Types of Deeds

Question 1

Arms Length transaction

Answer 1

is a negotiation between unrelated parties

Question 2

A way to test an arms length transaction

Answer 2

is to consider what a 3rd party would pay for the propety

Question 3

Eminent domain

Answer 3

is the power of the government to take (with just compensation) private property for public use

Question 4

Adverse possession

Answer 4

allows a person to gain title to real property if the person constantly used the land for a period of time.

Question 5

In order for a deed to be valid

Answer 5

a description of the land must be included

Question 6

A general warranty deed warrants that

Answer 6

1) Seller has title and power to convey property as per deed
2) property is free from encumbrances
3) property will not be challenged by the seller or 3rd party while in the purchaser’s possession