Deeds and Transfer

Question 1

The evidence of ownership of all real property (tangible)

Answer 1

Deed

Question 2

abstract term denoting ownership (intangible)

Answer 2

title

Question 3

transfer of ownership (voluntary or involuntary)

Answer 3

Alientation of Title

Question 4

Valid Deed Elements

Answer 4

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

Question 5

Forms of delivery for deed to be valid

Answer 5

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

Question 6

Granting clause must contain

Answer 6

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

Question 7

Grantor has title and can convey it

Answer 7

Seizin

Question 8

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

Answer 8

Against encumbrances

Question 9

(warranty deed) no unexpected claims against title

Answer 9

Quiet Enjoyment

Question 10

Grantor will defend against adverse claims

Answer 10

Further Assurance

Question 11

Grantor will pay for losses

Answer 11

Warranty Forever

Question 12

Establishing validity of a deed

Answer 12

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

Question 13

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

Answer 13

Quit Claim Deed

Question 14

Similar to quit claim deed but Grantor has interest

Answer 14

Bargain and Sale Deed (seldom used in UT)

Question 15

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

Answer 15

General Warranty Deed (5 warranties)

Question 16

General Deed warranties 5 things

Answer 16

Seizin
encumbrances
quiet enjoyment
further assurance
warranty forever

Question 17

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

Answer 17

Special Warranty Deed

Question 18

Deed like Warranty Deed with less protection

Answer 18

Grant Deed (does not warranty against encumbrances)

Question 19

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

Answer 19

probate

Question 20

deeds having to do with probate

Answer 20

Administor’s Deed
Executor’s Deed

Question 21

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

Answer 21

Sheriffs Deed
Trustee’s Deed
Tax Deed

Question 22

conveyance of property for love and affection

Answer 22

Gift deed

Question 23

convey public property to private individual by gov’t

Answer 23

patent deed

Question 24

transfer by devise or descent

Answer 24

person who inherits from will

Question 25

person who dies leaving a will

Answer 25

dies testate

Question 26

person dies without will

Answer 26

dies intestate

Question 27

person dies without will and without heirs

Answer 27

estate passes escheats (to the state)

Question 28

testator vs testatrix

Answer 28

male vs female

Question 29

gift of personal property given in a will

Answer 29

bequest or legacy

Question 30

personal representative names in a will to carry out the terms

Answer 30

executor or executrix

Question 31

person assigned by court to carry out the will

Answer 31

administer

Question 32

written document usually prepared with assistance of attorney

Answer 32

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)

Question 33

oral will/death bed will (three witnesses not beneficiaries) ONLY for personal property

Answer 33

Nuncupative Will (not recognized in UT)

Question 34

handwritten will which can pass personal and REAL property

Answer 34

holographic will

Question 35

change or addition made to an existing will

Answer 35

codicil

Question 36

will allowing testator to donate body organs to science or instructions for life support

Answer 36

Living Will (considered advisory and not binding)

Question 37

legal title to property and other assets transferred by grantor/trustor to trust to be held and managed by trustee for beneficiary

Answer 37

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