Unit 7: Conveyance in WI Flashcards
Conveyance:
The legal transfer of property ownership to another.
Conveyance of mineral interests:
The legal transfer of minerals found between the surface of a piece of land.
Grantor:
The giver of a deed in real property conveyance
Homestead:
An estate that gives the owner special rights in property used as a family home
Interest in minerals:
The legal ownership of minerals found between the surface of a piece of land
Legal description:
A method of identifying a property in written words that allows for an unambiguous interpretation of a property’s boundaries and location
Metalliferous minerals:
Gold, silver, lead, zinc, copper, platinum, iron, and all other metallic minerals
Mineral:
A solid inorganic substance of natural occurrence.
Mining company:
A company that has the sole purpose of extracting valuable minerals or other geological materials from the earth
Mineral rights can be:
detached from the surface rights and remain separate, used for minerals as long as mineral estate compensates land owner for damages occurred
What is the Dormant Mineral Statute:
Wisconsin § 706.057, states that mineral estate owners must use the minerals at least once within 20 years or the minerals are said to have “lapsed” and are subject to recapture by the surface estate owner.
What are the required elements of a conveyance deed?
name of the grantor, name and address of the grantee, effective date of transfer, consideration (compensation for transfer of property), printed name of the person preparing the deed, legal description of the property, description of the property, signature of the grantor, state and county where deed is signed
Acknowledgment:
oath of a subscribing witness, such as a notary public.
Must do when acknowledging in deed —
grantor must state to the notary that the signing of the deed is a voluntary act, recording is vital if the grantee wants to protect the title against future buyers, grantee should expect to receive an acknowledged deed
How do you turn a transfer of title by deed into effect?
delivery and acceptance, grantor must delivered to grantee and transfer of title is completed
Power of attorney (POA):
legal document that grants the right to act for someone else in a legal transaction.
attorney-in-fact:
person with power of attorney – acts as fiduciary to person who made appointment, and signature can bind appointing party with same effect
corporation:
a legally competent artificial person - board of directors assign individuals to act on corporation
nonprofit association:
authorize a person to execute conveyances of estates or interests in real property
How do you know a contract is valid?
all parties must be legally competent - 18 years old, sane, and sober. Minors/individual incompetent may act as a party in real estate if represented by authorized guardian
agency agreement:
when both parties agree to and understand the arrangement via written or oral communication between the parties
implied agency:
created from the actions of the parties rather than express agreement; illegal in some states
agency agreement permitting a real estate licensee to represent a buyer/seller in real estate transaction is only valid when it includes:
A property description, Price, commission to be paid, listing or buyer agency term. Must be in writing and signed by parties involved
An agency agreement permitting a real estate licensee to represent a lessor for leasing real estate for a term exceeding three years is only valid when it includes:
Property description, rent to be paid, length of lease, commission to be paid, period which licensee represents the lessor in procuring a tenant, contract must be in writing and signed by all
