Transfer Of Title Flashcards
**Grantor
The owner who transfers title.
**Title
The right to or ownership of the land. TITLE is evidence of that ownership.
Real Estate TITLE may be transferred voluntarily by sale or gift (VOLUNTARY ALIENATION) or by operation of law (INVOLUNTARY ALIENATION).
**Grantee
Person acquiring title.
**Elements of a deed
1) GRANTOR HAS LEGAL CAPACITY to execute deed
2) DATE
3) GRANTEE NAMED WITH REASONABLE CERTAINTY TO BE
IDENTIFIED
4) STATEMENT OF CONSIDERATION
5) HABENDUM CLAUSE
6) ACCURATE LEGAL DESCRIPTION OF PROPERTY being conveyed
7) ANY RELEVANT EXCEPTIONS or RESERVATIONS
8) ACKNOWLEDGED (NOTARIZED) SIGNATURE OF GRANTOR
9) DELIVERY OF THE DEED AND ACCEPTANCE BY GRANTEE TO PASS TITLE
**Power of attorney
The specific written authority to execute legal instruments or perform other designated acts for another person
**Acknowledgment
Formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuines
**Delivery and Acceptance
The completion of a transfer of TITLE via delivery to and acceptance of same by GRANTEE.
**General Warranty Deed vs. Special Warranty Deed
A GENERAL WARRANTY DEED covers the lifespan of a property and is a legal warranty binding the GRANTOR to certain covenants (promises) and warranties.
A SPECIAL WARRANTY DEED covers the time the GRANTOR held the property, warranting: 1) that the GRANTOR received title; 2) that the property was not encumbered during the time the GRANTOR held title.
A GENERAL WARRANTY DEED offers the buyer the greatest protection. SPECIAL WARRANTY DEEDS are often used by fiduciaries like corporations and trusts because they lack authority to warrant against acts of PREDECESSORS IN TITLE.
**Involuntary Alienation
The transfer of title with out the owner’s consent, usually by operation of law or foreclosure.
