17 Deeds and Titles

Question 0

Title

Answer 0

The evidence of ownership.

Question 1

Deed

Answer 1

A written instrument that transfers ownership from a grantor (owner) to a grantee (buyer).

Question 2

Acknowledgement

Answer 2

States that the grantors signature is genuine and its a free and voluntary act. Deed must be acknowledged before deed can be recorded.

Question 3

General Warranty Deed

Answer 3

Provides the greatest protection of any deed.

Question 4

Special Warranty Deed

Answer 4

The grantor only warrants that the property was no encumbered during he time the grantor held title except as noted in the deed.

Question 5

Bargain and Sale Deed

Answer 5

Contains no warranties and states that the grantor holds an interest in the property. Used in foreclosures and tax sales.

Question 6

Quitclaim Deed

Answer 6

Least liability to a grantor, least protection for a grantee. It transfers only what interest the grantor may have, in any. Used to remove cloud on title.

Question 7

Deed of Trust

Answer 7

Used as security for a lien owed by the borrower (trustor) which delivers bare, legal title to a 3rd party (trustee) to be held for the benefit of the lender (beneficiary).

Question 8

Deed of Reconveyance

Answer 8

This instrument is used to reconvey title back to the trustor once the debt is repaid in full.

Question 9

Disclaimer Deed

Answer 9

Relieves a party (wife) from being named on the deed and having any future interest.

Question 10

Trustee’s Deed

Answer 10

A deed originating form a trustee that transfers to anyone other than a trustor. Foreclosure.

Question 11

Beneficiary Deed - test

Answer 11

A deed that conveys interest in real property to a beneficiary designated by the owner and transfers upon the owners death.

Question 12

Voluntary Alienation

Answer 12

This is transfer by gift or by sale during someone’s lifetime.

Question 13

Involuntary Alienation

Answer 13

Transferred without the owners consent.

Question 14

Involuntary Alienation Types

Answer 14

1. Escheat - dying without a will and no heirs. Property goes to state
2. Eminent domain - Gov’t takes property for public benefit.
3. Foreclosure - Sold to satisfy an outstanding debt
4. Adverse Possession - The right to claim land with continuous use for 10 years.

Question 15

Transfer Tax Stamp

Answer 15

A tax that is paid by the grantor when the deed is recorded.

Question 16

Transfer by Will

Answer 16

This happens when a person dies testate (leaving a will and has heirs). A will is a testamentary instrument that becomes effective after the death of the maker.

Question 17

Requirements for a Will

Answer 17

1. Legal age
2. Sound mind
3. In writing
4. Free will
5. Last will
6. Witnessed (2)

Question 18

Testate

Answer 18

Dying with a will and having heirs

Question 19

Testator

Answer 19

Maker of the will

Question 20

Devise

Answer 20

Real property left in a will

Question 21

Devisee

Answer 21

The party receiving real property through the will

Question 22

Bequest

Answer 22

Personal property left in a will

Question 23

Legacy

Answer 23

Money left in a will

Question 24

Executor

Answer 24

The person named in the will to oversee the provisions.

Question 25

Executrix

Answer 25

A female executor

Question 26

Administrator

Answer 26

Appointed by the courts when no executor is named in the will

Question 27

Holographic Will

Answer 27

A will prepared in handwriting by the testator.

Question 28

Codicil

Answer 28

An amended will.

Question 29

Noncupative Will

Answer 29

A verbal will.

Question 30

Transfer by Descent

Answer 30

This occurs when a person dies intestate (Will, but no heirs) and the property passes according to state laws.

Question 31

Probate

Answer 31

A judicial process to confirm the validity of a will.

Question 32

Granting Clause

Answer 32

Words of Conveyance

Question 33

Recording the Deed - 3

Answer 33

1. Reason for recording is to prove to world ownership 2. Always recorded in the county where the property is located. 3. Whoever records deed first is owner

Question 34

Constructive Notice

Answer 34

This is notice by inquiring into public records regarding facts about a property.

Question 35

Actual Notice

Answer 35

This is having first hand knowledge by inspecting the property.

Question 36

Title Search

Answer 36

An exam of public records to determine condition of title and to see if there are any defects.

Question 37

Cloud on Title

Answer 37

An encumbrance or a claim on title that can impair an owners title on property.

Question 38

Chain of Title

Answer 38

Is the history of the property ownership. CHAIN a gap in the chain can be re-established by a lawsuit called suit to quiet title.

Question 39

Abstract of Title

Answer 39

A condensed history of all recorded docs relating to the property.

Question 40

Marketable Title

Answer 40

Free from major defects which can deter a potential buyer from wanting to purchase the property.

Question 41

Certificate of Title

Answer 41

An opinion by a title company, abstractor or attorney on the status of the title.

Question 42

Title Insurance

Answer 42

Protects the policyholder against loss due to title defects.

Question 43

Subrogation

Answer 43

Allowing your insurance company to act of your behalf. Allows insurance company to go after parties that caused injury to recover money that has been paid out.

Question 44

Torrens System

Answer 44

Registration system used for assuring and recording title.