Unit 6 Transfer of Title Flashcards
What does title mean in real estate?
The right to or ownership of the land, it represents a legal bundle of rights.
What is voluntary alienation?
Is the legal term for the voluntary transfer of title (gift or sale during your life).
What is a deed?
A written instrument by which an owner of real estate intentionally conveys the right, title or interest in real estate to someone else.
Who’s is the grantor?
The owner who transfers the title.
Who’s the grantee?
The person who acquires the title.
What is Habendum Clause?
It defines the ownership taken by the grantee.
Begins with “to have to and to hold”
What is the granting clause?
States the grantors intentions to convey the property.
What words start in the Habendum Clause?
“To have to hold” Defines the ownership interest taken by grantee
What are the types of deeds?
General Warranty Deed, Special Warranty Deed, Bargain and Sale Deed, Quitclaim Deed.
What is a general warranty deed?
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
What is the covenant of seisin?
Grantor warrants that they own the property and the right to convey.
What is the covenant of against encumbrances?
Grantor warrants that the property is free from liens, or encumbrances, except for anything stated.
What is covenant of quiet enjoyment?
Grantor guarantees that the grantee title will be good against third parties.
What is the covenant of further assurance?
Grantor promises to obtain and deliver instrument needed to make the title good.
What is the covenant of warranty forever?
Grantor promises to compensate the grantee for the loss sustained if the title fails in the future.
What is a special warranty deed?
Warrant that the grantor received title.
Warranty that property was unencumbered by the grantor.
What is a bargain and sale deed?
Contains no express warranties the implication is that grantor holds title and possession.
What is a quticlaim deed?
No express or implied covenants or warranties, used primarily to convey less than fee simple to cure a title defect.
What is a deed of trust?
Is the means by which a trustor conveys real estate to a trustee for the benefit of e beneficiary.
What is a reconveyance deed?
Used by a trustee to return title to the trustor.
What is a trustee’s deed?
A deed executed by a trustee. Used when to convey property from a trustee to anyone other than a trustor.
What is a deed executed pursuant to a court order?
A deed that is established by state statute. Full consideration is stated in the deed.
What is a transfer tax stamps?
A conveyance tax, paid to transfer the deed.
What is an involuntary alienation?
When title is transferred without the owners consent. Usually carried out by operations of law. 3 types 1-Eminent domain 2-foreclosure 3-Escheat
How can a property be acquired by Adverse Possession?
The taking of someones property, must have the following:
NACHO
Notorious, Adverse, Continuous, Hostile, Open
time is matter of state law.
What does it mean to die testate?
A person who dies with a prepared will.
What does it mean to die intestae?
A person who dies without a prepared will.
Who is a testator?
A person who makes a will.
What is a gift of a will called?
Devise, a person who receives property in a will is a devisee.
What is transfer of title by descent?
Transfer of title by death, property passing to heirs.
What is a probate proceeding?
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.
Which jurisdiction determines the laws of probate?
The state or county where the real property is located.
When does title transfer?
When title is delivered and accept by the grantee.
What is the legal decision?
d
What is acknowledgement
d
What is title?
the right of ownership of land can also be evidence of ownership
What conditions are needed for a valid deed?
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
What is codcil?
When a will is changed while the testaor
What is a legacy?
Or bequest a gift of personal property.
How is property transferred when someone dies intestate?
Statute of Descent and Distribution
Can wills supersede state laws on inheritance?
No. Dower or curtesy stay in tact
