Ch 12

Question 1

Title

Answer 1

the right to and evidence of the ownership

Question 2

Voluntary Alienation

Answer 2

the owner intentionally conveys the ownership using some form of deed; may be a gift or sale. The owner is the grantor. Receiving is grantee.

Question 3

Requirements of a deed

Answer 3

1. Grantor has legal capacity to sign
2. Grantee named to be readily identified
3. Statement of consideration
4. Granting clause- words of conveyance
5. Habendum clause- “to have and to hold” defines ownership taken by grantee
6. Accurate legal description of property
7. Any exceptions or reservations ( easements, deed restrictions, or restrictive covenants)
8. Sig of grantor, sometimes seal, or notary public
9. Acknowledgement- sig is genuine and a free and voluntary act; usually required for recordation
10. Delivery of deed

Question 4

Execution of Corporate Deed

Answer 4

1. The conveyance of corporate-owned real estate requires a proper resolution by its board of directors or some other authority from its bylaws
2. The deed must be signed by an authorized corporate officer

Question 5

General warranty deed

Answer 5

1. May contain express written warranties; may state “convey and warrant” or “warrant generally” depending on state law
2. May contain implied warranties according to state statutes

Question 6

Basic warranties include the following:

Answer 6

1. Covenant of seisin- owner has full ownership and legal right to convey title
2. Covenant against encumbrances- title is free from all liens and encumbrances except those specifically stated
3. Covenant of quiet enjoyment- grantor assumes responsibility for protecting title against claims of third parties
4. Covenant of further assurance- grantor will furnish whatever is needed to make title good
5. Covenant of warranty forever- grantor is liable for reimbursing grantee for any title interest lost in future

Question 7

Special warranty deed

Answer 7

1. Contains clause “remise, release, alienate, and convey”
2. Warrants only that the title was not encumbered while the grantor held it except as noted in deed
3. Any additional warranties must be specifically stated in deed
4. May be used by a fiduciary

Question 8

Bargain and sale deed

Answer 8

1. May state “grants and releases” or “grants, bargains, and sells” in document, depending on state law
2. Contains no warranties against encumbrances unless stated
3. Only implies that the grantor holds title and possession

Question 9

Quitclaim deed

Answer 9

1. Provides least protection to grantee
2. Carries no covenants or warranties whatsoever
3. Transfers only what interest the grantor may have, if any
4. May state “remises, releases, and quitclaims”
5. May be used to transfer a right or interest in real estate, such as an easement
6. Often used to cure a defect in title “cloud on the title”

Question 10

Deed of trust

Answer 10

used by a trustor to convey property to a trustee for the benefit of a beneficiary

Question 11

Reconveyance deed

Answer 11

executed by the trustee to return ( reconvey ) title property held in trust to the trustor

Question 12

Trustees Deed

Answer 12

1. Used to convey property out of a trust to anyone other than the trustor
2. Executed by the authority granted to the trustee

Question 13

Deed executed pursuant to a court order

Answer 13

1. Usually a statutory deed form used to convey title
2. Includes executor’s deeds, administrator’s deeds, sheriff’s deeds, and others
3. Used to convey title to property transferred by court order or by will
4. The full consideration paid is usually stated on the deed