Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Transfer of Property > Flashcards

Transfer of Property Flashcards

1
Q

What’s is a Deed

A

The receipt of sale, transferring of title to real estate from one party to another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Title

A

Concept of ownership

Not a physical document / actual ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Alienation of title

A

Loss of ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Involuntary alienation

A

is a forced loss of ownership

-example foreclosure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Why is Stamping important?

A

It creates a public record of ownership to the property.

Fee is not mandatory but if not paid then technically previously listed person is owner of such.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A deed is Valid with the following min. criteria is met

A
  • must be handwritten
  • granter is legally competent
  • names the grantee
  • Involve the exchange of consideration
  • complete and accurate description of land
  • must include a granting clause
  • Must have delivery and acceptance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Cloud Title

A

Something wrong with the ownership of the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Chain Title

A

History of properties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Criteria in order for deeds to be valid

A
  1. Must be written (per Statute of Frauds)
  2. The grantor must be legally competent
  3. They must involve the exchange of consideration (evidenced by a recital of consideration.)
  4. They must include a complete and accurate description of the land
  5. They must include a granting clause (usually just words “grant to”)
  6. Must have delivery and acceptance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Habendum Clause

A

(Latin for “to have and to hold”)

When the interest being granted needs to be denied or limited (e.g. life estate)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Recordation

A

The act of making the title transfer public record at the county registry of deeds.
-Provides constructive notice of the title transfer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

List Four Types of Deeds

A

Type of deed impacts extent of grantor’s liability fo any future issues with the title of property

  1. General Warranty Deeds
  2. Special Warranty Deeds
  3. Bargain and Sale Deeds
  4. Quitclaim Deeds (Non-Warranty Deeds)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Quitclaim deed

A

Non-warranty deed, grantor not liable for any claims against the title
conveys whatever interest grantor has at the time of the title transfer

A grantor is not liable for any claims against title

Can be used to correct mistakes on a title or in bank foreclosures.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

General Warranty Deeds

A
  • The grantor is liable for any defects against title
  • They can be useful when the BUYER wants protection against unknown title defects (clouds on the title or another ownership issue)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Special Warranty Deeds (Limited Warranty Deeds)

A

States only that the grantor received title to the property and they did not cause issues with the title.
- Only liable for claims against title if those claims originated during their term or
ownership.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Bargain and Sale Deed

A

Grantor states they have the rights to convey ownership of the property even they may not own it
Also now as a certificate of sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Massachusetts Recording Stamps

A

A fee for recording and selling
Expense paid by the seller (grantor)
-If seller does not record their deed, they are still supposed to pay for the recording stamps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Outline How Property Transfers Work

A

Step 1: Property is listed and put under agreement

Step 2: buyer’s lender (bank usually) hires an attorney or title company to perform a TITLE SEARCH, where the buyer gives the lender a note to evidence their debt and a mortgage to secure the debt.

Step 3: Municipal lien certificate is issued by the bank’s attorney to create a public record that the bank is the first lienholder on the property.

Step 4: Attorney pats the seller and the seller’s broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Land Description and surveys

A

A full legal description of the land is the properties address, a survey of the land an drafts of the land description (size, shape and improvements on lot);

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

ILC (Improvement location certificate

A

This is not a complete survey and isn’t valid in court.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Note about surveys

A

Not all surveys include a warranty or surveyor liability
A licensed surveyor performs a survey and drafts the description/

An improvement location certificate is not a completer survey

22
Q

Deed of Trust

A

Transfer interests in real estate into trust

- Some states in lieu of a mortgage

23
Q

Reconveyance Deeds

A

Use to return property to trustors (e.g. remove property form a trust)

24
Q

Trustee’s Deeds

A

Deeds by trustee to convey real estate to anyone besides trustor

25
Q

Deeds executed pursuant to a court order

A

Deeds issued a result of a will or court order

26
Q

Recording stamps

A

Expense paid by seller (grantor) if their deed is recorded. It is a stamp for recording and selling

-Even if the previous owner didn’t have their deed registered they are still supposed to pay.

