Definitions Flashcards
What is a Quick Claim Deed
A quit claim deed performs the following:
- Conveys all interest, both ownership and non-ownership, without giving any guarantees.
- Its used most often in divorces and quick asset shifting.
What is a Bargain & Sale Deed:
This deed is similar to the Quit Claim Deed except it implies that the grantor has an interest in the property. It is seldom used in Utah, but is utilized in other states
What is a General or Full Warranty Deed
- The most complete transfer of ownership with the greatest protection.
- It includes the following five warranties:
(A) Covenant of Seizin: The grantor states that he/she holds title and has the right to convey it.
(B) Covenant Against Encumbrances: It is promised that there are no encumbrances against the property except those that have been revealed to the grantee and are accepted in the deed.
(C) Covenant of Quiet Enjoyment: The grantor guarantees that the grantee has rights to the property free of interference from acts or claims of third parties.
(D) Covenant of Further Assurance: Should anyone make a claim against the title after the transfer of the deed, the grantor promises to perform any acts necessary to perfect the title.
(E) Covenant of Warranty Forever: The grantor will bear the expense of defending the grantees title if any person asserts a rightful claim to the property. If he is unsuccessful, the grantee may sue for damages up to the value of the property at the time of the sale.
Deeds having to do with probate:
The process by which a court transfers title of a deceased individual’s property to his/herd heirs
- Administrators Deed
- Executors Deed
- These deeds are usually Special Warranty Deeds, which guarantees that the executor or administrator has not encumbered the property. Bargain and Sale deeds are sometimes used.
Deeds having to do with foreclosure
These deeds usually take fue form of a Special Warranty Deeds or Bargain and Sale Deeds and are sometimes referred to as “Foreclosure Deeds.” They include:
- Sheriffs Deed - Judicial foreclosure
- Trustees Deed- Non-Judicial foreclosure
- Tax Deed- Tax foreclosure
What is a Gift Deed
The conveyance of property for love and affection.
If creditors can prove that property was not a gift, but a way to avoid property being used to satisfy debt, the court could order the property conveyed back to grantor
Patent Deed
Sometimes called “public grant” is used by the government to convey public property to private individuals
Foreclosure Deeds are usually which of the following?
Special warranty deed
Probate deeds are usually which of the following?
Special warranty deed
What does Probate mean?
Probate is the process with the court
What does Testate mean?
A person who dies leaving a will is said to have died testate.
What does Intestate mean?
A person who dies and does not leave a will
What does Escheat mean?
When a person dies without a will and without heirs, the estate passes (escheats) to the state
What does Testator mean?
A person who has made a will
Testator (male) or Testatrix (female)
What is Bequest or Legacy?
A gift of personal property in a will
