Transfer of Title Flashcards
Deeds
function is to convey or pass title (ownership) to land
Warranty Deed
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
Quitclaim Deed
does not contain warranty covenants
CT Modified Title Theory
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
Municipal Conveyance Tax Rate
0.25% of the total selling price of the property
State Conveyance Tax
0.75% of the first $800,000 of the selling price; over $800,000 1.25%
Adverse Possession
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
Quiet Title
to acquire title by adverse possession, must be brought in civil court; burden of proof rests with the person claiming right to the title
Stopping Adverse Possession
must serve notice on the adverse possessor and recording it in the land records
Wills
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
Intestate Distribution Laws
if owner is survived by a spouse, children or blood heirs property interest is passed according to the order of descent
Distribution of Estate
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