Transfer of Title

Question 1

Title

Answer 1

the right to or ownership of the land; also serves as evidence of that ownership may be transferred by sale or gift

Question 2

Voluntary Alienation

Answer 2

legal term for the transfer of title during the property owner’s lifetime

Question 3

Deed

Answer 3

a document by which an owner of real estate conveys the right, title or interest owned in a parcel of real estate to someone else

Question 4

Grantor

Answer 4

the owner who transfers the property

Question 5

Grantee

Answer 5

the person who receives the property

Question 6

Requirements of a Grantor

Answer 6

of lawful age and legally competent

Question 7

Consideration

Answer 7

something in return for deeding the described property to the grantee

Question 8

Granting Clause

Answer 8

words of conveyance that states the grantee’s intention to convey the property

Question 9

Habendum Clause

Answer 9

may follow the granting clause “to have and to hold” used when necessary to define or explain the ownership to be enjoyed by the grantee

Question 10

Acknowledgement

Answer 10

a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine; grantor must sign deed grantee does not

Question 11

Delivery and Acceptance

Answer 11

title is not transferred until the deed is actually delivered and accepted by the grantee; then the title is said to “pass”

Question 12

Covenant of Seisin

Answer 12

grantor warrants that they own the property and have the right to convey title

Question 13

Covenant Against Encumbrances

Answer 13

warrants that the property is free from liens

Question 14

Covenant of Further Assurances

Answer 14

promises to obtain and deliver any instrument needed to make the title good

Question 15

Covenant of Quiet Enjoyment

Answer 15

guarantees that the grantee’s title will be good against any third party who might bring a court action to establish superior title to the property

Question 16

Covenant of Warranty Forever

Answer 16

grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future

Question 17

Special Warranty Deed

Answer 17

limits the grantor’s defense of the title transferred by warranting that the grantor received title and that the property was not encumbered during the time that the grantor held title

Question 18

Bargain and Sale Deed

Answer 18

contains no express warranties against encumbrances but does imply that the grantor holds title and possession of the property

Question 19

Quitclaim Deed

Answer 19

least protection of any deed; carries the covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered - only type of deed used to convey less than a fee simple estate

Question 20

Cloud on the Title

Answer 20

a title defect

Question 21

Deed of Trust

Answer 21

the means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary

Question 22

Reconveyance Deed

Answer 22

used by a trustee to return title to the trustor

Question 23

Satisfaction of Mortgage

Answer 23

in “lien theory” states where mortgage is treated as creating a lien on property, rather than transferring title this document returns title to the trustor

Question 24

Trustee’s Deed

Answer 24

used when a trustee conveys real estate held in the trust to anyone other than the trustor

Question 25

Transfer Tax

Answer 25

also referred to as a grantor’s tax; usually payable when the deed is recorded, may be paid by either seller or buyer or split

Question 26

Involuntary Alienation

Answer 26

title transfer without the consent of the owner; usually carried out by operation of law

Question 27

Adverse Possession

Answer 27

another means of involuntary transfer; an individual who makes a claim to certain property and takes exclusive possession of it by excluding the true owner

Question 28

Testate

Answer 28

when a person dies with a will

Question 29

Intestate

Answer 29

when a person dies without a will

Question 30

Probate

Answer 30

when title passes by will or descent, the estate must go through a judicial process; the formal judicial process

Question 31

Will

Answer 31

made by a property owner to convey title to real and personal property after the owner’s death

Question 32

Testator

Answer 32

person who makes a will

Question 33

Devise

Answer 33

the gift of real property by will

Question 34

Devisee

Answer 34

a person who receives real property by will

Question 35

Nuncupative

Answer 35

oral wills

Question 36

Holographic

Answer 36

handwritten wills

Question 37

Codicil

Answer 37

any modification or addition to a previously executed will; a separate document

Question 38

Probate Proceedings

Answer 38

take place in the county in which the decedent last resided