Deeds And Title Flashcards
Abstract of title
Considered legal history of all transactions affecting the property.
Wills, conveyances, records of judicial, liens and encumbrances
What does a deed represent?
A deed transfers the title from grantor to grantee.
The title is found within the deed and is used to show ownership of land.
Marketable title
Free from reasonable objections,
Not threaten the buyers liability or free of quiet enjoyment
Title insurance
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!
Owners title policy
Mortgagor
Is issued for the market value of the property and benefits the owner.
A lenders title policy
Mortgagee
Cover the loan balance and decreases as the balance is reduced
Who carries out a title search?
Lawyer
Abstractor
Or title insurance company
For valid transfer of real estate who must sign the deed?
The grantor must sign and be accepted by the grantee.
There is nothing requiring the grantee to record the deed.
Constructive notice
Created by recording documents.
Deeds, mortgages, long term leases,
Also physical possession give notice
Actual notice
Party has actual knowledge of third party’s prior right and still accepts.
Then become responsible for judgement
Torrens system
Method of legal registration of land where title does not transfer until documents are registered at the torrens office
Elements of valid deed!
Name of grantor and grantee Defined extent of ownership Limitations placed on conveyence Accurate legal description Signature of grantor Delivery and acceptance of grantee
Best deed for buyer to receive?
General warranty deed contains 5 covenants or promises made by grantor!
General warranty deeds five covenants
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
Special warranty deed
1
2
3
Grantor only liable while having ownership
Bargain and sale deed
Quitclaim deed
Special purpose deed
Bargain and sale deed
Deed implies that the owner holds title and had possession of the property.
Makes no express promises or warranties against encumbrances
Quitclaim deed
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
Conveyence
A written instrument that evidences transfer of some interest in real property from one person to another.
Reconveyance deed
Is used in deed of trust or a deed of trust to reconvey the title to the trustor
Court ordered deeds
Administrators, executors, sheriffs, and guardian deeds
In deed of trust who manages the property for the beneficiary?
The trustor conveys title to a trustee, who manages the property
Inter vivos trust
Means to set up a trust during ones life
Testamentary trusts
Means that the trust is established by will
Most states have transfer tax paid by who?
Seller
