Flashcards in Chapter 3 Deck (70):
Transferred by choice. Effected through public and private grant.
Proceeds against the owners will. Includes foreclosures, eminent domain, escheat and adverse possession.
Person dies with heirs but no will
Person dies with will and heirs
Is not always the seller. Person who gives the deed
Person who receives the deed. There can be unlimited number of grantees
Money or goods
Love and affection
Required by state law. And it shows the deed is signed by own will.
It is required for deed to be valid. Thats why they have Third party witness typically a notary.
Actual- delivery to grantee
Delivering deed to grantee.
Escrow - delivery to grantee
Grantor hands to the third party and instructs to give to the grantee
This specifies the degree of property conveyed
Sets forth or limits your interest in a deed
The person who truly has the right to sell the property.
Enjoys the Highest claim of ownership.
Lease doesnt terminate when property is sold.
Covenants in deed
Very first transfer of property from government to private party.
Bargain and sale deed
Right to sell - seizin.
Forclosure for Failure to make house payments
Failure to make tax payments
Trustee's (bankruptcy) deed
Failure to make payments in a deed of trust.
Beneficiary (death) deed
Deed that conveys title to grantee upon death of grantor
Special warranty deed
Contains seizin, quite enjoyment, against encumbrances, further assurance.
General warranty deed
Contains seizin, quite enjoyment, against encumbrances, further assurance, warranty forever
A voluntary transfer. Designed to protect buyer against effective title. And doesn't protect buyer against the government
Im gonna make all payments and no liens so there wont be any surprises for buyer.
Quit Claim Deed
No covenants or warranties.
Does not evidence title.
Conveys only the interest the grantor has it any.
Clouds on title
Releases an interest
Quiet title suit
Color of title
Quit claim deed. Has the appearance of title but is not title.
Example: parents give the house to son. Son is actor ownership now. It does not mean the parents gave away the interest in property.
Used between relatives.
Type of quit claim deed
Is not used to convey title.
Spouse relinquishes rights to property.
Spouse denies legal claim to property.
Signed at the time of purchase.
Cut yourself from any legal claim of the property.
Ops!!! Its used to correct the original deed.
Person interested to hold or manage property for another.
Recordation of deed
Page or document are assigned.
Responsibility of grantee and is not required.
Chain of title
Purpose of recording goes from owner to owner to owner.
Go through auction, and then have a winning bidder. Winning bidder gives in the deed.
Affidavit of value/ Affirmation of value
Also known as tax transfer fee.
$2 collected by collected by county recorded office.
It is the exchange for the real property. Exchange is usually money but it can be service or promise to perform.
Groundless lien statute
Clears title against forge or groundless recorded document.
When a document is recorded
Recorded document or legal document
Handing deed to someone
Abstract of title
Certificate of title or attorney's opinion
History of title or chronological order of the title
Registration system to determine property ownership
This is what we deal with going through escrow process
Also known as ALTA
Also known as extended coverage/broad form coverage
Is an insurance claim due to an error made by title company.
Im gonna give my right and let my title insurance guy and let him fight in the court for me.
Employee of the title company who examines public records.
Is a collection of constructive notice information
Involuntary - natural or operational of law
The gradual wearing of soil
Is violent and sudden loss of land.
Eg- earthquakes, sink hole, volcano
Acquiring land through soil deposits from a river or stream
Non-navigable streets receeds and the land belongs to the property owner.
Is soil that is deposited by accretion.
You may acquire title to property without permission of owner.
You win this through prescription suit.
Statutory requirement if title.
Die without a will.
Is court approval
Adverse possession. You just gain title to whatever- land etc
Easement by prescription
Dies without a will
Die with a will
Receiving a real property in a will
Hand written will and it does not require witness.
Validated based on hand writing.
Transfer of personal property in a will.
Not in arizona. Usually in car accidents