Unit 6 Transfer of Title Flashcards
Title
Right to or ownership of land, and also evidence
Voluntary Alienation
Transfer of title by gift or sale during one’s life, using some form of deed.
To create a valid deed
Grantor must be of legal age (voidable) and legally competent to execute (sign)
Habendum clause
Defines ownership interest taken by grantee
Consideration
Payment of some form must be stated to record a deed
Signature of grantor
Acknowledgement
Delivery
Acceptance
Special Warranty Deed
Warranties that grantor received title and that the property was not encumbered during the time the grantor held title
Bargain and Sale deed
Grantor holds title and possession but there are no express warranties against encumbrances
Quitclaim deed
Provides least protection as it carries no covenants or warranties, and conveys only whatever interest the grantor may have when the deed is delivered.
Deed of trust
Trustor conveys real estate to a trustee for the benefit of a beneficiary
Reconveyance deed
Used by the trustee to return title to the trustor, but a trustee’s deed conveys the property to someone other than the trustor
Transfer Tax Stamps
May be required to record a deed
Involuntary alienation
Transfer of title by operation of law (ex. eminent domain)
Forclosure
Property is taken by a creditor for nonpayment of a debt secured by real property
Escheat
Property is taken by the state when no heirs of the deceased can be found
