Unit 6 Transfer of Title

Question 1

What does title mean in real estate?

Answer 1

The right to or ownership of the land, it represents a legal bundle of rights.

Question 2

What is voluntary alienation?

Answer 2

Is the legal term for the voluntary transfer of title (gift or sale during your life).

Question 3

What is a deed?

Answer 3

A written instrument by which an owner of real estate intentionally conveys the right, title or interest in real estate to someone else.

Question 4

Who’s is the grantor?

Answer 4

The owner who transfers the title.

Question 5

Who’s the grantee?

Answer 5

The person who acquires the title.

Question 6

What is Habendum Clause?

Answer 6

It defines the ownership taken by the grantee.

Begins with “to have to and to hold”

Question 7

What is the granting clause?

Answer 7

States the grantors intentions to convey the property.

Question 8

What words start in the Habendum Clause?

Answer 8

“To have to hold” Defines the ownership interest taken by grantee

Question 9

What are the types of deeds?

Answer 9

General Warranty Deed, Special Warranty Deed, Bargain and Sale Deed, Quitclaim Deed.

Question 10

What is a general warranty deed?

Answer 10

Provides the greatest protection for a buyer.

It has 5 covenants:

1-seisin (Right to convey)
2-no encumbrances (Free to convey)
3-quiet enjoyment
4-further assurance
5-warranty forever

Question 11

What is the covenant of seisin?

Answer 11

Grantor warrants that they own the property and the right to convey.

Question 12

What is the covenant of against encumbrances?

Answer 12

Grantor warrants that the property is free from liens, or encumbrances, except for anything stated.

Question 13

What is covenant of quiet enjoyment?

Answer 13

Grantor guarantees that the grantee title will be good against third parties.

Question 14

What is the covenant of further assurance?

Answer 14

Grantor promises to obtain and deliver instrument needed to make the title good.

Question 15

What is the covenant of warranty forever?

Answer 15

Grantor promises to compensate the grantee for the loss sustained if the title fails in the future.

Question 16

What is a special warranty deed?

Answer 16

Warrant that the grantor received title.

Warranty that property was unencumbered by the grantor.

Question 17

What is a bargain and sale deed?

Answer 17

Contains no express warranties the implication is that grantor holds title and possession.

Question 18

What is a quticlaim deed?

Answer 18

No express or implied covenants or warranties, used primarily to convey less than fee simple to cure a title defect.

Question 19

What is a deed of trust?

Answer 19

Is the means by which a trustor conveys real estate to a trustee for the benefit of e beneficiary.

Question 20

What is a reconveyance deed?

Answer 20

Used by a trustee to return title to the trustor.

Question 21

What is a trustee’s deed?

Answer 21

A deed executed by a trustee. Used when to convey property from a trustee to anyone other than a trustor.

Question 22

What is a deed executed pursuant to a court order?

Answer 22

A deed that is established by state statute. Full consideration is stated in the deed.

Question 23

What is a transfer tax stamps?

Answer 23

A conveyance tax, paid to transfer the deed.

Question 24

What is an involuntary alienation?

Answer 24

When title is transferred without the owners consent.  Usually carried out by operations of law.
3 types
1-Eminent domain
2-foreclosure
3-Escheat

Question 25

How can a property be acquired by Adverse Possession?

Answer 25

The taking of someones property, must have the following:
NACHO
Notorious, Adverse, Continuous, Hostile, Open

time is matter of state law.

Question 26

What does it mean to die testate?

Answer 26

A person who dies with a prepared will.

Question 27

What does it mean to die intestae?

Answer 27

A person who dies without a prepared will.

Question 28

Who is a testator?

Answer 28

A person who makes a will.

Question 29

What is a gift of a will called?

Answer 29

Devise, a person who receives property in a will is a devisee.

Question 30

What is transfer of title by descent?

Answer 30

Transfer of title by death, property passing to heirs.

Question 31

What is a probate proceeding?

Answer 31

A formal judicial process that:
1-Proves or confirms the validity of a will.
2-Determines the precise assets of the deceased person
3-Identifies the people to whom the assets will pass.

Question 32

Which jurisdiction determines the laws of probate?

Answer 32

The state or county where the real property is located.

Question 33

When does title transfer?

Answer 33

When title is delivered and accept by the grantee.

Question 34

What is the legal decision?

Answer 34

d

Question 35

What is acknowledgement

Answer 35

d

Question 36

What is title?

Answer 36

the right of ownership of land can also be evidence of ownership

Question 37

What conditions are needed for a valid deed?

Answer 37

1-Grantor must be of legal age and competent to execute the deed, minor executing a deed makes it voidable.
2-Grantee must be identifiable

Question 38

What is codcil?

Answer 38

When a will is changed while the testaor

Question 39

What is a legacy?

Answer 39

Or bequest a gift of personal property.

Question 40

How is property transferred when someone dies intestate?

Answer 40

Statute of Descent and Distribution

Question 41

Can wills supersede state laws on inheritance?

Answer 41

No. Dower or curtesy stay in tact