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Real Estate > Unit 6 - Transfer of Title > Flashcards

Unit 6 - Transfer of Title Flashcards

1
Q

What does Title mean

A

The right to or ownership of the land

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2
Q

What 2 functions does the term Title have

A

It represents the owner’s bundle of rights and serves as evidence of that ownership

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3
Q

What is Voluntary Alienation

A

Legal term for the transfer of title during the property owner’s lifetime. Transferring by gift or selling voluntarily

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4
Q

What is a Deed

A

A document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else. Deed must name a grantee, specifically by name

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5
Q

What is a Grantor

A

The seller. Owner who transfers the property

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6
Q

What is a Grantee

A

The person who receives the property

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7
Q

What are 3 requirements to be a Grantor

A

Must be of lawful age (18)
Must be legally competent (sound mind)
Name must be spelled correctly and consistently throughout the deed.
*Voidable if all three aren’t met

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8
Q

What is Consideration

A

Something in return for deeding the described property to a grantee. Something of value, usually money

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9
Q

What is a Granting Clause

A

Words, or conveyance, that states the grantor’s intention to convey the property.

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10
Q

What is a Habendum Clause

A

Used to define or explain the ownership to be enjoyed by the grantee. Usually begins with “to have and to hold”

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11
Q

What is an Acknowledgment

A

A formal declaration under oath that the person who signs a written document does so voluntarily and the signature is genuine.

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12
Q

What are the 9 requirements for a valid deed

A

Grantor, Grantee, Granting Clause (words of conveyance), Habendum clause (defines the ownership rights received by the grantee), Accurate legal description, any relevant exceptions or reservations to conveyance of full title, Acknowledgment (notarization) of the grantor’s signature, delivery of the deed and acceptance by the grantee to pass title

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13
Q

What 2 basic rules for execution of corporation deeds

A

-Authority defined in its bylaws or on resolution passed by board of directors and shareholders
-Deed conveying real estated can be signed only by an authorized officer.

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14
Q

What are 8 most common Deed

A

General Warranty, Special Warranty, Bargain and Sale, Quitclaim, Deed of Trust, Reconveyance Deed, Trustee’s Deed, Deed executed pursuant to a court order

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15
Q

What is a General Warranty Deed

A

Provides greatest protection to the buyer because the grantor is legally bound by certain covenants (promises)

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16
Q

What are 5 covenants of General Warranty Deed

A

-Seisin: owns property and has right to convey it
-Against Encumberances: free from liens, easements, etc.
-Further Assurances: promises to obtain and deliver an instrument
needed to make the title good
-Quiet Enjoyment: guarantees title will be good against any third party
who might bring a court action.
-Warranty Forever: promises to compensate the grantee for the loss
sustained if the title fails at anytime in the future.

17
Q

What 2 warranties are in a Special Warranty Deed

A

-Grantor received the title (I own it)
-Property was unencumbered during time grantor owned it
“Grantor remises, releases, alienates, and conveys”

18
Q

What is a Bargain and Sale Deed

A

No warranties against encumberances, and implies the grantor hold title and possesion (Sheriff Sale) “grants and releases or grants, bargains, and sells”

19
Q

What is a Quitclaim Deed

A

Used primarily to convey less than fee simple or to cure a title defect. Carries least protection of any deeds and has no convenants or warranties. “remises, releases, and quitclaims”

20
Q

What Deed is used to cure a title defect or “cloud”

A

Quitclaim

21
Q

What is a Deed of Trust

A

Trustor conveys real estate to a Trustee for the benefit of the Beneficiary. Conveyance from Trustor to Trustee

22
Q

What is a Reconveyance Deed

A

Conveyance from Trustee back to Trustor

23
Q

What is a Trustee’s Deed

A

Conveyance from Trustee to a third party (anyone other that the Trustor)

24
Q

What is a Deed Executed Pursuant to a Court Order

A

Established by state statute and are used to convey title to property that is transferred by will or court order.

25
Q

What is a Transfer Tax Stamp

A

Taxes paid to state when a real estated transfer occurs. Paid by seller or buyer or split between both.

26
Q

How do you calculate Transfer Taxes

A

Value divided by dollar amount per taxable unit + taxable units
taxable units x rate per unit = tax (Transfer tax of $1.50 for each $500; $300,000 house) (300,000 div. 500 = 600; 600 x 1.5 = 900)

27
Q

What is Involuntary Alienation

A

Transferring property without the owner’s consent. (Escheat, Eminent Domain, Foreclosure, Adverse Possession)

28
Q

What does Testate and Intestate mean

A

Testate: with a valid will. Divided as indicated in will.
Intestate: without a valid will. Divided to heirs accourind to the state’s
statute of descent and distribution.

29
Q

What is Adverse Possession

A

Indiviual who makes a claim to a certain property, takes exclusive possession of it by excluding the true owner and any other title claimants, and (most importantly) uses it. (Usually a vacant lot)

30
Q

What are the 5 characteriscs of Adverse Possession - ONCHA

A

Open-obvious to anyone who looks
Notorious-known by others
Continuous-Uninterupted (9 years in Indiana)
Hostile-without the true owner’s consent
Adverse-against the true owners right of possession.

31
Q

What is Probate

A

Judicial process used with a title passes by will or descent.

32
Q

What is a Devise, Bequest, and Legacy

A

Devise: real property, Bequest: personal property, Legacy: cash

33
Q

What does a Nuncupative Will mean

A

Oral Will

34
Q

What does a Holographic Will mean

A

Hand-written Will

35
Q

What is a Codicil document used for

A

Any modification or addition to a previously executed will

36
Q

Who is a Testator

A

The person who is alive and makes a will

37
Q

Where are Probate proceedings held

A

County where the decedent last resided and in county where decedent owned any real estate

38
Q

What is the difference between an Executor and an Administrator of a will

A

Executor is named in the will by the testator. Administrator is appointed by the court if there is no will or no executor is named

Real Estate (13 decks)

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