Deeds And Title

Question 0

Abstract of title

Answer 0

Considered legal history of all transactions affecting the property.

Wills, conveyances, records of judicial, liens and encumbrances

Question 1

What does a deed represent?

Answer 1

A deed transfers the title from grantor to grantee.

The title is found within the deed and is used to show ownership of land.

Question 2

Marketable title

Answer 2

Free from reasonable objections,

Not threaten the buyers liability or free of quiet enjoyment

Question 3

Title insurance

Answer 3

Protects policy’s holder against losses in the title.

Dose not cover liens found in title search, defects known to buyer, and changes in zoning!

Question 4

Owners title policy

Answer 4

Mortgagor

Is issued for the market value of the property and benefits the owner.

Question 5

A lenders title policy

Answer 5

Mortgagee

Cover the loan balance and decreases as the balance is reduced

Question 6

Who carries out a title search?

Answer 6

Lawyer
Abstractor
Or title insurance company

Question 7

For valid transfer of real estate who must sign the deed?

Answer 7

The grantor must sign and be accepted by the grantee.

There is nothing requiring the grantee to record the deed.

Question 8

Constructive notice

Answer 8

Created by recording documents.

Deeds, mortgages, long term leases,
Also physical possession give notice

Question 9

Actual notice

Answer 9

Party has actual knowledge of third party’s prior right and still accepts.

Then become responsible for judgement

Question 10

Torrens system

Answer 10

Method of legal registration of land where title does not transfer until documents are registered at the torrens office

Question 11

Elements of valid deed!

Answer 11

Name of grantor and grantee 
Defined extent of ownership
Limitations placed on conveyence 
Accurate legal description 
Signature of grantor
Delivery and acceptance of grantee

Question 12

Best deed for buyer to receive?

Answer 12

General warranty deed contains 5 covenants or promises made by grantor!

Question 13

General warranty deeds five covenants

Answer 13

Seisin- grantor owns property and has right to convey.
Against encumbrances- no encumbrances
Quiet enjoyment- has superior title
Further assurances- correct and title defects
Warranty forever- defend the title in disputes

Question 14

Special warranty deed
1
2
3

Answer 14

Grantor only liable while having ownership

Bargain and sale deed

Quitclaim deed

Special purpose deed

Question 15

Bargain and sale deed

Answer 15

Deed implies that the owner holds title and had possession of the property.

Makes no express promises or warranties against encumbrances

Question 16

Quitclaim deed

Answer 16

Least protection for buyer.
The grantee has no legal recourse against the grantor should a title defect be found in the future

R used to convey title, release interest in real estate, or correct errors found in a deed

Question 17

Conveyence

Answer 17

A written instrument that evidences transfer of some interest in real property from one person to another.

Question 18

Reconveyance deed

Answer 18

Is used in deed of trust or a deed of trust to reconvey the title to the trustor

Question 19

Court ordered deeds

Answer 19

Administrators, executors, sheriffs, and guardian deeds

Question 20

In deed of trust who manages the property for the beneficiary?

Answer 20

The trustor conveys title to a trustee, who manages the property

Question 21

Inter vivos trust

Answer 21

Means to set up a trust during ones life

Question 22

Testamentary trusts

Answer 22

Means that the trust is established by will

Question 23

Most states have transfer tax paid by who?

Answer 23

Seller