Section 9 Flashcards
gained when a person holds the right to own property
equitable title
the act of transferring an interest in real property from one person to another.
alienation
transfers property with the owner’s control and consent through a deed or a
will.
voluntary alienation
The person transferring title through a will is the
grantor of the deed
The person transferring title through a will is the grantor of the deed. The person receiving title is
the grantee of the deed
to die with a will in place
testate
to die without a will in place
intestate
A man who creates a will is called
testator
A woman who creates a will is called a
testatrix
To will real property is to
devise
the person who inherits real property
devisee
To will personal property is to
bequest
the person who inherits personal property the
beneficiary
transfers property without the owner’s control and consent through descent, escheat, eminent domain, and adverse possession
Involuntary alienation
Without a will, the property is passed to
legal descendants
When there are no known heirs to property, it is passed to the state by
escheat
the legal process of the government to take property through the power of eminent domain.
condemnation
when someone other than the owner takes control and ownership of a property by hostile means through physical occupation which is open and notorious for at least seven years while paying taxes.
Adverse possession
When property transfer takes place, there are two types of legal notice that may be given:
Actual Notice
Constructive Notice
Deeds do not have to be recorded to be valid. To be recorded, deeds must be
acknowledged by the grantor and notarized
Lenders provide constructive notice of a foreclosure by filing a ___ _______ notice in the county where the property is located.
lis pendens
the “linking” of one owner to another as the property has been transferred from one owner to another.
chain of title
the written opinion of an attorney as to marketability based on chain of title
Title Opinion
can be insured against with title insurance
Defects of title
protects owners and heirs but is not transferred with a sale
Owner’s Policy
protects the lender and is transferable to new lenders if the mortgage is sold. Issued based on the mortgage and charged once at closing
Lender’s Policy
divided into the premises section, the operative part and the conclusion.
Deed
The premises section of a deed has the
date names address consideration granting clause
The operative section of a deed has the
habendum clause (deed restrictions, exceptions and reservations, appurtenances)
the habendum clause includes
deed restrictions
exceptions and reservations
appurtenances
deed is divided into 3 sections, including
premises section
operative part
conclusion
The conclusion section of a deed has
the delivery and acceptance through the signature of the grantor and two witnesses.
Valid deeds must:
be in writing name the grantor and grantee list consideration have a granting clause a habendum clause legal description signatures of the grantor and two witnesses delivery and acceptance
A statutory deed has a format specifically defined by state statute and includes
General Warranty Deed
Special Warranty Deed
Bargain and Sale Deed
Quitclaim Deed
General warranty deeds include covenants of:
Seisin Against encumbrances Further assurance Quiet enjoyment Warranty Forever
Only include the guarantee that the grantor (executor) has done nothing to encumber the property.
Special warranty deeds
includes the covenant of Seisin as the bank owns the property through foreclosure but includes no other warranties
Bargain and sale deeds
issued to clear a cloud on the title by releasing claims to the title. Has no covenants.
Quitclaim deeds
Special Purpose Deeds include:
Personal Representative Deed
Guardian’s Deed
Committee’s Deed
Tax Deed
used by someone appointed by will or by court to settle estate of deceased person. Includes Covenant Against Encumbrances.
Personal Representative’s Deeds
used by a guardian acting on behalf of a minor. Includes Covenant Against
Encumbrances.
Guardian’s deed
used when the owner is legally incompetent. Includes Covenant Against Encumbrances.
Committee’s deed
used when property is sold for back taxes. There are no warranties
Tax deed
Government restrictions include:
police power
eminent domain
taxation
Private restrictions include:
deed restrictions
easements
leases
liens
a type of deed restriction that applies to an entire community
Restrictive covenants
a right to use adjoining property that transfers with the land.
appurtenant easement
an easement that benefits an individual or company such as a railroad
easement in gross
created by the open, notorious, uninterrupted, hostile, and adverse use of another’s land for a period of 20 years.
easement by prescription
created by court order when one property is landlocked
easement by necessity
created when a property owner has “encroached” onto another parcel for a period of seven years or more.
implied easement
Long-term leases require signatures of __ witnesses
2
Real estate licensee must use fill-in-the-blank lease forms approved by the
Florida Supreme Court
Tenant pays fixed rent and sometimes utilities
Gross lease
Tenant pays fixed rent plus building expenses including taxes and insurance
Net lease
Tenant pays base rent plus a percentage based on gross sales.
Percentage lease
Tenant pays rent based on an index
Variable lease
Lease on land commonly for as long as 99 years
Ground lease
when the tenant assigns all leased property for remainder of lease
Assignment of a lease
only assigning a portion of the property or a portion of time.
Sublease
voluntary lien created with the consent of the debtor.
Mortgage
A purchase money mortgage (seller financing) creates a
vendor’s lien
A contractor has only __ days after the last date of work or delivery of supplies is made to file a
construction lien against the property to establish lien priority over a mortgage
90
paid before junior liens
Superior liens
the search through recorded documents to find evidence of title transfer history and mortgages or other liens against the property including judgments and unpaid taxes
abstract of title
the formal declaration before a notary public declaring that the signing was
voluntary
acknowledgment
when a party has awareness or direct notification of a specific fact or proceeding
through reading, hearing, or seeing
Actual notice
when someone other than the owner takes control of a property
Adverse possession
the actual act of transferring title or an interest in real property from one person to another.
alienation
a way for one party to be released from obligation to a contract without actually terminating the contract.
Assignment
the “linking” of one owner to another as the property has been conveyed from one person to the next
chain of title
Governmental power to take land from an owner through the legal process
condemnation
an involuntary lien placed against a property for work performed to cover contracted work.
construction lien
knowledge which, according to law, a person is able to acquire by making normal and reasonable inquiries
Constructive Notice
the main form of title transfer that the licensee will interface with upon the closing of a sale and purchase agreement.
deed
created within the deed which limits how an owner can use a property
Deed restrictions
a right to use a portion of an owner’s land for a specific purpose.
Easements
the governmental power to take land from an owner through the legal process called condemnation
Eminent domain
is defined as being an unauthorized use of another’s property
encroachment
Provides for the property of a person who dies intestate and who has no known heirs to pass to the state.
escheat
grantor will deliver legal instrument if required to stand behind the transfer
Further assurance
the most commonly used deed
general warranty deed
new owner receiving title granting clause.
Grantee
The person transferring title is the
grantor
defines the quality of the ownership interest being conveyed
habendum clause
A person who dies without a will died
intestate
the right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property
lien
Federal and State Constitutions apply restrictions to protect citizenry for health and safety reasons - Broadest Gov’t. Power.
police power
peaceful possession undisturbed by claims of title.
Quiet enjoyment
used when such a person agrees to “remise, release, or quitclaim” any claims on the property in the future.
quitclaim deed
promises grantor is the true owner and has right to convey title.
seisin
the term meaning that a person died with a legal will in place
testate
all rights that can be secured and enjoyed under the law
title
to defend grantee’s title against all lawful claims.
Warranty forever
