Transfer of Property

Question 1

township

Answer 1

43,560 sq ft = 1 acre; 640 acres = 1 section; 36 sections = 1 township

Question 2

who signs quitclaim deed

Answer 2

grantor

Question 3

documentary transfer tax

Answer 3

find new money, divide by $500, multiply by .55

Question 4

foreclosure sale

Answer 4

time between recording notice of default and the trustee sale = a minimum three months and 21 days
trustor may bring current (reinstate) loan up to five business days prior to the trustee’s sale.

Question 5

valid deed

Answer 5

acknowledgement only needed when recording;
recording not necessary for a valid deed
must include description of property

Question 6

patent

Answer 6

sovereign grant refers to the government patent deed which transfers title to government land.

Question 7

land acquired by accretion

Answer 7

accession

Question 8

will

Answer 8

Ambulatory =alterable
legatee = receives under a will
codicil = amendment to a will.

Question 9

recording a deed gives what type of notice

Answer 9

public

Question 10

land contract in default remedies

Answer 10

quit claim deed by the buyer or

quiet title action in court.

Question 11

grand deed

Answer 11

transfers title to real property; two implied warranties

1. no encumbrances other than those revealed
2. title has not be previously coveyed

Question 12

interpleader action

Answer 12

court accepts $ distributes to rightful party