Transfer of Title Flashcards

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1
Q

Deeds

A

function is to convey or pass title (ownership) to land

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2
Q

Warranty Deed

A

contains warranty covenants; grantor owners the property in fee simple, no encumbrances, legal authority to sell, will defend the title against claims made by third persons

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3
Q

Quitclaim Deed

A

does not contain warranty covenants

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4
Q

CT Modified Title Theory

A

mortgage deed is used to convey an interest in property used as collateral for a loan, if mortgage is later foreclosed, certificate of foreclosure is issued which conveys full possession to the mortgage holders who then may convey title by warranty deed if they choose

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5
Q

Municipal Conveyance Tax Rate

A

0.25% of the total selling price of the property

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6
Q

State Conveyance Tax

A

0.75% of the first $800,000 of the selling price; over $800,000 1.25%

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7
Q

Adverse Possession

A

a way to obtain title to real estate, must claim the right to possess the property without the owners consent and possess the property openly, continuously, exclusively and uninterrupted for 15 years

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8
Q

Quiet Title

A

to acquire title by adverse possession, must be brought in civil court; burden of proof rests with the person claiming right to the title

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9
Q

Stopping Adverse Possession

A

must serve notice on the adverse possessor and recording it in the land records

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10
Q

Wills

A

in CT a will may be prepared by anyone of sound mind who is at least 18 years of age; must be in writing and signed by at least two witnesses

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11
Q

Intestate Distribution Laws

A

if owner is survived by a spouse, children or blood heirs property interest is passed according to the order of descent

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12
Q

Distribution of Estate

A

determined by a fiduciary (attorney), a committee of three disinterested parties appointed by the court or by mutual agreement of all parties interested in the estate

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