Titles

Question 1

what is a Deed?

Answer 1

an item that transfers legal title of the property on the day of closing

Question 2

what is the day of closing?

Answer 2

The day of closing is simply the name of the day we go to the office and sign the deed

Question 3

What is a warranty deed?

Answer 3

a type of deed that contains promises from the seller to the buyer.

There are different kinds of warranty deeds, including general and special

Question 4

what are the types of promises contained in a GENERAL warranty deed?

Answer 4

there are 6 total, 3 present, 3 future

Question 5

3 present promises in a warranty deed

Answer 5

1) Seisin
2) Right to Convey
3) Covenant against Encumbrances

Question 6

3 future promises in a warranty deed

Answer 6

1) Quiet Enjoyment
2) Warranty
3) Further Assurances

Question 7

From what date do the 6 warranties in a GENERAL warranty deed begin?

Answer 7

A general warranty deed is a promise for all 6 warranties SINCE THE PROPERTY WAS DEVELOPED/CREATED

Question 8

From what date do the 6 warranties in a SPECIFIC warranty deed begin?

Answer 8

A specific warranty deed is a Promise for all 6 warranties SINCE THE SELLER HAD TITLE

Question 9

What is a quitclaim deed?

Answer 9

A quitclaim deed contains no promises at all regarding the title of the property

Question 10

What are the formalities of closing?

Answer 10

1. writing (to satisfy stt of frauds)
2. Delivery of deed (intent of seller to give up control)
3. Acceptance of Deed (presumed unless rejected)
4. Merger (at closing K and deed merge)
5. Description of the property (must be reasonably definitive)

Question 11

If there is no will, how does the property pass?

Answer 11

if there is no will, the property will pass according to intestate laws

Question 12

if you die and your property still had a lien on it, who pays the lien?

Answer 12

the estate pays the lien

Question 13

Adverse Possession requirements

Answer 13

• Acquire legal title if:
  1) Continuous
  2) Actual
  3) Open and Notorious
  4) Hostile
  5) Exclusive

Question 14

what is tacking?

Answer 14

Tacking allows you to maintain the continuous holding of an adverse possession property while handing the actual requirement of physical presence to someone else, like passing a baton, then taking it back at a later date within the statutory period (7 yrs)

Question 15

Can a non-attny draft real estt documents?

Answer 15

• A Non-attorney can draft documents for real estate
• BUT they cannot give legal advice

Question 16

Can an agent sign a deed for the seller? (Equal Dignity Rule)

Answer 16

yes, BUT the authority granting the agent the authority to sign for the seller must be in writing

Question 17

what is an exception to the equal dignity rule?

Answer 17

1) Officer of Corporation with authority does not need a separate writing
2) Signing agent - all he is here to do is sign = no writing required
3) No writing – Grantor is estopped if he tried to induce reliance (ie- grantor/seller cannot use ‘lack of writing’ as a defense if seller does something

Question 18

3 recording stts

Answer 18

1. race
2. race-notice
3. notice

the stt relevant in the juris will determine who gets possession

Question 19

Notice stt

Answer 19

• Key words: “subsequent purchaser for value without notice”
• Last Bona Fide Purchaser prevails

No conveyance shall be
good against any subsequent purchaser for value with no notice, unless the same be recorded into law.

Question 20

what is a bone fide purchaser?

Answer 20

Someone who pays value and has no notice of any transaction

• Pay for property
• Take property without notice

Question 21

Race Stt

Answer 21

• First person to record prevails

Question 22

Race Notice Statute:

Answer 22

• First Bona Fide Purchaser to record
• Key words: “first recorded”

Question 23

Shelter Rule:

Answer 23

• One who takes from a BFP will prevail against anyone the transferor-BFP would have prevailed against

Question 24

Wild Deed:

Answer 24

• A recorded deed outside the chain of title

Question 25

After-Acquired Title:

Answer 25

• If Grantor acquires title after closing, title will pass AUTOMATICALLY to grantee