Section 9 Review Flashcards
Equitable title
Rights to own property
Alienation
is the act of transferring an interest in real property from one person to another
Voluntary alienation
transfers property with the owner’s control and consentthrougha deed or a will.
The person transferring title through a will is the____ .
grantor of the deed
The person receiving title is the ______.
grantee
To die with a will in place.
Testate
To die without a will.
Intestate
A man who creates a will is ________.
testator
A woman who creates a will is called a ________.
testatrix
To will real property is called to ______ with the person who inherits the devisee.
devise
the person who inherits is the ______.
devisee
To will personal property is called to _____ with the person who inherits the beneficiary
bequest
_____________ transfers property without the owner’s control and consent through descent, escheat, eminent domain, and adverse possession.
Involuntary alienation
Without a will, property is passed to _____________
legal descendants
When there are no known heirs it is passed to the ____ by escheat
state
___________ is the legal process of the government to take property through the power of eminent domain
Condemnation
Adverse possession
is 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
Two types of legal notice when property transfer takes place
Actual Notice or Constructive Notice
______ do not have to be recorded to be valid.
Deeds
deeds must be acknowledged by the grantor and _______ To be recorded
notarized
Lenders provide constructive notice of a foreclosure by filing a __________ notice in the county where the property is located
lis pendens
A Chain of Title
is the “linking” of one owner to another as the property has been transferred from one owner to another
A Title Opinion
is the written opinion of an attorney as to marketability based on chain of title
Defects of title can be insured against with ______________
title insurance.
Owner’s policy protects
owners and heirs but is not transferred with a sale. Issued based on purchased price and charged once at closing
Lender’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
The deed is divided into what 3 sections
the premises section, the operative part and the conclusion
The premises section in a deed has ______
the date, names, address, consideration, and granting clause.
The operative section of a deed has the ______
habendum clause, deed restrictions, exceptions and reservations, and appurtenances.
The conclusion section of a deed has ______
the delivery and acceptance through signature of grantor and two witnesses.
For a deed to be valid it must:
be in writing; name the grantor and grantee; list consideration; have a granting clause; a habendumclause; legal description; signatures of grantorand two witnesses; and 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, and Quitclaim Deed.
General warranty deeds include covenants of:
Seisin, Against encumbrances, Further assurance, Quiet enjoyment, and Warranty Forever.
Special warranty deeds only include the guarantee that the grantor (executor) has ____________
done nothing to encumber the property.
Bargain and sale deeds include the covenant of Seisin as the bank owns the property through foreclosure doesn’t include_________
any other warranties.
Quitclaim deeds are issued to clear a _________ by releasing claims to the title. Has no covenants.
cloud on the title
Special Purpose Deeds include:
Personal Representative Deed, Guardian’s Deed, Committee’s Deed and Tax Deed.
__________ Deeds are used by someone appointed by will or by the court to settle the estate of the deceased person. Includes Covenant Against Encumbrances.
Personal Representative’s
Guardian’s deed
isused by a guardian acting on behalf of a minor. Includes Covenant Against Encumbrances.
