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Real estate > Unit 13/14:Transfer Of Title/Title Records > Flashcards

Unit 13/14:Transfer Of Title/Title Records Flashcards

1
Q

A deed must have whose signature on it?

A

Grantor

Notarized

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2
Q

Grantor

A

Person with legal competency to sign deed

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3
Q

The right to, and evidence of, ownership of land

A

Title

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4
Q

Transfer of title by gift or sale

A

Voluntary alienation

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5
Q

The written instrument by which an owner intentionally conveys the right, title, or interest in a parcel of real estate to someone else

A

Deed

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6
Q

The person who transfers title

A

Grantor

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7
Q

The person who acquires title by gift or sale

A

Grantee

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8
Q

A statement of the intention to convey property by deed

‘I hereby grant, remise, release, convey, warrant, alienate…

A

Granting clause

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9
Q

A formal declaration, made before a notary public, that the person who is signing the deed is doing so voluntarily and that the signature is genuine

A

Acknowledgment

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10
Q

One of the covenants in a deed that warrants that the grantor is the owner of the property and has the right to convey it

A

Seisin

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11
Q

One of the covenants in a deed that the grantee’s title will be good against any third party who might want to bring legal action to establish superior title

A

Quiet enjoyment

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12
Q

A conveyance by deed from a trustor to a trustee for the benefit of a beneficiary

A

Deed in trust

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13
Q

A type of deed that warrants only that the grantor received title and that the property has not been encumbered during grantor’s ownership

A

Special warranty

Grantee will want to purchase title insurance for protection

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14
Q

A deed that contains no express warranties against encumbrances, but implies that the grantor holds title and possession of the property

A

Bargain and sale

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15
Q

A deed that contains no covenants, warranties, or implications, and that provides the least amount of protections of any deed

  • used to cure a title defect
  • used to convey anything less than a fee simple
A

Quitclaim

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16
Q

A conveyance by deed from a trustee to anyone other than huge trustor

A

Trustee’s deed

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17
Q

A conveyance by deed from a trustee to the trustor

A

Reconveyance deed

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18
Q

The transfer of title without the owners consent

A

Involuntary alienation

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19
Q

Having prepared a will indicating how property is to be disposed of after death

A

Testate

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20
Q

The gift of real property by will

A

Devise

21
Q

A person who makes a will

A

Testator

22
Q

A formal judicial process to confirm a will’s validity and to see that assets are distributed correctly

A

Probate

23
Q

A valid deed includes:

A
  • grantor (with legal capacity - must be over 18 or Voidable)
  • named grantee
  • consideration
  • granting clause/words of conveyance (‘I hereby grant, remise, release, convey, warrant, alienate…)
  • habendum clause (defining ownership to be taken)
  • legal description of property
  • any exceptions or reservations
  • *signature of grantor (notorized)
  • delivery & acceptance
24
Q

Consideration

A

$$$ (usually)
Words in a deed that show the grantor has received consideration for the transfer
Must be good and valuable, so if a gift can say ‘love and affection’ over ‘$245,000’

25
Q

Corporate deeds

A
  • can be passed from by laws or board of directors
  • usually must be secured from shareholders
  • can only be signed by an authorized officer
26
Q

Provide she greatest protection to the buyer bc the grantor is legally bound by certain covenants (promises)

A

General warranty deed

27
Q

One of the covenants that has the grantor promise to obtain any instruments needed to make the title good

Ex. If spouse failed to sign dower rights, grantor will deliver quitclaim deed to clear title

A

Further assistance

28
Q

One of the covenants that has the grantor promise to compensate the grantee for the loss sustained if the title fails at any time in the future

A

Warranty forever

29
Q

Adverse possession

A 
Someone who claims a certain property and uses it may take title away from an owner who wasn't using/inspecting property for a number of years 
Must:
-openly do it (obvious)
-notorious (others see)
-continuous (uninterrupted)
-hostile (no consent)
-adverse (to true owner's possession)
30
Q

Adverse possession state laws

A

Range from state to state

Statutory periods can be from 5-30 uninterrupted years depending

31
Q

Primary heirs of the deceased are the surviving spouse and children, parents, siblings, aunts/uncles. What title is this distribution which varies state to state?

A

Title by descent

32
Q

Executor (executrix)

A

Person who possesses/presents will to court for probate

33
Q

Transfer tax

A

Some states require taxes on conveyances of real estate

34
Q

Granting clause in a special warranty deed contain the words:

A

“Grantor remises, releases, alienates and conveys”

35
Q

Codicil

A

Modification to original will

36
Q

Nuncupative

A

When the state recognizes an oral (witness) statement of transfer if no will

37
Q

‘To have and to hold’ is usually in which clause?

A

Habendum

38
Q

Probate proceedings involving real property take place where?

A

Both the county of where descendent resided and county of where property is located

39
Q

Torrens system

A

Legal registration system to verify ownership and encumbrances

40
Q

Standard title insurance

A
  • defects in public record
  • forgery
  • incompetent grantors
  • incorrect marital status
  • improperly delivered deeds
41
Q

Extended title insurance

A

Standards coverage plus:

  • property inspection
  • survey examination
  • unrecorded liens (unknown to policyholder)

Provided by American Land Title Association [ALTA]

42
Q

Not covered in title insurance policies

A
  • known defects
  • liens listed in policy
  • changes brought about by zoning ordinances
43
Q

Is a certificate of title a guarantee of ownership?

A

No

It only certifies the condition of the title

44
Q

Marketable title

A
  • no serious defects
  • not exposing buyer to hazard of litigation
  • convince a buyer of resale opportunities
45
Q

Suit to quiet title

A

Court action to remove a cloud

46
Q

Marketable Title Act

A

Limits the time in which a title may be searched (only in some states)

47
Q

Does a title search start at present day and go backward or start at the beginning to present day?

A

Present day and then backward

48
Q

Two types of notice

A

Constructive and actual

Real estate (11 decks)

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