Deeds and Transferring Title Flashcards
Definition and requirements for a valid deed
Document required by government when own real estate
-Must be in writing, capable/competent parties, named parties, consideration, warranties, legal description (best), signatures, delivery and recording, Granting & Habendum Clause
Granting & Habendum clause meaning
Granting- seller granting to buyer; “grant, bargain, & sell”
Habendum- rights and fee simple ownership; “to have an to hold”
What are encumbrances?
Anything that limits your title
ex. easements, encroachments (fence in neighbor yard), restrictive covenants, leases, liens, mineral/timber rights
Who are parties that can void the contract? (incompetent)
Minor, drunk/high, mentally insane, illegal aliens
Legal description terms
Plat/survey- map that shows property boundaries
Surveyor- person that develops the plat
Acre = 43,560
Who has to sign the deed?
Only the seller
*Signature is also called testimony clause
What does the chain of title consist of?
a link between all previous buyers and sellers, title search for anything that could stop the sale, title abstract (history)
What are the typical warranties on deeds?
General warranty deed, limited warranty deed, quit claim deed
General warranty deed definition and components
Gives all ownership rights and warranties, goes back for whole property history (best)
Seizin- good title warranty
Quiet enjoyment
Further assurance and assistance
Against encumbrances- nothing other than what is stated
Define special/limited warranty deed
Gives all ownership rights and warranties, but only goes back one ownership period
Define quitclaim deed
Transfers with no warranties
Other types of deeds
Security deed/deed of trust- get when mortgage taken out
Guardians/deed of trust- 3rd party represent person in deed
Gift- giving it away
Sheriff’s- didn’t pay mortgage
Tax- buy after tax foreclosure
Title definition and components
Proof of ownership, transferred by a conveyance (legal document)
Title insurance definition and components
Protects the owner from any defects found with the title
There is a one time, nontransferable fee paid at closing of the sale
How many feet are in an acre?
43,560
