Unit 6: Transfer of Title Flashcards
“OR” is the (giver/receiver) and “EE” is the (giver/receiver)
giver, receiver
ORs. GIVEth - give, sell, grand mortgage
EEs RECEIVEth - receive, buy, lend
just a note
people selling food at the state fair are (vendors/vendees). People buying food at the state fair are (vendors/vendees)
vendors, vendees
Grantor and grantee are in connection with what
deed
a lessor and lessee are in connection with what
lease
a mortgagor (borrower) and mortgagee (lender) are in connection with what
mortgage
offeror and offeree are in connection with what
offered contract
vendor and vendee are in connection with what
accepted contract
optionor and optionee are in connection with what
option contract
In a mortgage loan, the borrower (mortgagor) gives Note and Mortgage to Lender (_______). With mortgages, the OR and EE are determined by the promise, not the funds. The borrower is borrowing money but they are giving the promise to pay. The gift of the promise makes them the mortgagor
Mortgagee
act of conveying ownership (transferring title) of real estate from one party to another is _____
alienation
transferring title can be done by ____ _____ from individuals to individuals using a deed
private grant
transferring title can be done using a ___ ____, which is from the government to individuals, using a land patent
public grant
transferring title can be done using a ____, from individuals to the government, by recording a plat.
dedication
the purpose of a ____ is the voluntary transfer of title between the grantor and the grantee
deed
the seller of real property is required to provide a written ____
deed
every deed conveys whatever interest is held by the grantor, unless it specifically states it is conveying a lesser interest. true or false
true
the major difference between types of deed is the ____ of _____ given by the grantor to the grantee
extent of promises
deeds themselves prove ownership true false
false
deeds have to be recorded for title to transfer
false, title passes upon acceptance by the grantee
Competent grantor
18, sane, sober. Seller is grantor and buyer is grantee
deed must be signed by all owners to convey property. this is an example of which element of a valid deed
execution elements of a valid deed
an _____ ______ does not need to be competent, but it needs to be listed as an element of a deed
identifiable grantee
describe the land - appurtenances are presumed to transfer with the land unless specifically excluded
legal descriptions of the land (property descriptions)
money or something of value. has to be included in the deed.
consideration
states that seller is making a grant that conveys or transfers the warranties of the deed. Habendum clause defines the type of freehold estate being granted.
words of conveyance (granting clause)
_____ clause defines the type of freehold estate being granted. For example “to have and hold forever” conveys fee simple absolute ownership
habendum
title passes upon acceptance by grantee. one of the essential elements of a deed. which one is this
delivery to and acceptance by the grantee(s)
seven essential elements of a deed
competent grantor, identifiable grantee, words of conveyance, legal description, consideration, execution by grantor, delivery and acceptance (by grantee)
a ____ ____ deed includes the most promises or covenants. Greatest protection for the grantee buyer. contains five covenants and warranties of title.
general warranty deed
the five covenants and warranties of title for a general warranty deed
covenant of seisin (grantor owns and has right to convey), covenant of quiet enjoyment (grantee will not be disturbed by others claiming title to the property), covenant against encumbrances (no undisclosed encumbrances (liens, restrictions, easements), covenant of further assurance (future cooperation in signing additional documents), and warranty forever (guarantee of defense of title against claims such as liens or easements
In a ______ (limited) warranty deed, a grantor warrants title against the grantor’s actions, but not those of earlier owners of the property. grantor only warrants title against defects that may have arisen during grantor’s ownership, not those of earlier property owners. no warranties against previous encumbrances
special
in a ____ deed: least liability for the grantor/seller. No covenants or warranties - “if I have an interest, I transfer that interest to you.” used to clear clouds on title (problem solver). would use when grantor wants no future claims or liability. might use this if you get married so your name changed. used to fix a problem.
quitclaim
this deed does not warrant against liens or encumbrances but warrants the grantor’s right to convey the title
bargain and sale deed
personal representative/probate deed
probate court, someone without a will
this deed transfers title at the end of a foreclosure proceeding or statutory redemption period
trustee’s deed/sheriff’s deed/certificate of sale. used after foreclosure
a _____ deed is used when the borrower pays off a loan secured by a deed of trust
reconveyance
