Deeds & Transfering Title Flashcards
Conveys the title from the grantor to the grantee
Deed
What party must be legally competent when he or she signs the deed?
The grantor
Type of deed that makes no warranties. It transfers whatever interest the giver has, if any.
Quitclaim deed
What is the purpose of a deed?
The purpose of a deed is to convey a titlefrom the grantor to the grantee
Sandra and Neva bought a store building and took title as joint tenants with right of survivorship. Neva dies testate. Sandra now owns the store:
In Severalty
Warranties are limited to the time seller held the property
Special warranty deed
For the deed to be valid the grantor must be:
Legally Competent
Carries no covenant or warranty.
A quit claim deed
A means whereby the seller can limit or control the buyer’s use
Deed Restrictions
Seller gurantees that the property was not encumbered during the time the seller held the title except as noted in the deed. This is an example of what type of deed?
Special Warranty Deed
A deed is considered valid even if it is signed by?
An authorized attorney-in-fact rather than the seller
True or false, nothing can provide a 100% gurantee of a clear title.
True
May be filed against real and personal property
General lien
May be filed only against a specific property
Specific lien
When a property is abandoned, it may revert to the county or state by the process of
Escheat
True or false: Unpaid Ad Valorem taxes could create a general lien on the property?
False > unpaid property taxes create a specific lien on the property
How may a title to real-estate be transferred?
- Descent and distribution
- Involuntarily alienation
- Delivery of the deed
The deed most likely used to correct errors is a:
Quit claim deed
For a deed to be recorded it must be acknowledged. The primary purpose of acknowledgment is to?
Verify that the deed was signed without duress
Federal tax rule that applies to a homeowner that sells a home
The homeowner may exclude the payment of capital gains tax if her or she has lived in the home two out of the last five years and the exclusion does not exceed the government allowance.
Each of the owners of the unit has the right to occupy it for a specific period each year if the sale of a ?
Time share
Contains information taken from public recorda
Abstract of title
The process an airport would use to take property for public use while paying the owner just compensation
Condemnation
Tax deduction on investment properties include
- Mortgage interest paid on the loan
- Property Taxes
- Discount points paid on the loan
Deed that BEST protects the title holders interest in the property.
Fee simple interest conveyed by a general warranty deed
Deed in which the grantor implied posession and ownership of the property .
Bargain and sale deed
Married couples filing jointly can exclude up to $______ of capital gains on sale of personal property
Can exclude up to $500,000 if they file joint tax returns.
Consideration for the interest in the property must be shown, but can retain privacy regarding the exact amount paid.
Good consideration
Examples of good consderation listed on a deed.
- Actual amount
- “$1 and other good and valuable consideration”
- “The sum of $10 and love and affection”
Method of legal description is used on maps and plats of recorded subdivided land.
Lot-and-block system
Based on a system of imaginary lines called principal meridians which run north and south and base lines which run east and west.
Government Survey system
A legal description where a starting point must be identified so that future surveyors can use it, called the point of beginning. The surveyor travels around the property being described untill the lot closes, that is the surveyor return to the point of beginning.
Metes and Bounds Survey System
The grantor (seller) guarantees ownership and can convey the rights of ownership to the grantee (buyer).
Seizin
The grantee will not be bothered by subsequent claims of ownership by others with a superior title.
Quiet Enjoyment
What are the components of a general warranty deed?
- Seizin
- Quiet Enjoyment
- Further Assurance & Assistance
- Against Encumbrances
The grantor assures they are doing everything possible to provide the grantee title and will provide further documents if there are problems or mistakes discovered at a later date.
Further assurance and assistance
No additional encumbrances exist other than the ones that are known and stated.
Against encumbrances
Proof of ownership.
Title
Any legal document that transfers title.
Conveyance
Protects the owner from any defects found with the title. This is a one time fee paid at closing of the sale.
It is nontransferable.
Title insurance
Is given to the successful bidder at an execution sale held to satisfy a judgment that has been obtained against the owner of the property. The grantee receives whatever title the judgment debtor has.
Sherrifs Deed
Issued when a property is sold for delinquent taxes.
Tax deed
Used to convey the title on real property that is given for no consideration or for only a token consideration. In some states, the gift deed must be recoded within two years or it becomes void.
Gift Deed
Guardians/Deed of Trust
Title to real estate given to the guardian of a minor child or a mentally incompetent person. Allows the guardian to sell the real estate because its owner is not capable of doing so himself/herself. Issued by a court.
A list of successive owners of a parcel of land, beginning from the government, or original owner, to the person who currently owns the land.
Chain of title
Includes:
- A title search
- A title abstract
Chain of title
An examination of public records to determine and confirm a property’s legal ownership, and find out what claims are on the property.
Title search
A condensed history, taken from public records or documents, of the ownership of a piece of land.
Abstract of title
