Chapter 6 Transfer of Title

Question 1

Title has 2 functions

Answer 1

right to/ownership of land

Evidence of ownership

Question 2

States that some legal instruments must be in writing

Answer 2

Statute of Frauds

Question 3

This person conveys property

Answer 3

Grantor

Question 4

This person receives property

Answer 4

grantee

Question 5

An instrument that conveys property from grantor to grantee

Answer 5

deed

Question 6

This must clause acknowledging that the grantor has received some sort of consideration

Answer 6

Valid deed

Question 7

Words of conveyance

Answer 7

granting clause

Question 8

This may follow granting clause. Necessary to define the ownership to be enjoyed by the grantee. “Strings attached”. “To have and to hold”

Answer 8

Habendum clause

Question 9

A deed may specifically note any encumberances, reservations or limitations that affect the title being conveyed

Answer 9

Exceptions and reservations

Question 10

Written specific authority to sign legal documents for a grantor

Answer 10

Power of attorney

Question 11

Formal decleration under oath that the person who signs a written document does so voluntarily and that the signature is genuine

Answer 11

acknowledgement

Question 12

This is not essential to the validity of a deed unless it is required by state statute

Answer 12

Acknowledgement

Question 13

Title passed ONLY when a deed is delivered and accepted

Answer 13

acceptance

Question 14

Two basic rules for the execution of corporate deeds

Answer 14

• Corporation can convey real estate only by the authority defined in its bylaws or on the basis of resolution passed by its board of directors
• deed conveying corp-owned real estate can be signed only by an authorized officer

Question 15

Deed with greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties

Answer 15

General warranty deed

Question 16

This deed limits the grantor’s defense of the title transferred by warranting that the grantor received title and that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed

Answer 16

Special warranty deed

Question 17

No promises expressly stated. No express warranties against encumbrances, but it does IMPLY that the grantor holds title and possession of the property. Used in foreclosure and tax sales.

Answer 17

bargain and sale deed.

Question 18

Deed with least amount of protection. Carries no covenenats or warranties and only conveys whatever interest that the grantor may have when the deed is delivered

Answer 18

quitclaim deed

Question 19

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

Answer 19

Deed of trust

Question 20

Deed used by a trustee to return title to the trustor.

Answer 20

Reconveyance deed

Question 21

Deed executed by a trustee. Conveys real estate held in the trust.

Answer 21

Trustee’s deed.

Question 22

Taxpayer purchases stamps from the recorder of the county in which the deed is being recorded and the stamps must be affixed to the deed before it can be recorded

Answer 22

Transfer tax stamps

Question 23

Transfer to property may be transferred w/out the owner’s consent by

Answer 23

involuntary alienation

Question 24

WIthout a valid will

Answer 24

intestate

Question 25

Involuntary transfer. Open. notorious, continuous, hostile, adverse, not public land.

Answer 25

Adverse possession

Question 26

Gift of real property by wil

Answer 26

devise

Question 27

Formal judicial process. takes places in the county in which the descendant last resided.

Answer 27

probate

Question 28

Legal right to buy

Answer 28

Equitable right