Title Flashcards
title
What is a deed
deed tansfers legal title on the day of closing
Title Rewuirements
1) wrirting
2) signed by g-or
3) ID parties
4) describe property ANS
5) indicate the g-or’s intent to convey eeeeeeeeeeeeeeeeee
Warranty deeds
present warraties
if breached, it is breached on the day of closing
warranty deeds
future warranties
future warranties last forever
(warranty = promise)
General warranty deed
promising all six warranties (that everything has been okay since the properrty has been in existence)
general warranty deed
warranties
Present
1) seisein (actuaolly owns property)
2) right to convey
3) covenant against encumberances
future
1) quiet enjoyment
2) warranty
3) further assurances-
future warranty
covenant of quiet enjoiyment
grantee will not be bothered by future claims
future warranty
warranty
to defend agianst any third party cliams to title
future warranty
further assurances
to do whatever is reasonable to perfect title (fix any problems if they arise)
special warranty deed
-warrants that seller has not breached the covenants of title suring the ownership (promising that everything has been OK while current seller owned property)
1) seller has not previously conveyed the property AND
2) no encumberances against title amde by seller
Enforcement of Present covenants
common law: present covenants not enforceable y remote grantees
minroity: will enforce the covenant against encumberances if the remote grantee dfid not have notice.
Title
Quit Claim Deed
“as is” deed contains no warranties/covenants (quitting claim, not promising anything)
Closing Formalitlies
1) in writing
2) delivery
3) acceptance
4) merger
5) legal description
6) identifiable grantee
delivery of deed
all about the intent, does not have to be physically delivered as longa s seller has done everyhting to ddeliver property (ie, given keys)
-if seller is unsure, there is not unequivocal intent, and no converyance
acceptance of deed
Basic Rule: presumed, unless the facts say optherwise (ie buyer says they do not want it)
