Flashcards in Chapter 7-- Transfer of Title Deck (47)
the right to or ownership of the land;
represents the owner's bundle of rights
Serves as evidence of that ownership
the legal term for the transfer of title during the property owner's lifetime
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.
All Deeds Must be in Writing
conveys the property to a grantee. A deed is signed by the Grantor only.
Must be of lawful age (18).
Must be legally competent (of sound mind)
Name must be spelled correctly and consistently throughout the deed.
Receives property from a grantor.
must be specifically named so that the person to whom the property is being conveyed can be readily identified from the deed itself.
A deed executed by ay minor is
of no legal effect
1) That received by the grantor in exchange for the deed
2) Something of value $$$ that induces a person to enter into a contract.
words of conveyance that state the grantor's intention to convey the property.
begins with to have and to hold. it explains or defines the ownership to be enjoyed by the grantee.
Signature of Grantor
for a deed to be Valid it must be signed by all grantors named in the deed.
Power of attorney
a written instrument authorizing a person, the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument.
a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine.
Recording the deed
an important act that puts the world on notice as to who owns the property.
Delivery and Acceptance
Title is said to pass only once the Deed is delivered and accepted. The effective date of transfer of title from the grantor tot the grantee is the date of delivery of the deed itself.
General Warranty Deed
Strongest most powerful Deed, it provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or promises and warranties.
These warranties extend back to its origins.
5 Covenants of the General Warranty
Covenant of seisin
Covenant against encumbrances
Covenant of further assurances
Covenant of quiet enjoyment
Covenant of warranty forever
Special Warranty Deed
Warranty that the grantor received title.
Warranty that the property was unencumbered by the grantor.
Bargain and Sale Deed
Contains no express warranties against encumbrances, but it does imply that at the grantor holds title and possession of the property.
used primarily to convey less than fee simple or to cure title defect. provides the least protection, carries NO covenants or warranties.
when a grantor remises, releases, and quitclaims the grantor's interest in the property, if any.
Cloud on a title
a title defect, may be cleared by a quitclaim deed
Deed of Trust
conveyance from truster to trustee for the benefit of a beneficiary.
conveyance from trustee back to trustor
conveyance from trustee to a third party
Transfer Tax Stamps or Grantor's Tax
payable when deed is recorded.
Transfer declaration form
must be signed by both the buyer and the seller or their R/E professionals. It States:
the full sales price,
type of improvements,
address, date, and type of deed,
between relative or in accordance with a court order.
Some deeds are exempted for the transfer tax
carried out by the operation of the law.
such as by condemnation, foreclosure of a mortgage or a sale to satisfy delinquent tax or mortgage liens.
when a person dies without a valid will, the title to the R/E passes to the heirs identified in the state's law of intestate succession.
when no heirs can be identified or found the state will acquire the property by this state's power.
Land may be acquired
Land may be lost
involuntary transfer where an individual who makes a claim to certain property takes exclusive possession it by excluding the true owner and any other title claimants.
may take the title away from an owner who fails to use or inspect the property for a period of years.
ability for subsequent adverse owners to add their years together to create the necessary period of adverse use.
a person who dies with a legally prepared will indicating how to dispose of his rea and personal property.
When a person dies, ownership of R/E passes to:
the co-owner by virtue a joint tenancy with right of survivorship or a tenancy by the entirety;
the party or parties named in a valid will; or
the statutory heirs determined by the state's law of descent and distribution.
made by a property owner to convey title to real and personal property after the owners death.
the person who makes the will, is still alive, any property included in the will can still be conveyed by the owner.
The gift of real property
a person who receives the real property
a person who receives the real property
formal judicial process for verifying the validity of a will and accounting for the decedent's assets.
a separate document containing any modification or additions to a previously executed will, which must comply with state law to be valid.
a formal judicial process, takes place in the county where the deceased last resided.