Titles Flashcards
Deed
Paper that transfers legal title on the day of closing
General Warranty Deed
Im promising that all 6 of the present and future covenants
Present Warranties in Warranty Deed
- Sesin-I own property
- Right to convey- Right to transfer legal title
- Covenants against encumbrances- there are no encumbrances.
If these are breached they are breached on the day of closing
Future Warranties in Warranty Deed
- Quiet Enjoyment- You wont be bothered by an future claims
- Warranty- I will defend any claims that come up in the future
- Further Assurances- I promise to fix any problems if they come up (they last forever).F
Special Warranty Deed
Promise that everything has been ok since I had title
Quit claim deed
Im not promising you anything
I quit my claim
What are the formalities of the closing
- Deed needs to be in writing
- Delivery from seller to buyer
Delivery of a deed
intent did the seller express unconditional intent to give you the property.
Even if it physically doesn’t end up in your hand.
Acceptance
presumed unless facts say otherwise or buyer rejects it.
Merger
the day of the closing the real estate contracts merges wit the deed and now all the conditions governed by the deed itself.
What kind of description of the property must there be in the deed?
There needs to be a legal description of the property in the deed.
Identifiable grantees
there must be some specific grantee for a proper conveyance.
If don’t know who gonna get it, not specific person then theres no valid conveyance.
Ademption
I left you the land in the will but while im alive I sell it to someone else. Ur out of luck. You get nothing
Lapse
I leave you something prop and you die then you don’t get it.
The prop goes into the residuary estate.
Exoneration of liens
I leave you land in the will, but there were liens on the property in the will, generally the estate will pay off any of those liens so you can get the property clean of any encumbrances (free and clear).
Adverse possession
OCEAN
-Open
- Continuous
- Exclusive
- Actual
- Notorious- Hostile
May an agent for the grantor (seller) may sign a deed on behalf of the grantor?
Yes, but the authority granting the agent the right to do it has to be in writing.
Agent may sign deed on behalf of grantor, need permission in writing.
EXCEPTION
* If you’re an officer of a corporation and you already have the authority to sign on the corporations behalf (no need additional writing)
- If your someone whos only job is to sign (No need additional writing)
- If there was no writing, I should have had a writing but I didnt- The grantor is estopped from using the lack of a writing as a defense
AKA: I cant use the defense of no writing if I tried to make you think I had the authority to do a writing.
Race Recording statue
The first-person wo record wins they don’t have to be a BFP
Race Notice
o The first BFP who recorded wins.
o Gotta be a BFP and record first.
Notice
o last bona fide purchaser prevails
o Must not have notice
Bona Fide Purchaser for Value
Someone who pays value and has no notice
-Creditor is not BFP
- Gift, will, adverse possession: you get title but didn’t pay. They not BFP cause no paid.
-Mortgagee: they are BFP
Shelter Rule
Where someone who would not normally win is “sheltered” is protected by their previous grantor
They will win because the previous grantor would prevail.
AKA: One who takes from a BFP will prevail against anyone the transferor BFP would have prevailed against.
Wild Deed
Out of the chain of title
O to A, A to B
O to C
A to B= wild deed no way B would have known about O to C so C win
Always go by the original grantor. The chain of title always reverts back to the original grantor.
After-Acquired Title
If grantor acquires title after closing, title will pass automatically to grantee.
