unit 6 transfer title Flashcards

1
Q

How many meanings does a title have?

A

2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

how do titles help in court?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Voluntary Alienation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

deed of conveyance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

deed

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

how is a deed valid?

A

must be in writing (statute of frauds)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

grantor

A

the person conveying (ie. selling or gifting)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

who signs (executes) the deed

A

Only the grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

grantee

A

is the buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Does a valid deed contain recital of consideration

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Does a valid deed contain Any relevant exceptions or reservations

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

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

A

yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Habendum Clause:
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
Legal Description to be conveyed
A deed must contain an accurate legal description of the real estate to be conveyed.
27
Exceptions and Reservations:
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
To conveyed Signature of Grantor must...
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
Acknowledgement:
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
Metes and bounds
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
rectangular survey system
A land description system based on principal meridians and base lines
32
sections
Numbered squares of land within a township square
33
monuments
fixed objects used to identify significant points of measurements in metes and bounds description
34
lot and block
A system of description that uses numbered areas referred to in a plat map
35
benchmarks
permanent reference markers usually found on embossed brass markers set in concrete or asphalt
36
datum
A point line or surface from which elevations are measured
37
POB
the designated starting point for a metes-and-bounds description
38
township lines
lines running 6 miles apart and parallel to the meridian
39
meridian
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
ranges
strips of land running parallel to the meridian
41
Acknowledgment
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
deed
A written instrument by which an owner intentionally conveys the right title or interest in parcel of real estate to someone else
43
deed of trust
a conveyance by deed from trustor to a trustee for the benefit of a beneficiary
44
grantee
the person who acquires title by gift or sale
45
quiet enjoyment
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
grantor
the person who transfer title
47
Granting Clause
A statement of the intention to convey property by deed
48
seisin
a covenant in a deed that warrants that the grantor is the owner of the property and has the right to convey it
49
title
the right to, and evidence of ownership of land
50
voluntary alienation
the transfer of title by gift or sale
51
re-conveyance deed
a conveyance by deed from a trustee to the trustor
52
devise
the gift of real property by will
53
Special warranty
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
Quit claim
A deed that contains no covenants warranties are implications and that provides the least amount of protection of any deed
55
Bargain and sale
A deed that contains no Express warranties against encumbrances but implies that the grantor holds title and possession of the property
56
Testate
Having prepared a will indicating how property is to be disposed of after death
57
Testator
The person that makes a will
58
Trustee's deed
A convenience by deed from the trustee to anyone other than the trustor
59
involuntary alienation
the transfer of title without the owners consent
60
probate
A formal judicial process to confirm a wills validity and to see that assets are distributed correctly