27
Q

Survey Measurements

A 
1 Link = 7.92 inch
1 foot = 12 inches
1 yard = 3 feet 
1 rod = 16 ft 6inch
1 chain - 66 ft
1 furlongs = 660ft
1 mile = 5,280ft
1 acre = 43, 560 sq.ft.
1 sq.mile = 640 acres
28
Q

Metes and Bounds Survey

A

Most common
Outlines the lote lines by describing directions and distances between monuments
Datum is a point used to measure elevations
Measure clockwise

EXAMPLE: A plot of land located in Boston, Suffolk County, Massachusetts, beginning at the intersection of Canal and Causeway Street, running south along Canal Street 304 feet, West to Friend Street 150 feet more or less, North to the intersection of Causeway Street and Friend Street, then East along Causeway Street to the intersection of Canal and Causeway Street.”

29
Q

Lot and Block Survey

A

A subdivision or municipality and use the lot and block method; Urband/residential

Plat maps, divides streets into blocks, and then divides lots into blocks:

EXAMPLE: Lot 43, Block 17, Green Acre Homes in the City of Portland, according to the plat thereof, recorded in Volume 6 of plats, page 84, in Multnomah County, Oregon

30
Q

Government Rectangular Survey System

A
  • Standardized land descriptions
  • Divides land into rectangles using intersection principal meridians and baselines
  • Tiers - refers to township lines
31
Q

Township

A

6 miles by 6 miles = 36 sq miles

32
Q

Section

A

640 Aces or 1 mile by 1 mile

33
Q

Plat Map

A
  • Used to describe a proposed or actual use of subdivision

- use lot and block method

34
Q

Title Insurance

A

Protection against undiscoverable title defects, protects against the loss of funds due to unknown title defects.

ins. companies perform their own title searches through internal records called title plants and inform the insured of the status of the title via the preliminary report

Does not cover ownership issues that could be discovered by looking at public records like zoning issues or publicly recorded restriction

35
Q

Standard Coverage for Title Insurance

A

Covers basic forged deeds, incompetent parties, delivery issues, improper marital settlements

36
Q

Extended coverage in title insurance

A

covers all the standard coverage has, and adds coverage for issues like tenants and squatters, survey issues, unrecorded easements and liens, mineral/water rights

37
Q

Mortgage or Owner Protection

A

Proptection for the purchaser up to the full purchase price of property

38
Q

Mortgagee or Lender Protection

A

Protections from the lender up to the outstanding loan balance

39
Q

Torrens System

A

A way of addressing conflicts about property ownership, brought to Land Court for dispute

40
Q

Land Court

A

determines who owns a piece of property; basically a lawsuit. Usually slow and expensive hence why people buy title insurance

41
Q

Wills

A

Another way to transfer property upon death

42
Q

Testate

A

A person who dies with a will, names the executor in will to present their estate.

43
Q

Intestate

A

Those who die without a will; the court appoints them an administrator and handles the distribution to their heirs.
If they have no heirs their property is escheat (government-owned)

44
Q

Dedication

A

A donation of property rights either permanently or temp for public use; example piece of property given for use as a park

45
Q

Certificate of Title

A

When land court decides who owns the property it issues its decision as a certificate of title. The person who’s name is on this truimphs any other documents concerning the property
-Typically the property transfer that is recorded first usually wins

46
Q

Adverse Possession

A

legal term for squatter’s right; if they have been openly using it without anyone complaining in 20 years they have possession by O.N.C.H.A

47
Q

Excise Fee

A

Another term for recording stamps

Paid by grantor (seller)

48
Q

Recordation

A

the act of making the title transfer public record at the county registry of deeds

49
Q

Recording Stamps Cost MA

A

$2.28 PER $500 OF RECORDED VALUE

EXCEPT BARNSTABLE COUNTY = $3.24 PER $500

50
Q

Encroachments

A

the intrusion of an improvement onto a neighboring property
failure to take action against

  • Detected via survey
  • Title insurance does not protect; and no help of lawyer’s opinion
51
Q

Purpose of a survey

A

A survey is an onsite measurement of property lines and the position o the property improvements easementd
Used to:
- Create or verify legal description
-May reveal encroachments or zoning violations

Real Estate (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions