Titles Flashcards
what is a Deed?
an item that transfers legal title of the property on the day of closing
what is the day of closing?
The day of closing is simply the name of the day we go to the office and sign the deed
What is a warranty deed?
a type of deed that contains promises from the seller to the buyer.
There are different kinds of warranty deeds, including general and special
what are the types of promises contained in a GENERAL warranty deed?
there are 6 total, 3 present, 3 future
3 present promises in a warranty deed
1) Seisin
2) Right to Convey
3) Covenant against Encumbrances
3 future promises in a warranty deed
1) Quiet Enjoyment
2) Warranty (seller will defend any claims against buyer)
3) Further Assurances
From what date do the 6 warranties in a GENERAL warranty deed begin?
A general warranty deed is a promise for all 6 warranties SINCE THE PROPERTY WAS DEVELOPED/CREATED
From what date do the 6 warranties in a SPECIFIC warranty deed begin?
A specific warranty deed is a Promise for all 6 warranties SINCE THE SELLER HAD TITLE
What is a quitclaim deed?
A quitclaim deed contains no promises at all regarding the title of the property
What are the formalities of closing?
- writing (to satisfy stt of frauds)
- Delivery of deed (intent of seller to give up control)
- Acceptance of Deed (presumed unless rejected)
- Merger (at closing K and deed merge)
- Description of the property (must be reasonably definitive)
If there is no will, how does the property pass?
if there is no will, the property will pass according to intestate laws
if you die and your property still had a lien on it, who pays the lien?
the estate pays the lien
Adverse Possession requirements
- Acquire legal title if:
1) Continuous
2) Actual
3) Open and Notorious
4) Hostile
5) Exclusive
what is tacking?
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)
Can a non-attny draft real estt documents?
- A Non-attorney can draft documents for real estate
- BUT they cannot give legal advice
Can an agent sign a deed for the seller? (Equal Dignity Rule)
yes, BUT the authority granting the agent the authority to sign for the seller must be in writing
what is an exception to the equal dignity rule?
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
3 recording stts
- race
- race-notice
- notice
the stt relevant in the juris will determine who gets possession
Notice stt
- 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.
what is a bone fide purchaser?
Someone who pays value and has no notice of any transaction
- Pay for property
- Take property without notice
Race Stt
- First person to record prevails
Race Notice Statute:
- First Bona Fide Purchaser to record
- Key words: “first recorded”
Shelter Rule:
- One who takes from a BFP will prevail against anyone the transferor-BFP would have prevailed against
Wild Deed:
- A recorded deed outside the chain of title
