Unit 4, Title Transfer

Question 1

Alienation

Answer 1

The act of granting real estate ownership (title)

Question 2

Private Grant

Answer 2

From individual using a deed

Question 3

Public Grant

Answer 3

Gov to Individual using a land patent

Question 4

Dedication

Answer 4

Individual to gov - using a recorded plat

ex: Builder dedicating road to gov to maintain, or electrical wires

Question 5

Warrenty Deed

Answer 5

Warrenty Deed provides the greated protection to a purcahser because the granto proomises marketable (Merchantable)title - ownership free from unknown encumberances. The granto futther agrees to prtect the grantee against any and all existing claims against the property.

Question 6

Competent Grantor

Answer 6

18/sane/sober - can’t bet it away drunk or have dementia
Seller = grantor
Buyer = grantee

Question 7

Identifiable Grantee - EXAM

Answer 7

Needs to be identifyable, but not competent

Question 8

Consideration

Answer 8

Money, promises, or anything of valyue

One dollar and other goods, and valuable consideration

Question 9

Habendum Clause

Answer 9

Names the type of estate - Fee Simple Absolute, Life Estate. To have and to hold in Fee Simple Absolute forever.

Question 10

Seizan (Seisan) EXAM

Answer 10

clause warrants ownership in fee simple and the complete right to dispose of the property

1. Grantor owns the land
2. Has the authority to sell it

Question 11

Warranty CLause

Answer 11

1. Guarantor gurantees the title

2. Grantor will defent the title against all claims

Question 12

Encumberance Clause

Answer 12

There will be no unspecified encumberances - no surprises. If there are, grantor defends them.

Question 13

Execution by all grantors and signed by 2 witnesses

Answer 13

Seller signs, and 2 witnesses sign the deed. The buyer does not

Question 14

Delivery to and acceptance by the grantee EXAM

Answer 14

THE TITLE PASSES WHEN THE BUYER ACCEPTS

Question 15

Execution by all grantors and signed by 2 witnesses

Answer 15

Seller signs, and 2 witnesses sign the deed. The buyer does not sign

Question 16

Quitclaim Deed

Answer 16

Used as a problem solver to transfer property or rights to a new owner without guarantee about the title. What Ive got, now is yours. Solve problem when you want to give up rights - homestead in a divorce, undo an easment,

Question 17

Types of deed used when the record owner either can not or will not sign a deed.

Answer 17

1. Certificate of title
2. Personal Representative (deceased)
3. Guardian’s Deed (minor)

Question 18

Certificate of Title

Answer 18

Given at mortgage FORCLOSURE sale administred by clerk of circuit court. Conveys forclosed party’s interest.

Question 19

Personal Representative Deed

Answer 19

Conveys interet of the deceased party. Rep appointed by will or court to settle estate of deceased person.

Question 20

Guardian’s Deed

Answer 20

Convey’s a minor’s interest.

Question 21

Guardian’s Deed

Answer 21

Convey’s a minor’s interest.

Question 22

Committee’s Deed

Answer 22

Given by a committee authorized to act on behalf of an owner who is declared legally incompetant.

Question 23

Other ways of obtaining title - EXAM

Answer 23

Voluntary Transfer. Testate means dying with a will, Intestate means dying without. Transfer by Will is considered voluntary. Died Testate.

Question 24

Adverse posession

Answer 24

Involuntary Transfer. Ownership recogonized by the courtsafter actual open continuous notorious hostile and exclusive posession of another’s land for 7 years.

Question 25

Public Recording System

Answer 25

Policies and procedures that regulate recording are establisehed by state law. In FL, each county has an Official Records dept. that is responsible for organizing and maintaingn recoreded docs.

Question 26

System allows us to POST Claims

Answer 26

1. First in time is first in right - first person to record is the one in the first position.
2. In the public record - post it for the world to see

Question 27

System allows us to SEARCH claims

Answer 27

1. Search physical property for visible Claims

2. Search pubic record for recorded claims.

Question 28

System allows us to SEARCH claims

Answer 28

1. Search physical property for visible Claims

2. Search pubic record for recorded claims.

Question 29

Documentary Stamp Taxes

Answer 29

Must be paid upon recording a deed or a new or assumed note. Stams are purchased ONLY in full increments of $100

Question 30

Documentary Stamps paid

Answer 30

upon recording a deed or new or assumed note, stamps are purchased ONLY In full increments of $100

Question 31

Document Stamp Tax by Seller

Answer 31

Tax to Deed property - $0.70

SO, Price of house, divided by $100, times .7

Question 32

Documentary Stamp Tax paid by Borrower

Answer 32

On each new or assumed mortgage, on BORROWED money = $0.35. House price, divided by $100, times .35

Question 33

Intangible Tax

Answer 33

Only on NEW MORTGAGE, not assumed. INTANGIBLE TAX IS 2 Mills - House price x .002

Question 34

Marketable (Merchantable) titld

Answer 34

A title free from unknow encumberances. The buyers goal is to obtain marketable title

Question 35

Abstract of Title

Answer 35

1. Summary of all recoreded documents affercting title to a given parcel of land
   2 Seller expected to furnish updated abstract to show a history of conveyances linking seller to all previous owners.
2. Buyer gives abstract to attorney who may raise objections before accepting a deed.
3. Seller must clear “clouds on title” or encumberances.

Question 36

Committment for title insurance

Answer 36

A title insurance policy provides protection against losses due to undiscovered title defects or encumberances.

Question 37

Step 1. Title Examiner

Answer 37

Traces the chain of title to determine marketability

1. History of conveyances linking present owner to original source
2. Seeks unbroken chain: no missing links

Question 38

Step 2. After tracing chain of title,

Answer 38

a committment for title insurnance is issued.

Question 39

SChedule A

Answer 39

states an offer to insure the title

Question 40

Schedule B, Part I

Answer 40

lists requirements that must be met by the insured prior to coverage.

Question 41

Schedule B, Part II

Answer 41

lists policy exceptions: defects and encuberances that have been discovered or that may exist and which are NOT Covered by the policy

Question 42

How far back does title insurance go today?

Answer 42

30 years back from the last conveyance

Question 43

Buyer Debit

Answer 43

Anything that increased the amount of money a buyer brings to the closing ):

Question 44

Credit to buyer

Answer 44

Decreases what buyer brings to closing (:

Question 45

Seller Debit

Answer 45

Anything that decreases the amount of money a seller takes from the closing ):

Question 46

Credit to Seller

Answer 46

Anything that increases what the seller takes home from the closing (:

Question 47

Deed

Answer 47

The docment that conveys title to real estate

Question 48

Money, promises, or anything of value given in exchange for something else is called

Answer 48

Consideration

Question 49

Deed best for the GrantEE

Answer 49

Warrantee Deed, - guards against unspecified encumberances and defended by seller.

Question 50

Constructive Notice

Answer 50

Legal notice through the RECORDING of a doc. Deeds do not need to be recorded to be valid.