Titles

Question 1

Deed

Answer 1

Paper that transfers legal title on the day of closing

Question 2

General Warranty Deed

Answer 2

Im promising that all 6 of the present and future covenants

Question 3

Present Warranties in Warranty Deed

Answer 3

1. Sesin-I own property
2. Right to convey- Right to transfer legal title
3. Covenants against encumbrances- there are no encumbrances.

If these are breached they are breached on the day of closing

Question 4

Future Warranties in Warranty Deed

Answer 4

1. Quiet Enjoyment- You wont be bothered by an future claims
2. Warranty- I will defend any claims that come up in the future
3. Further Assurances- I promise to fix any problems if they come up (they last forever).F

Question 5

Special Warranty Deed

Answer 5

Promise that everything has been ok since I had title

Question 6

Quit claim deed

Answer 6

Im not promising you anything

I quit my claim

Question 7

What are the formalities of the closing

Answer 7

1. Deed needs to be in writing
2. Delivery from seller to buyer

Question 8

Delivery of a deed

Answer 8

intent did the seller express unconditional intent to give you the property.

Even if it physically doesn’t end up in your hand.

Question 9

Acceptance

Answer 9

presumed unless facts say otherwise or buyer rejects it.

Question 10

Merger

Answer 10

the day of the closing the real estate contracts merges wit the deed and now all the conditions governed by the deed itself.

Question 11

What kind of description of the property must there be in the deed?

Answer 11

There needs to be a legal description of the property in the deed.

Question 12

Identifiable grantees

Answer 12

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.

Question 13

Ademption

Answer 13

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

Question 14

Lapse

Answer 14

I leave you something prop and you die then you don’t get it.

The prop goes into the residuary estate.

Question 15

Exoneration of liens

Answer 15

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).

Question 16

Adverse possession

Answer 16

OCEAN
-Open
- Continuous
- Exclusive
- Actual
- Notorious- Hostile

Question 17

May an agent for the grantor (seller) may sign a deed on behalf of the grantor?

Answer 17

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.

Question 18

Race Recording statue

Answer 18

The first-person wo record wins they don’t have to be a BFP

Question 19

Race Notice

Answer 19

o The first BFP who recorded wins.

o Gotta be a BFP and record first.

Question 20

Notice

Answer 20

o last bona fide purchaser prevails

o Must not have notice

Question 21

Bona Fide Purchaser for Value

Answer 21

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

Question 22

Shelter Rule

Answer 22

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.

Question 23

Wild Deed

Answer 23

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.

Question 24

After-Acquired Title

Answer 24

If grantor acquires title after closing, title will pass automatically to grantee.