Deeds and Transfers

Question 1

Essential Elements of a Deed

Answer 1

?

Question 2

Validity of a Deed

Answer 2

1

Question 3

Types of Deeds

Answer 3

1

Question 4

Transfer by Devise or Descent

Answer 4

1

Question 5

Deed

Answer 5

The actual instrument that shows that we own something. Evidence of Ownership. Tangible piece of paper.

Question 6

Title*

Answer 6

The ‘form’ of how we actually own something. Not tangible. Like a title to a car, its always abstract and exists in theory. It denotes ownership of property

Question 7

Real Property

Answer 7

That which exists on the property the time the sales agreement is signed. It is fixed property, principally land and buildings

Question 8

Alienation of Title

Answer 8

Transfer of ownership in any form is Alienation of title

Question 9

8 Essential Elements of a Deed. 8 requirements

Answer 9

Intent
Signature
Granting Clause
Names of Parties
Description
Consideration
Written
Delivery

Question 10

Intent

Answer 10

Intent of grantor must be evident. what the grantor is attempting to do with his/her property

Question 11

Signature

Answer 11

Deed must have Signature of Grantor

Question 12

Granting Clause

Answer 12

It must contain [the action of giving (granting) the property], “I transfer,” “I convey,” “I grant,” etc..

Question 13

Names of Parties

Answer 13

Both grantor and grantee must be written on the deed

Question 14

Description

Answer 14

Must have legally acceptable, or adequate description. It Separates the parcel in question from every other parcel on the face of the earth

Question 15

Consideration

Answer 15

Consideration is something of value bargained for exchange of the real estate. Money is the most common form of consideration, but other consideration of value, such as other property in exchange or a promise to perform/pay is also satisfactory. In the deed it denotes ‘consideration’ was exchanged for the deed. The phrase, $10 and other good and valuable consideration’ is used to hide the actual amount…

Question 16

Written

Answer 16

Required by the ‘Statute of Frauds’ a conveyance of interest must be done in writing

Question 17

Delivery and Forms of

Answer 17

Deed must be delivered to the grantee by

1. actual delivery- grantor actually hands or sends the deed. If mailed must be by registered mail
2. Constructive delivery- Usually done by having the deed recorded on public records. Must be original and has to be acknowledged
3. Third party delivery- Grantor authorizes 3rd party to hold deed in escrow or trust until designated time, such as when grantor dies. Deed is then given to the grantee. 3rd party must have written, acknowledged, or notarized instruction to make this form valid.

Question 18

3 Recording Statutes

Answer 18

1. Race
2. Notice Statute
3. Race-Notice Statute

Question 19

Non Essential elements of a deed

Answer 19

1. Recording- not the only form of delivery so not needed to be used
2. Acknowledged (notarized or witnessed). If not recorded, it doesnt need to be acknowledged. Only signature of grantor needs to be acknowledged.
3. Date
4. Habendum Clause- “to have and to hold clause,” the “exceptions and reservations clause,” or the “subject to” clause. It must agree with the granting clause.

Question 20

Quit Claim Deed

Answer 20

Conveys all interest without giving guarantees or promising that they actually own the property
Used most often in divorces, quick asset shifting, and to remove clouds on title like misspelled names.

Question 21

Bargain & Sale Deed

Answer 21

Like Quit Claim deed and owner has interest in deed

Question 22

General or Full Warranty Deed

Answer 22

Most complete transfer of ownership with the greatest protection. Includes 5 Warranties

1. Covenant of Seizin
2. Covenant against encumbrances
3. Covenant of Quiet Enjoyment
4. Covenant of Further Assistance
5. Covenant of Warranty Forever

Question 23

Special Warranty Deed

Answer 23

Warranty only against defects arising during the period of the grantors ownership