Chapter 7-- Transfer of Title Flashcards Preview

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Flashcards in Chapter 7-- Transfer of Title Deck (47)
1

Title

the right to or ownership of the land;
represents the owner's bundle of rights
Serves as evidence of that ownership

2

Voluntary Alienation

the legal term for the transfer of title during the property owner's lifetime

3

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

4

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.

5

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.

6

A deed executed by ay minor is

Voidable

7

Void

of no legal effect

8

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.

9

Granting Clause

words of conveyance that state the grantor's intention to convey the property.

10

Habendum Clause

begins with to have and to hold. it explains or defines the ownership to be enjoyed by the grantee.

11

Signature of Grantor

for a deed to be Valid it must be signed by all grantors named in the deed.

12

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.

13

acknowledgement

a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine.

14

Recording the deed

an important act that puts the world on notice as to who owns the property.

15

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.

16

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.

17

5 Covenants of the General Warranty

Covenant of seisin
Covenant against encumbrances
Covenant of further assurances
Covenant of quiet enjoyment
Covenant of warranty forever

18

Special Warranty Deed

Warranty that the grantor received title.
Warranty that the property was unencumbered by the grantor.

19

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.

20

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.

21

Cloud on a title

a title defect, may be cleared by a quitclaim deed

22

Deed of Trust

conveyance from truster to trustee for the benefit of a beneficiary.

23

Reconveyance Deed

conveyance from trustee back to trustor

24

Trustee's Deed

conveyance from trustee to a third party

25

Transfer Tax Stamps or Grantor's Tax

payable when deed is recorded.

26

Transfer declaration form

must be signed by both the buyer and the seller or their R/E professionals. It States:
the full sales price,
legal description,
type of improvements,
address, date, and type of deed,
between relative or in accordance with a court order.

27

Some deeds are exempted for the transfer tax

gifts,
suviorship,
no sale,
partitions,
gov't conveyances

28

involuntary alienation

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.

29

Intestate

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.

30

Escheat

when no heirs can be identified or found the state will acquire the property by this state's power.

31

Accreation

Land may be acquired

32

Erosion

Land may be lost

33

Adverse Possession

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.

MUST BE:
Open
Notorious
Continuous
Hostile
Adverse

34

Tack

ability for subsequent adverse owners to add their years together to create the necessary period of adverse use.

35

Testate

a person who dies with a legally prepared will indicating how to dispose of his rea and personal property.

36

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.

37

Will

made by a property owner to convey title to real and personal property after the owners death.

38

testor

the person who makes the will, is still alive, any property included in the will can still be conveyed by the owner.

39

Devise

The gift of real property

40

Devisee

a person who receives the real property

41

Devisee

a person who receives the real property

42

Probate

formal judicial process for verifying the validity of a will and accounting for the decedent's assets.

43

nuncupative wills

oral

44

holographic wills

entirely handwritten

45

Codicil

a separate document containing any modification or additions to a previously executed will, which must comply with state law to be valid.

46

Probate

a formal judicial process, takes place in the county where the deceased last resided.

47

Bequest or Legacy

is a gift of personal property