Unit 6: Transfer Of Title Flashcards
Title
The right to or ownership of the land; it represents the owners bundle of legal rights.
It also serves as evidence of that ownership
What is voluntary alienation?
The legal term for the transfer of title during the property owners lifetime.
(Owner chooses to transfer title by making it a gift or by selling it)
What is a deed?
A document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to some else.
When it comes to a deed what does the statute of frauds state?
That all deeds must be in writing
The owner who transfers the property is referred to as the…..
Grantor
The person who receives the property is called the….
Grantee
What are the requirements for a valid deed?
Grantor
Grantee
Statement of consideration
Granting clause- conveyance
Habendum clause
Legal description of the property
Delivery & Acceptance
To be valid a deed must…
Be signed by a grantor
Name a grantee
A deed executives by a minor is generally…
Voidable
What is a granting clause?
Words of conveyance that states the grantors intention to convey the property.
“I.E I, Allison Klein, revise, release, alienate, and convey”
What is a habendum clause?
When it is necessary to define or explain the ownership to be enjoyed by the grantee.
The Habendum clause begins with the words…
To have and to hold
What is an acknowledgement?
A formal declaration under the oath that the person who signs a written document does so voluntarily and that the signature is genuine.
Made before a notary public.
A ________ is not considered transferred until the deed to the property is actually delivered and accepted but the grantee
Title
Title is said to pass when a deed is…
Delivered and accepted.
IMPORTANT PSI
A deed conveying corporation-owned real estate can be signed only by an authorized officer.
A general warranty deed provides….
The greatest protection to the buyer
A special warranty deed limits the grantors defense of the title transferred by warranting…
That the grantor received title; and
That the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed.
What is a Bargain & sale deed?
Contains no express warranties against encumbrances, but it does imply that the grantor holds title and possession of the property.
A quit claim deed…
Provides the grantee the least protection of any deed
What is a deed of trust?
The means by which a trust or conveys real estate to a trustee for the benefit of beneficiary.
Involuntary transfers are usually carried out by…
Operation of law
Adverse possession is…
Another means of involuntary transfer
What does it mean when a person dies testate?
Means they have a will
What does it mean when a person dies intestate?
They died with no will.
Property gets passed to the descendants heirs
When title passes by will or decent, the estate must go through a judicial process called ______ in which the successor to the property title will be recognized
Probate
What is a will?
Made by a property owner to convey title to real and personal property after the owners death
The grift of real property is known as…
Devise
The person who receives the property by will is known as…
The devisee
Probate proceedings take place….
In the county of the property and the county of the descendants last known residence
How can you avoide probate?
By making a living trust
