Chapter 7-- Transfer of Title Flashcards
(47 cards)
Title
the right to or ownership of the land;
represents the owner’s bundle of rights
Serves as evidence of that ownership
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.
All Deeds Must be in Writing
Grantor
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.
Grantee
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
Voidable
Void
of no legal effect
Consideration
1) That received by the grantor in exchange for the deed
2) Something of value $$$ that induces a person to enter into a contract.
Granting Clause
words of conveyance that state the grantor’s intention to convey the property.
Habendum Clause
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.
acknowledgement
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.
Quitclaim Deed
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.
Reconveyance Deed
conveyance from trustee back to trustor
Trustee’s Deed
conveyance from trustee to a third party
