Deeds and Transfer Flashcards

1
Q

The evidence of ownership of all real property (tangible)

A

Deed

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2
Q

abstract term denoting ownership (intangible)

A

title

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3
Q

transfer of ownership (voluntary or involuntary)

A

Alientation of Title

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4
Q

Valid Deed Elements

A

intent, signature, granting clause names of parties, description, consideration, written, delivery

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5
Q

Forms of delivery for deed to be valid

A
  1. Actual delivery: sent or handed
  2. Constructive delivery: recorded
  3. Third Party delivery: Grantor authorizes third party to hold in escrow until designated time
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6
Q

Granting clause must contain

A

a granting clause : “I transfer” “I grant” “I convey”

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7
Q

Grantor has title and can convey it

A

Seizin

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8
Q

(warranty deed) no unrevealed liens (there may be revealed liens though)

A

Against encumbrances

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9
Q

(warranty deed) no unexpected claims against title

A

Quiet Enjoyment

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10
Q

Grantor will defend against adverse claims

A

Further Assurance

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11
Q

Grantor will pay for losses

A

Warranty Forever

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12
Q

Establishing validity of a deed

A

recording: (if transferred accidently to two parties the first to record is declared owner)

acknowledgement: notarized or witnessed

date: (not necessary to be valid but important

habendum clause: “to have and to hold” or conditions

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13
Q

conveys all interest without guarantees
most commonly used to remove clouds from title
can legally be used where grantor has no interest

A

Quit Claim Deed

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14
Q

Similar to quit claim deed but Grantor has interest

A

Bargain and Sale Deed (seldom used in UT)

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15
Q

most complete transfer with greatest protection
5 warranties
covers period of conveyance back to patent deed conveyed by gov’t

A

General Warranty Deed (5 warranties)

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16
Q

General Deed warranties 5 things

A

Seizin
encumbrances
quiet enjoyment
further assurance
warranty forever

17
Q

Warrants only against defects arising from Grantors period of ownership (seizin and against encumbrances)

A

Special Warranty Deed

18
Q

Deed like Warranty Deed with less protection

A

Grant Deed (does not warranty against encumbrances)

19
Q

process by which court transfers title of deceased individual’s property to his/her heirs

20
Q

deeds having to do with probate

A

Administor’s Deed
Executor’s Deed

21
Q

deeds having to do with foreclosure (special warranty deeds or bargain and sale deeds)

A

Sheriffs Deed
Trustee’s Deed
Tax Deed

22
Q

conveyance of property for love and affection

23
Q

convey public property to private individual by gov’t

A

patent deed

24
Q

transfer by devise or descent

A

person who inherits from will

25
person who dies leaving a will
dies testate
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person dies without will
dies intestate
27
person dies without will and without heirs
estate passes escheats (to the state)
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testator vs testatrix
male vs female
29
gift of personal property given in a will
bequest or legacy
30
personal representative names in a will to carry out the terms
executor or executrix
31
person assigned by court to carry out the will
administer
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written document usually prepared with assistance of attorney
Formal Witnessed Will (requires signature of testator in presence of witness or TWO witnesses present at signing of testator notary public present and validates signature of testator)
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oral will/death bed will (three witnesses not beneficiaries) ONLY for personal property
Nuncupative Will (not recognized in UT)
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handwritten will which can pass personal and REAL property
holographic will
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change or addition made to an existing will
codicil
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will allowing testator to donate body organs to science or instructions for life support
Living Will (considered advisory and not binding)
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legal title to property and other assets transferred by grantor/trustor to trust to be held and managed by trustee for beneficiary
1. LIVING TRUST (or inter vivos trust) -revocable (can be changed at any time) -irrevocable (can never be changed) 2. Testamentary Trust - takes effect after death
38