OWNERSHIP: SECTION 13, TRANSFER OF PROPERTY BY VOLUNTARY ALIENATION Flashcards
Define “ALIENATION”
To Transfer
Define “VOLUNTARY”
Freely
What does the phrase “Transfer Of Property By Voluntary Alienation” mean?
It is a fancy way of saying you sold your house or transferred your property.
Describe “TRANSFER OF DEED”
Instrument used to transfer title
Define “GRANTOR”
Giver of Real Property (seller)
Define “GRANTEE”
Receiver of Real Property (buyer)
Name the 4 different types of DEEDS discussed about.
1) GENERAL WARRANTY DEED
2) SPECIAL WARRANTY DEED
3) BARGAIN AND SALE DEED
4) QUIT CLAIM DEED
Which DEED is the most popular and the most common?
The GENERAL WARRANTY DEED
Which DEED provides the best protection for the buyer?
The GENERAL WARRANTY DEED
Name the 5 distinct promises made to buyer from seller in the GENERAL WARRANTY DEED.
1) SEIZIN: Seized Of Title
* Seller owns property and has the right to sell it
2) QUIET ENJOYMENT
* No one else will claim title
* No third party claims to the property
3) AGAINST ENCUMBRANCES
* No hidden encumbrances
* Seller has to disclose any liens, or easements, etc…
4) FURTHER ASSURANCE
* Seller will provide or sign documents in future if necessary to help prove buyers title
5) WARRANTY FOREVER
* Money back guarantee from seller if seller provides faulty title
Describe “SPECIAL WARRANTY DEED”
I promise you its been clear SINCE I’VE HAD IT, no promises before that
Describe “BARGIN AND SALE DEED”
- The only promise made here is that Seller owns it.
* Not used very much
Describe “QUIT CLAIM DEED”
- No promises
- “IF” I own it, I give you all the rights I may have
- Used frequently
What is the most common use for the QUIT CLAIM DEED?
1) To quiet a cloud on the title
2) Ownership disputes
3) Misspelled Names
What is another name for the Quit Claim Deed?
Correction Deed
