Prop - Titles

Question 1

What does the deed do?

Answer 1

transfer legal title on the day of closing

Question 2

What r the 6 warranties in a deed

Answer 2

sesin
right to convey
covenant against encumbrances
warranties of quiet enjoyment
warranty
warranty of further assurances

Question 3

What are the 3 present warranty deeds

Answer 3

sesin
right to convey
covenant against encumberances

Question 4

What are the 3 future warranties

Answer 4

warranty of quiet enjoyment

warranty

warranty of further assurances

Question 5

What are present warranties breached

Answer 5

only on the day of closing

Question 6

Sesin (present warranty)

Answer 6

I promise I own the property

Question 7

Right to convey (present covenant)

Answer 7

right to convey

Question 8

Warranty of quiet enjoyment (future )

Answer 8

owner will not be bothered by any future claims

Question 9

When is a Warranty of quiet enjoyment breached?

Answer 9

only if someone with superior title actually interferes with the grantee’s possession or enjoyment by asserting a valid claim to any part of the property.

Question 10

Warranty (Future warranty)

Answer 10

I will defend you if it did

Question 11

Warranty of further assurance (future)

Answer 11

promise to fix any problems if they come up

Question 12

Future warranties last

Answer 12

forever

Question 13

General warranty deed means that you promise which warranties and from what time

Answer 13

all 6 and since the property was created even if it was before you owned it

Question 14

Special warranty means you promise to warranty

Answer 14

everything that has been okay since the seller had title

Question 15

quit claim deed

Answer 15

not promising any warranty

Question 16

Elements of a deed

Answer 16

Deed needs to be in writing to comply with SOF

Delivery of the deed to S to B

Acceptance is presumed unless the facts say otherwise

Merger

Legal description of the property be reasonably definite

Identifiable grantees

Question 17

For delivery of the deed what do you focus on to ensure the deed has been delivered

Answer 17

intent as there needs to be unconditional unequivocal intent

Question 18

Is there an exception to the SOF requirements of the deed

Answer 18

yes, a parol gift via a verbal conveyance

Question 19

Parol Gift

Answer 19

The exception applies if the grantee takes possession of the property in reasonable reliance on the grantor’s promise to convey and makes such substantial improvements that fairness requires enforcement.

Question 20

Other than a deed, how can you transfer a property

Answer 20

via law or will

Question 21

What happens if there is no will

Answer 21

intestate sucession

Question 22

If there is will and there is ademption (ie sold or given away) → do you get anything

Answer 22

no

Question 23

If the Beneficiary dies before the person will and there is a lapse, it will go to

Answer 23

residuary estate

Question 24

What if there is a lien on the property

Answer 24

Estate will pay of the liens so you could the property clean of any encumbrances

Question 25

Adverse possession elements

Answer 25

Adverse
Hostile
Open and Nortious
Exclusive
Continuous for the SOL

Question 26

What is one way to defeat the continue amount for the SOL

Answer 26

if they tack with another person

Question 27

Actual, Open and Notorious is based on

Answer 27

A reasonable person would know someone is using the land

Question 28

Who can Draft the deed

Answer 28

can be a non attorney, real estate broker, mortgage broker, closing agent

Question 29

Regarding drafting the person must not

Answer 29

give legal advise

Question 30

What are the 3 types of statutes

Answer 30

Race
Notice
Race notive

Question 31

A notice statute will say what in the fact pattern

Answer 31

No conveyance shall be good against any subsequent purchaser for value with no notice unless the same be recorded into law.

Question 32

Who is a BFP

Answer 32

someone who pays value and has no notice

Mortgagees are one

Question 33

Who is not considered a BFP

Answer 33

Creditors
People who have judgements against you
Gift
Will
Adverse possession

Question 34

Who will always win in a notice statute

Answer 34

the last person in the chain who has no notice

Question 35

Race statute means

Answer 35

the first person to record even if there is a BFP

Question 36

Race notice

Answer 36

the first BFP to record

Question 37

what words must be included in Race Notice

Answer 37

first recorded or recorded first

Question 38

Shelter rule

Answer 38

Someone who would normally win would be sheltered by her previous grantor would prevail

Question 39

Wild deed is when

Answer 39

there is a deed out of the chain title

Question 40

O to A then A to B then O to C
A to B is a wild deed because B would have no notice of the O to C deed
Who will win

Answer 40

O to C because they had no notice of the deed and the chain of title always reverts back to the original grantor

Question 41

After acquired title

Answer 41

When you convey title you didnt have at closing but subsequently you get it, once the title is acquired from the person who thought had title, you are protected from him taking it back

Question 42

Equal dignities rule

Answer 42

Agent for the grantor may sign a deed on behalf of the grantor

But the authority granting the agent to do it, must be in writing

Question 43

Hypo will say “The grantor is estopped from using the lack of writing as a defense” mean

Answer 43

If you have no writing saying you had authority to sign
And you did something to show the authority induced reliance on somebody elses part

Question 44

If you happen to see a question where someone was hired to do this on someone’s behalf, generally, you need the piece of paper that grants my permission or the authority to do the writing unless

Answer 44

you are an officer of a company and you have permission to do it

Question 45

If I’m now trying to use the fact that there was no writing as a defense, but the facts, the facts talked about that I was basically trying to induce reliance on someone else,

Answer 45

then I can’t use the lack of writing as a defense.

Question 46

A title insurance policy insures that

Answer 46

good record of title of the property exists as the policies date and agrees to defend the record title if litigated

Question 47

Who can take out title insurance

Answer 47

either the owner of the property or the mortgage lender

Question 48

Owner policy

Answer 48

protects only the person who owns the policy ie the property lender or mortgage lender and does not run w/ land to subsequent purchasers

Question 49

Lender policy follows who in the chain of title

Answer 49

any assignment of the mortgage loan

Question 50

To make a deed effective, the grantor must have the legal capacity to execute the deed. Incapacity can result from

Answer 50

infancy, mental incompetence, insanity, or other factors.

Question 51

If the grantor lacks capacity, then the deed is generally considered

Answer 51

voidable

Question 52

When will a court find a deed void

Answer 52

if the grantor was legally declared incompetent and placed under guardianship before executing the deed.

Question 53

A void deed is

Answer 53

ineffective to convey title

Question 54

voidable deed is effective between the grantor and grantee unless

Answer 54

grantor chooses to void it, or a court otherwise declares the deed void on the grantor’s behalf.