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WV Pre License Real Estate > Transfer Of Title - Unit 6 > Flashcards

Transfer Of Title - Unit 6 Flashcards

1
Q

What are two documents that transfer title?

A

Will (after death)

Deed (alive)

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2
Q

What is title?

A

The only way if referring to ownership. Not a printed document.

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3
Q

What is a deed?

A

The written document by which an owner transfers the title to another.

It must be recorded to give public notice of ownership.

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4
Q

What is voluntary alienation?

A

To give away a deed willingly by sale or gift.

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5
Q

What are the requirements for a valid deed? 9 things

A
  1. Grantor has legal competency to sign deed (must sign)
  2. Grantee is names with reasonable certainty (doesn’t have to sign)
  3. Recital of consideration
  4. Granting clause
  5. Habendum clause
  6. Legal description of property conveyed
  7. Any relevant exceptions/reservations
  8. Signature of grantor acknowledged (notary-doesn’t always need acknowledgement)
  9. Delivery of deed and acceptance.
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6
Q

What is refits or consideration?

A

“$10 and other valuable consideration”

Money. Has to say grantor received consideration.

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7
Q

What is the granting clause?

A 
Actually conveys (gives) the property. 
“Demise, release, alienate, convey”
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8
Q

What is the Habendum clause?

A

Hubby clause. States what you’re getting and the rights
“To have and to hold”
Will state here if it’s less than fee simple ownership.

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9
Q

Where are encumbrances, reservations, limitations affecting the title described?

A

In the exceptions/reservations section

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10
Q

When is legal title passed?

A

At delivery and acceptance.

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11
Q

What are the types of deeds? 8 total

A 
General warranty deed
Special warranty deed
Bargain and sale deed 
Quitclaim deed
Deed of trust 
Reconveyance deed
Trustees deed
Deed executed pursuant to court order
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12
Q

What is a general warranty deed?

A

Best kind. Seller guarantees back to the beginning of time. Provides greatest protection to the buyer

Provides 5 covenants

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13
Q

What are the 5 covenants in a general warranty deed?

A
  1. Covenant of seisen- you have the right to possess the property
  2. Covenant against encumbrances- no encumbrances
  3. Covenant of further assurance- no promises broken
  4. Covenant of quiet enjoyment- if there are issues, grantor will fix it. You have no worries.
  5. Covenant of warranty forever-all promises guaranteed forever
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14
Q

What is a special warranty deed?

A

Only selling what they bought. Any problems before they bought still exist. They will take care of any problems that happened while they lived there.

“You are buying what I bought”

“Remise, release, alienate, convey” are key words

Get title insurance.

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15
Q

What is a bargain and sale deed?

A

No express (written) warranties, only IMPLIED

The grantor, usually a bank or tax authority, did not occupy the land. It would not necessarily know of any encumbrances that may have been attached to the land by the previous owner.

Trigger words: “grants and releases” “grants, bargains, and sells”

Grantee has little legal recourse if defects in title appear later because title in this deed are not specifically stated.

Get title insurance.

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16
Q

What is a quitclaim deed?

A

Weakest of the deeds. You literally quit your claim (whatever claim you had)

No warranties

Generally used to change administrative corrections such as a misspelled name or a simple transfer of property from one family member to another.

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17
Q

What is a gift deed?

A

Voluntary transfer of your property without money exchange.

This one HAS to be signed by the grantor.

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18
Q

What is a deed of trust?

A

Secured the loan for real estate. Similar to a mortgage but with 3 people: trustor, trustee, and beneficiary.

Trustor-YOU
Trustee-appointed by lender to hold deed during the loan
Beneficiary-bank

19
Q

Who is the trustor in a deed of trust?

A

You. You’re giving the deed to the lender.

Once you pay the load off you get it back

20
Q

Who is the trustee in a deed of trust?

A

A person appointed by the lender to hold the deed while the loan is being paid.

21
Q

Who is the beneficiary in a deed of trust?

A

The bank you are paying

22
Q

What is a reconveyance deed?

A

Evidence that you’ve paid off your loan!

Used to release deed when the loan has been paid off that was secured by a deed of trust.

Trustor becomes the grantee (you become th e receiver)
Trustee becomes grantor (bank person becomes giver of deed)

*Release deed back to the trustor

23
Q

What is a trustees deed?

A

When you do not pay off your loan. The trustor does not pay back the loan, so the trustEE can sell the deed.

Property is sold in foreclosure sale.

Trustee holds the deed of trust doesn’t own the property but has the right to sell it because of provisions in the deed of trust.

24
Q

What is deed executed persuant to court order?

A

Used to convey title to property transferred by court order or will.

Will have full consideration (price) listed in the deed.

25
Q

What is transfer tax?

A

Normally paid by the seller but can be negotiated.
Funds the record keeping system. Rates imposed by state, city, and county level.

***tax is calculated on what a property SOLD FOR, not what you borrowed from the bank

26
Q

What is involuntary alienation?

A

Title transfer without owners consent.

27
Q

When does involuntary alienation happen? 4 things

A

Die intestate (no will)

Land needed for public use (I-77)

Non repayment of debt of real property

Hostile use (lazy people using someone’s property)

28
Q

What is the process when someone dies intestate and who takes the property?

A

Escheat

State or county take it

29
Q

What is the process when land is needed for public use and who is it taken by?

A

Condemnation

Taken by the government.

30
Q

What is the process when there’s no repayment of debt of real property and who takes it?

A

Foreclosure

Creditor takes the property

31
Q

What is the process when hostile use of land happens and who takes it?

Legal stealing of land

A

Adverse possession

Adverse possessor takes it

32
Q

What is adverse possession?

A

“Squatters rights” legal stealing of land.

A person who makes a claim to a property, takes possession of it, and most important, uses it to take title from an owner who failed to use or inspect it for a period of years.

33
Q

What things make up adverse possession? 4 things

A

Must be open (obvious to everyone)

Notorious (known to others)

Continuous and uninterrupted

Hostile (without owners permission)

34
Q

What does it mean to die restate?

A

With a will

35
Q

What does it mean to die intestate?

A

Without a will

36
Q

What is a testator?

A

Person who writes a will. Must be 18+ and competent

37
Q

What is a holographic will?

A

Will written in your own handwriting with no witness.

Not valid in WV

38
Q

What is a noncupative will?

A

No written will. Simply stated verbally to a witness

Not valid in WV

39
Q

What is codicil?

A

A take back of a condition of the will. Deviation in original write up of the will

40
Q

What are private proceedings?

A

Judicial process that is required of everyone passing title through a Will or descent.

Takes place in the county the person resided. BEFORE any distribution of property to heirs, all debts and estate taxes must be paid

41
Q

What is the purpose of probate?

A

To prove or confirm the validity of a will

Detailed inventory of everything the deceased owned.

Identifies the persons of whom assets pass.

42
Q

What is Devise?

A

The gift of REAL property from a will

To pass title, the will must be filed with the court and go through probate

*doesnt override law if dower and curtesy

43
Q

What is bequest or legacy?

A

The gift of personal property through a will.

To pass title, the will must be filed with the court and go through probate

*doesnt override law if dower and curtesy

44
Q

What is the purpose of a deed?

A

To transfer title rights.

WV Pre License Real Estate (6 decks)

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