Transfers of Land

Question 1

Deed

Answer 1

(1) written
(2) assigned by grantor
(3) includes grantor’s name
(4) legal description
(5) delivered & acceptance

Question 2

Types of Deed

Answer 2

(1) General Warranty
- against all defects, no matter when arose
(2) Special Warranty
- against Grantor’s acts & omissions
(3) quitclaim
- no warranties

Question 3

General Warranty Covenants

Answer 3

(1) Seisin
(2) right to convey
(3) against known encumbrances
(4) general warranty
(5) quiet enjoyment
(6) further assurances

Question 4

Deed Delivery

Answer 4

Delivered with INTENT immediately effected
- doesn’t have to be physically handed over

oral conditions are not accepted

Question 5

Deed Financing

Answer 5

Mortgage
- bank power to foreclose

Promissory note
- K creates personal liability

Question 6

Buyer’s equity

Answer 6

any remaining $$ after foreclosure and after all liens paid off

Question 7

Deficiency Judgment

Answer 7

Foreclosure not enough $$ to pay senior lien

- mortgagee can sue for breach of K

Question 8

Equity of Redemption

Answer 8

(1) CL => exists between time of default and foreclosure

(2) right of borrower to pay everything due

Question 9

Statutory Right of Redemption

Answer 9

(1) not in CL
(2) right of redemption AFTER foreclosure
(3) time defined by statute = pays auction price & gets money back

Question 10

Title assurance

Answer 10

Recording statute

(1) race
- first one to record
(2) notice
(3) race-notice