Unit 6: Transfer Of Title

Question 1

Right to ownership of the land

Answer 1

Title

Question 2

Proof of ownership (document)

Answer 2

Deed

Question 3

The transfer of title by gift or sale

Answer 3

Voluntary Alienation

Question 4

This requires all deeds to be in writing

Answer 4

The statue of frauds

Question 5

The seller of property is known as the

Answer 5

Grantor

Question 6

The buyer of property is called

Answer 6

Grantee (receiver)

Question 7

What are the requirements for a valid deed?

Answer 7

*Grantor must have legal competency to execute the deed
*Must of be legal age (18)
*Must be of sound mind
*Name must be spelled correctly throughout the deed
*Buyers name or names (Grantees) must be listed accurately

Question 8

What does consideration means in real estate?

Answer 8

Consideration is the “what’s in it for me” element of the deal. It is what each party gives the other party as part of the bargain. Consideration could be the payment of money, the discharge of debt, the performance of services, or anything else of value. Real estate may be transferred with or without consideration.

Question 9

Words in a deed which transfers ownership from one person to another

Answer 9

Granting clause

Question 10

This defines the type of ownership being transferred and means “to have and to hold”

Answer 10

Habendum clause

Question 11

These conditions exist and have to be spelled out in the deed

Answer 11

Exceptions and reservations

Question 12

an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest.

Answer 12

A mortgage

Question 13

transfers real property from the buyer to the seller with the guarantee that the seller holds clear, unencumbered legal title to the property.

Answer 13

A general warranty deed

Question 14

a deed or other legal paper in which a person relinquishes to another a claim or title to some property or right without guaranteeing or warranting such title.

Answer 14

Quitclaim deed

Question 15

When a person buys a property they should perform this type of search

Answer 15

Title search (make sure it is free of liens)

Question 16

a particular kind of deed for real estate that make guarantees about the title only during a certain period of time

Answer 16

A special warranty deed

Question 17

Some homeowners may be surprised that when they sell their homes, they must pay a tax on selling the property. This tax may be called a

Answer 17

Transfer tax stamps

Question 18

When a property is sold or is transferred without the property owners permission

Answer 18

Involuntary alienation

Question 19

Name four ways property can be taken involuntarily

Answer 19

1. Escheat-person dies without a will, no heirs
2. Eminent domain- power of the Government take private land
3. Foreclosure- Don’t pay loan
4. Adverse possession- Squatter’s rights (If a person occupies another persons land without permission for 20 years or more, they can acquire the land)

Question 20

When a person dies leaving a will

Answer 20

Testate

Question 21

Person dies without a will

Answer 21

Intestate

Question 22

Contract with the bank to pay the loan on your property

Answer 22

Mortgage