Title Flashcards
What is the Deed?
Legal document that transfers legal title on day of closing
What are the promises of Warranty Deed?
Present Warranties:
1) Seisin
2) Right to Convey
3) Covenant against Encumbrances
Future Warranties
1) Quiet Enjoyment
2) Warranty
3) Further Assurances
What is the difference between a General Warranty Deed and a Special Warranty Deed?
General Warranty Deed: Promise for all 6 warranties since property was DEVELOPED/CREATED
Special Warranty Deed: Promise for all 6 warranties since SELLER had title
What is a Quitclaim Deed?
No promises regarding title
What are the formalities of closing?
1) Writing
2) Delivery of Deed
3) Acceptance of Deed
If there are no wills, property will pass according to…
intestate law (intestate succession)
If there’s Ademption…
You get nothing
If I left you something and you died before me (lapse), the property will…
go to the residuary estate
What happens if I left you property and there’s liens on it?
the estate will pay off the liens
Adverse Possession elements
1) continuous
2) actual
3) open and notorious
4) hostile (without consent)
5) exclusive
When is tacking available?
When there is intentional transfer from one person to another
Can non-lawyers draft documents?
Yes. As long as it’s not the practice of law.
Equal Dignity Rule: who can sign on behalf of the grantor?
Agent BUT the permission needs to be in writing
What are the exceptions to the Equal Dignity Rule?
1) officer of corporation with authority already
2) signing agent (your job is signing pieces of paper)
3) If there was no writing, ESTOPPED from using no writing as a defense IF reliance was induced
What is a Bona Fide Purchaser?
PAYS* for property WITHOUT notice
*No creditor, gift, will, adverse possession
Notice Statute
Last Bona Fide Purchaser prevails
Race Statute
First person to record prevails
Race Notice Statute
First Bona Fide Purchaser to record rules
Shelter Rule
One who takes from a BFP will prevail against anyone the transferor-BFP would have prevailed against
Are mortgagees a bona fide purchaser?
YES. So, banks are bona fide purchasers.
Wild Deed
A recorded deed outside the chain of title
If O to A. A doesn’t record. Then, A to B. Then, O to C.
Who has title?
C has title.
A to B was out of title.
After-Acquired Title
If Grantor acquires title after closing, the title passes AUTOMATICALLY to Grantee.
