Ch 7-8 Flashcards
(45 cards)
A fee simple estate is:
(here, 3 adjectives)
- Inheritable
- Transferable
- Perpetual (indefinitely)
Examples of Partial Interest created by special situations:
- Life estates
- Leased fee estates
- Leasehold estates (formerly Life Estate)
There are some specialized forms of ownership in which you may own something in fee simple along with shared rights of certain common properties. What are the most common types?
- Condominiums
- Cooperatives
- PUDs
- Timeshares
The seller of a property is called the x. The buyer is called the x.
granter
grantee
(The Granter is Bigger since he got more money now.)
A deed is
“A written, legal instrument that conveys an estate or interest in real property when xxx
it is executed and delivered.”
Is a Deed valid without a Notary Public?
Yes.
What are the requirements for a Deed to be legally valid:
(long list)
- The deed must be in writing
- The granter and grantee must be clearly identified
- The granter must be legally capable (for example, not a minor or legally incapacitated)
- The property must be adequately described
- There must be a legally acceptable grantee clause
- Consideration (amount)
- Signed by the granter
- Delivered to the grantee
Which contracts have to be written?
Most contracts that cannot be completed within one year
Real Estate
Commercial contracts for goods worth in excess of $500
Grant Deed facts to remember:
A deed containing some but not all of the usual covenants
Title may not be clear
Grantor may not be owner
Quitclaim Deed facts to remember:
Without warranty of title
Weakest form of title
Usually for tax sales
Bargain and Sale Deed facts to remember:
Seller does hold title
No guarantee that it is a clear title
Sheriffs Deed at Court-ordered Sale
Tax Deed facts to remember:
Tax Sale
Like a Bargain and Sale Deed
Non-Payment of Taxes
Warranty Deed facts to remember:
Title Free and Clear
Best Type
Deed of Trust facts to remember:
Similar to Mortgage
Trustee holds title
Trustee is able to sell without foreclosure
Reconveyance:
Title goes back to borrower when amount is paid off
For Deed of Trust only
Express Contracts facts to remember:
Oral or written
Like listing agreements, Mortgages, Leases
Implied Contract facts to remember:
By Actions
Sitting down in a restaurant
Bilateral Contract facts to remember:
2 Parties make a promise
Unilateral Contract
One Party makes a Promise to induce another to do something
Real Estate option to sell
Executed Contract facts to remember:
Fully performed
Executory Contract facts to remember:
Not been fully performed
Listing of unsold property
Mortgage with outstanding balance
Valid Contract facts to remember:
Binding
Enforceable
Like a real estate purchase transaction that has cleared all the contingencies but has not yet closed escrow
Void Contract facts to remember:
No legal force
Illegal elements
Racial discrimination
Crime
Voidable Contract facts to remember:
Failure of the parties to meet legal requirements
Minor signs contract
Parties are not required to void the contract
