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NY Real Estate > Legal Issues: Deeds > Flashcards

Legal Issues: Deeds Flashcards

1
Q

Grantee

A

The buyer in a transaction

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2
Q

Grantor

A

The seller in a transaction

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3
Q

Involuntary Alienation

A

Loss of property through attachment, condemnation, foreclosure, sale of taxes or other involuntary transfer of title.

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4
Q

Voluntary Alienation

A

Transfer of title to an asset with the consent of the owner.

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5
Q

Deed

A

Legal document signed at closing that transfer the ownership of a property from a seller to a buyer.

  • The DEED is the conveyance of an interest in real property
  • NOT a contract
  • signed only by the seller (grantor) - not both parties. It conveys legal evidence of title transfer from the seller to the buyer (grantee)
  • ALWAYS produced in WRITING
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6
Q

Purpose of a Deed

A
  • Creates a public record of who owns the property and what their interest is in the property
  • the deed also serves as tangible evidence for the transfer of title from one owner to another
  • clearly describes the property, its size and boundaries
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7
Q

Chain of Title

A

The sequence of historical transfers of the title to a property. It runs from the present owner back to the original owner of the property

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8
Q

Acknowledgement

A

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person’s act and deed.

  • which type depends on where the grantor signs the deed
  • critical element of a deed
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9
Q

Consideration

A

Anything given to induce another to enter into a contract such as money or personal services. (Payment or reward. In second paragraph of deed)

  • In NY don’t require the recitation of full consideration. Deed doesn’t need to state how much was paid for the property
  • an executor/administrator deed is required to recite the full consideration
  • $$ Contract purchase price
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10
Q

Conveyance

A

The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.
-the act of transferring legal title of property from one person to another

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11
Q

Delivery and Acceptance

A

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.
-deed is delivered by the seller (grantor) at closing, acceptance of the deed by buyer signals to seller that the seller doesnt have to do anything else and (merger)

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12
Q

Habendum Clause

A

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Aka: the “to have and to hold” clause

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13
Q

Lot and Block

A

Method of identifying legal description of property

-on tax map or plot (not on deed)

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14
Q

At what point is the deed relevant?

A
  1. The deed is relevant when when the sales contract is signed
  2. at closing where it clearly specifies what the seller’s responsibilities are
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15
Q

Merger Docterine

A

Stands of the proposition that the contract for the conveyance of property merges into the deed conveyance.
-once seller delivers the deed, whatever the contract says goes into the deed

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16
Q

4 Legal Parts of a Deed

A
  1. Premises - describes the facts of the transaction. (write in names and dates etc., meets and bounds description, Consideration, Schedule A)
  2. Habendum - “have and to hold”, part of the granting provisions of the deed
  3. Execution - signing the deed (only by grantor)
  4. Acknowledgement - displays the signature of any witness or grantor
    ((((5. Recording - to transfer ownership and for transfer purposes. Needs to be acknowledged in order for it to be recorded))))
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17
Q

Description (Schedule A)

A

Consists of the written words which delineate a specific piece of real property. Description of running distances of the property. (Survey)

  • metes and bounds description of property
  • legal description transferred from deed to deed
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18
Q

Executor

A

A person or institution appointed by a testator to carry out the terms of their will

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19
Q

Survey

A

The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

  • property survey will disclose the boundary lines, easements, encroachments and improvements on the property
  • compares metes and bounds description to actual land
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20
Q

Statute of Frauds: NY General Obligations Law Section 5-703

A

requires that all states and real property be created by a written document (deed)

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21
Q

Covenant

A

Agreement by lease, deed or other legal contract

-easement is an example of a covenant that may be found on a deed

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22
Q

Full Covenant and Warranty Deed

A

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee.
-This type of deed contains the strongest guarantee of title.

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23
Q

Bargain and Sale Deed

A

A deed conveying real property without covenants.

  • with covenants against grantors acts) Promise by the seller that the seller hasn’t done anything wrong on their own part that would impair the title.
  • used in regular NY transaction
24
Q

Quitclaim Deed

A

A deed which conveys simply the grantor’s rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.

  • no warrenties and no convenants
  • typically used when money isn’t being exchanged and the grantee is willing to take the property “subject to” its condition
  • used in transaction in not full consideration. Ex: family member gifting property to someone, transferring property between individuals to company they form
25
Q

Executor Deed

A
  • a deed used only when the owner of the property has died (decedent/testator = person who died)
  • executor is legally obligated to recite the full consideration that has been paid for the property in the deed
26
Q

Referee’s Deed

A

Used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition.

  • referee determines how much bank is owed
  • when 2 owners and one sues for partition, one owner forces the sale of the property
27
Q

Marketable Title

A

Is a title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer

28
Q

Title

A

legal terms for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest

29
Q

When do we use deeds?

A

The type of deed is typically determined by the quality of title in a transaction
-warrenty with full covanance (ex: in NY)

30
Q

Conveyance After Death

A
  • if the owner dies INTESTATE = no will. In this case, the fiduciary appointed to represent the estate is called and administrator
  • if owner has a will, the fiduciary appointed to represent the estate is called an executor.
  • administrator and executor once they have the property, can dispose of the assets
31
Q

Accession

A

A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials

32
Q

Accretion

A

The addition of land through processes of nature, as by water or wind

33
Q

Ad Valorem Taxes

A

according to valuation

34
Q

Alluvion

A

The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accretion) and this its value over time

35
Q

Assessed Value

A

A valuation placed upon property by a public officer or a board, as a basis for taxation

36
Q

Assessing Unit

A

A city, county, town or village with the authority to value real property for purposes of taxation

37
Q

Approved Assessing Unit

A

A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations

38
Q

Assessments

A

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer

39
Q

Assessment Review Board

A

An independent tribunal established to hear assessment appeals

40
Q

Dedication

A

An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public

41
Q

Dedication by Deed

A

Land that has been put aside for a public use by a deed which states exactly what the property will be used for

42
Q

Homestead

A

The home which is owned by and is the usual residence of the client along with the all the surrounding land and any building on that land, provided the land is not separated from the home by a property owned by others

43
Q

Non-homestead

A

Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property.

44
Q

Public Grant

A

A term that is used for a gift of land that is from the government

45
Q

In Rem

A

A proceeding against the realty directly; as distinguished from a proceeding against a person (used in taking land from nonpayment of taxes, etc)

46
Q

Land Patent

A

A supreme title to land which was originally acquired within the United States of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever

47
Q

Levy

A

an assessment of tax

48
Q

Lien

A

A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.

49
Q

Metes and Bounds

A

A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.
-narrative describing the boundaries of a property with reference points

50
Q

Reference to a Plan

A

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property

51
Q

Special Assessment

A

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.

52
Q

Special Assessment Districts

A

A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.

53
Q

Adverse Possession

A

Is a process by which premises can change ownership by using a property for a period of time without paying for it
-a party can gain title of a piece of land by possessing it

54
Q

Delivery and Acceptance

A

Legal policy mandates that a deed to real property be a matter of public record; therefore, a deed must be properly recorded.

55
Q

Avulsion

A

A sudden and perceptible loss or addition to land by the action of water, or a sudden change in the bed or course of a stream

56
Q

Land Patent

A

A supreme title to land which was originally acquired within the United States of America by a treaty

57
Q

Transfer Tax Return

A

In NY state it’s required to be recorded along with the deed

NY Real Estate (21 decks)

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