Chapter 6 Flashcards
Title
The right of ownership to the land
Voluntary Alienation
The legal term for the transfer of title during the property owner’s lifetime
Deed
A document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else
Grantor
Who transfers the property.
(Owner)
Grantee
The person who receives the property (Buyer)
Instrument of Conveyance
Statute of Frauds
Constructive Notice Ownership
Recorded in Town Land Records
Condsieration
A clause acknowledging that the grantor has received some form of consideration.
Granting Clause
States the grantor’s intention to convey the property
Habendum Clause
The legal type of ownership you have
Legal Description
A deed must contain an accurate legal description of the real estate conveyed
Exceptions & Restrictions
Specifically note anything that affects the title being conveyed
Signature of Grantor
A deed must be signed by all grantors named in the deed
Acknowledgement
A formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine
Delivery & Acceptance
A title is not considered transferred until the deed to the property is actually delivered to and accepted by the grantee.
General Warranty Deed
Provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties.
Quitclaim Deed
Provides the grantee with the least protection of any deed
Special Warranty Deed
Warranty that property was encumbered by grantor
Bargain& Sale Deed
Contains no express warranties against encumbrances but it does imply that the grantor holds title and possession of the property.
Trustee’s Deed
A deed executed by trust
Involuntary Alienation
Title to property may be transferred without the owner’s consent
Operation by Law
A legal thing happened that made the property get taken away.
Adverse Posession
Law protects the possessor of the property, not the owner.
