One Flashcards
___ is the right to our ownership of land, it encompasses all of the bundle of rights an owner possesses.
Title
What is a deed?
A document used to convey title. It signals the end of one ownership and the beginning of another.
What is the difference between a deed and a bill of sale?
A deed is used to transfer real property and a bill of sale is used to transfer personal property.
What are the nine requirements for a valid deed?
- Grantor
- Grantee
- Consideration
- Granting clause
- Habendum clause
- Property description
- Exceptions and reservations (if any)
- Signature of all grantors
- Delivery and acceptance
In a deed who is the grantor and who is the grantee?
The grantor is the giver, often a seller. The grantee is the receiver, often a buyer.
What are some legal requirements of a grantor?
Must be of a legal age and sound mind and must sign the deed.
What three things are not needed for grantee to receive a deed?
- They do not need to be of legal age.
- Not need to sign the deed.
- Not need to be identified on the deed.
What is the difference between title and a deed?
Title is the right of ownership, a deed is a document used to convey title. (think entitled)
A __ clause are words of conveyance that make it clear you are transferring title.
granting
An __ clause defines the extent of ownership in the estate granted.
habendum
True or False? A deed needs to be recorded to be valid.
False
Name six types of deeds.
- General Warranty
- Special Warranty
- Bargain and Sale
- Quitclaim
- Non voluntary
- Quiet Title
Which is the most frequent deed and has the most promises to the grantee?
General Warranty Deed
Covenant of __ is the promise that “I’m the owner with the right to sell.”
Seisin
In a general warranty, what does it mean to be against encumbrances?
No hidden liens or problems with clear title.
__ Forever is covering problems after closing that stem from issue or items that existed prior to delivery of the deed.
Warranty
What is a special warranty deed?
It has the same promises of a general warranty but it only covers the time the property was owned by the current grantor.
__ and __ deed recites consideration and conveys the grantor’s interest in the property but does not usually include warranties as to the title.
Bargain, Sale
What is a quitclaim deed?
Is also called a release deed and is often used to clear a cloud on the title or correct an error.
What are the two non voluntary deeds?
A tax deed which conveys title on a property taken by the government for nonpayment of taxes and sheriff’s deed which is given by the courts to sale property to satisfy a judgment.
What is a quiet title suit?
A court action intended to settle the title to a particular property, especially where there is a cloud on the title,.
True or false? Unrecorded deeds are valid.
True
Name the six types of ownership.
- Severalty
- Tenants in Common
- Joint Tenants
- Tenants by the Entireties
- Community Property
- Allodial System
___ is the ownership by one person or corporation.
Severalty
____ is ownership by two or more persons who’s interests can be equal or unequal; the percentage must be spelled out for both.
Tenants in Common
___ is where there is the unity of ownership by two or more persons that include the four unities of PITT.
Joint Tenants
What are the four unities of joint tenants?
- Time- takes title at same time
- Title- same title on the deed
- Interests- have equal interests $$
- Possession- undivided interest in whole property
___ is if one dies, their interest passes to the remaining joint tenants.
Right of Survivorship
What is a partition suit?
It can be initiated by any partner to end the partnership. The property is then sold and proceeds divided.
Can a husband file a partition suit against his wife?
No, you cannot sue your spouse to break up the property.
If someone in joint tenancy sells interest, unity is broken and it becomes ____.
Tenancy in common
Tenants by Entireties is a special __ __ for lawfully married husband and wife.
Joint Tenancy
What happens in a community property state?
Property acquired prior to marriage is held separately and any acquired during marriage is owned equally.
___ system is private ownership.
Allodial
What is the difference between a condominium and a cooperative?
A condo is ownership of real estate and a co-op is ownership of stock in the cooperative.
True or False? In a condominium, the common ground is owned as tenants in common.
True
The person who leaves a will is the __.
Testator
What is the difference between testate and intestate?
testate- you die with a will
intestate- you die without a will
__ is the transfer of real property through a will and __ is the transfer of personal property through a will.
Devise, Bequest
If you die intestate but with heirs, the courts will create a will for you using __.
Descent
The __ is the one who carries out the wishes of the testator of the will.
executor
A ___ title is a clear title reasonably free from risk of litigation over possible defects.
marketable
Abstract of title is the __ of title.
history
A __ of title is a statement of opinion by a title company.
certificate
Title insurance is a form of ___ because the insurance pays off if there is a problem.
subrogation
A group of individuals organized for the purpose of investing in real estate is a ___.
syndicate
What are the three ways to syndicate?
- Real Estate Investment Trust REIT
- General Partners
- Limited Partners
Investments, like the syndicate approach, require the consumer to go to someone with a __ license.
securities
