisen
(ii)Covenant of right to convey
(iii)Covenant against encumbrances
(iv)impose only personal liability on grantor
At closing can an unwary seller convey a deed with covenants of title greater than his obligation under the purchase contract?
Yes
Can An unwary buyer accept a deed providing less covenant title protection in the deed than the buyer is entitled to under the purchase contract?
YES
Is delivery to a grantee’s agent effective?
YES
IS a delivery to a grantor’s agent effective? What are the conditions of this delivery?
NO
(i) Authority to deliver may be revoked by grantor prior to effective delivery to grantee
(ii) Grantee may die before effective delivery
(iii) Grantor may die before effective delivery (Agent’s authority to deliver)
How does delivery to an escrow agent work?
Delivery to escrow agent-irrevocable deed delivery to escrow agent constitutes effective delivery on date thereof when conditions specified for conveyance are later satisfied (even if grantee or grantor dies before terms for conveyance are satisfied→so long as the terms are satisfied)(death escrows typically are held valid)
O→A and heirs to commence on O’s death, valid?
Valid→present gift of future interest (remainder)
O→A and heirs oral condition to commence at O’s death, valid?
Invalid→attempted testamentary transfer (must be by will)
O→A and heirs O gives in contemplation of death, valid?
Valid→gift causa mortis present gift of present interest
**Revocability of gift’s causa mortis not applicable to real property (if i give you the deed to my house, I can’t take that back)
