Ch6: Transfer of Title

Question 1

Title

Answer 1

right/ownership of land & represents bundle of rights

Question 2

Voluntary Alienation

Answer 2

legal term for voluntary transfer of title by; gift/sale/will

Question 3

Grantor

Answer 3

signer of deed , seller/gifter

Question 4

Grantee

Answer 4

must be named, receiver

Question 5

Consideration

Answer 5

must contain clause of acknowledgment-$$

Question 6

Granting Clause

Answer 6

state grantors intent to sell property

Question 7

Habendum Clause

Answer 7

defines & explains ownership to be enjoyed by grantee- “to have and to hold”

Question 8

Legal Description

Answer 8

deed must contain accurate legal description

Question 9

Exceptions & Reservations

Answer 9

deed MUST have note for: encumbrances/ reservations/ easements/ restrictions

Question 10

Signature of Grantor

Answer 10

ALL grantors must sign-acknowledgment

Question 11

Acknowledgment

Answer 11

formal declaration that grantors signature is genuine- notary/judge/attorney witness

Question 12

Delivery & Acceptance

Answer 12

title not transferred until deed is delivered & accepted by grantee

Question 13

Execution of Corporate Deeds

Answer 13

Corporations can convey real estate only by authority in by laws or based on resolution passed by board of directors

Question 14

General Warranty Deed

Answer 14

greatest protection to buyer that grantor legally bound by: Covenant against encumbrances, Covenant of quiet enjoyment, Covenant of further assurance, Covenant of warranty forever

Question 15

Covenant against Encumberances

Answer 15

grantor warrants property is free of liens except those stated on deed

Question 16

Covenant of Quiet Enjoyment

Answer 16

guarantees no 3rd party can claim property

Question 17

Covenant of Further Assurance

Answer 17

grantor promises to obtain & deliver any instrument needed to fix title

Question 18

Covenant of Warranty Forever

Answer 18

grantor promises to compensate the grantee for loss sustained if title fails @ any time

Question 19

Special Warranty Deed

Answer 19

grantor defending title against themselves only

Question 20

Bargain & Sale Deed

Answer 20

no warranties against encumbrances, grantor holds title and possession of the property

Question 21

Quit Claim Deed

Answer 21

no protection if grantor has no interest - then grantee gets nothing

Question 22

Deed of Trust

Answer 22

Doc that trustor conveys RE to trustee for benefit of trustor

Question 23

Reconveyance Deed

Answer 23

used by trustee to return title to trustor when loan secured by deed of trust fulfillment

Question 24

Deed Executed Pursuant to Court Order

Answer 24

established by state statute

Question 25

Transfer Tax Stamps

Answer 25

some areas in Co have transfer tax

Question 26

State Real Property Declaration

Answer 26

buyer declares what personal property has been included in sale of home-for taxes

Question 27

Involuntary Alienation

Answer 27

when property transferred without owners consent

Question 28

Adverse Possession

Answer 28

someone who doesn't own property cant take ownership of property without owners permission: Open, Notorious, Continuous & Uninterrupted, Hostile, & Adverse

Question 29

Transfer of Deceased Property

Answer 29

someone who dies testate has plan after death, someone who dies intestate has no plan for assets after death

Question 30

Transfer of Title by Will

Answer 30

will is instrument made by owner to convey title to real/personal property after owners death

Question 31

Divise

Answer 31

Inherit someones house

Question 32

Bequest

Answer 32

giver of property

Question 33

Legacy

Answer 33

gift of money by will

Question 34

Transfer of Title by Descent

Answer 34

passes to heirs as determined by law

Question 35

Probate

Answer 35

proves/validates will