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Real Estate > unit 6 transfer title > Flashcards

unit 6 transfer title Flashcards

1
Q

How many meanings does a title have?

A

2

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2
Q

What are the 2 meanings of a title?

A

Title to real estate,Title is the means of referring to ownership and not a piece of paper as such.

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3
Q

how do titles help in court?

A

evidence of ownership and could provide that evidence if challenged in court.

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4
Q

Voluntary Alienation

A

legal term for the voluntary transfer of title either by sale, gift or will.

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5
Q

What do you use to transfer title during one’s lifetime

A

deed of conveyance

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6
Q

deed

A

is the written instrument used by an owner to convey real estate to another intentionally

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7
Q

how is a deed valid?

A

must be in writing (statute of frauds)

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8
Q

grantor

A

the person conveying (ie. selling or gifting)

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9
Q

who signs (executes) the deed

A

Only the grantor

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10
Q

Does the The grantor must have the legal capacity to execute the deed.

A

yes

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11
Q

grantee

A

is the buyer

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12
Q

Most states require that a valid deed contain the following elements:

A

Grantor who has the legal competency to execute (sign) the deed

Grantee named with reasonable certainty of being identified

Recital of consideration

Habendum clause (to define ownership taken by the grantee)

Accurate legal description of the property conveyed

Any relevant exceptions or reservations

Signature of the grantor which must be acknowledged

Delivery of the deed and acceptance by the grantee to pass title

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13
Q

Does a valid deed contain Grantor who has the legal competency to execute (sign) the deed?

A

yes

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14
Q

Does a valid deed contain Grantee named with reasonable certainty of being identified

A

yes

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15
Q

Does a valid deed contain recital of consideration

A

yes

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16
Q

Does a valid deed contain Habendum clause (to define ownership taken by the grantee)

A

yes

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17
Q

Does a valid deed contain Accurate legal description of the property conveyed

A

yes

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18
Q

Does a valid deed contain Any relevant exceptions or reservations

A

yes

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19
Q

Does a valid deed contain Signature of the grantor which must be acknowledged

A

yes

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20
Q

Does a valid deed contain Delivery of the deed and acceptance by the grantee to pass title

A

yes

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21
Q

why does the deed must name a grantee to be valid?

A

so that the person to whom the property is being conveyed can be identified

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22
Q

If co-ownership is involved, the granting clause should

A

specify the ownership rights to the property – eg. joint tenants or tenants in common

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23
Q

A valid deed must contain a clause of acknowledgement so?

A

that the grantor has received consideration which is generally stated in dollars.

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24
Q

Granting Clause:

A

A deed must contain a granting clause that states the grantor’s intention to convey the property.

“ Sally Smith, shall convey… to June Cleaver and to her heirs and assigns forever…

In order to convey property, the grantor must have a vested interest in the property which is the present right, interest, or title to property that gives the holder the right to convey it to another.

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25
Q

Habendum Clause:

A

When necessary a habendum clause defines or explains the ownership to be enjoyed by the grantee.

A habendum clause begins with “to have and to hold…”

26
Q

Legal Description to be conveyed

A

A deed must contain an accurate legal description of the real estate to be conveyed.

27
Q

Exceptions and Reservations:

A

A deed must specifically note any encumbrances, reservations, or limitations that affect the title being conveyed. These restrictions include easements that run with the land, or restrictions on the grantee’s use of the property. Eg. permanently affordable housing restrictions on the deed.

28
Q

To conveyed Signature of Grantor must…

A

All grantors on the deed must sign to convey the property.

Most states allow an attorney-in-fact to sign on behalf of the grantor(s). Note: an attorney-in-fact is the person designated by a power of attorney.

An attorney-in-fact need not be an attorney.

Some states may require a spouse not on title to sign the deed conveying ownership in order to waive any homestead rights.

In Colorado, the signatures on the deed must be notarized and identification must be provide

29
Q

Acknowledgement:

A

An acknowledgement is a formal declaration that the person who signs a written document does so voluntarily and that his or her signature is genuine.

The declaration is made before a notary public or an authorized public officer, such as a judge, justice of the peace, or other authorized person as described by state law.

30
Q

Metes and bounds

A

The type of legal description that relies on property s physical features to determine and to describe the boundaries and measurements of the parcel.

31
Q

rectangular survey system

A

A land description system based on principal meridians and base lines

32
Q

sections

A

Numbered squares of land within a township square

33
Q

monuments

A

fixed objects used to identify significant points of measurements in metes and bounds description

34
Q

lot and block

A

A system of description that uses numbered areas referred to in a plat map

35
Q

benchmarks

A

permanent reference markers usually found on embossed brass markers set in concrete or asphalt

36
Q

datum

A

A point line or surface from which elevations are measured

37
Q

POB

A

the designated starting point for a metes-and-bounds description

38
Q

township lines

A

lines running 6 miles apart and parallel to the meridian

39
Q

meridian

A

any of imaginary lines running north and south used by surveyors for reference in location and describing land under the government survey methods of property description

40
Q

ranges

A

strips of land running parallel to the meridian

41
Q

Acknowledgment

A

A formal declaration made before a notary public that the person who is signing the deed is doing so voluntarily and that the signature is genuine

42
Q

deed

A

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

43
Q

deed of trust

A

a conveyance by deed from trustor to a trustee for the benefit of a beneficiary

44
Q

grantee

A

the person who acquires title by gift or sale

45
Q

quiet enjoyment

A

a guarantee in a deed that the grantees title will be good against any third party who might bring legal action to establish superior title

46
Q

grantor

A

the person who transfer title

47
Q

Granting Clause

A

A statement of the intention to convey property by deed

48
Q

seisin

A

a covenant in a deed that warrants that the grantor is the owner of the property and has the right to convey it

49
Q

title

A

the right to, and evidence of ownership of land

50
Q

voluntary alienation

A

the transfer of title by gift or sale

51
Q

re-conveyance deed

A

a conveyance by deed from a trustee to the trustor

52
Q

devise

A

the gift of real property by will

53
Q

Special warranty

A

A type of deed that warrants only that the grantor received title and that the property has not been encumbered during the grantor’s ownership

54
Q

Quit claim

A

A deed that contains no covenants warranties are implications and that provides the least amount of protection of any deed

55
Q

Bargain and sale

A

A deed that contains no Express warranties against encumbrances but implies that the grantor holds title and possession of the property

56
Q

Testate

A

Having prepared a will indicating how property is to be disposed of after death

57
Q

Testator

A

The person that makes a will

58
Q

Trustee’s deed

A

A convenience by deed from the trustee to anyone other than the trustor

59
Q

involuntary alienation

A

the transfer of title without the owners consent

60
Q

probate

A

A formal judicial process to confirm a wills validity and to see that assets are distributed correctly

Real Estate (12 decks)

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