Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Property AOG > Conveying Deeds > Flashcards

Conveying Deeds Flashcards

(42 cards)

Start Studying
1
Q

Conveying Deeds - Gral/ purpose, how, inconsistency with land sale contract

A
  • To transfer real property between owners:
  • by closing at escrow
  • Type to be specified in land sales contract
  • Control if inconsistent terms with land sale contract
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Conveying Deeds- SADD reqs

A
  • SOF
  • Acknowledgment = notarized
  • Description of property: test of specific identity
  • Delivery
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Conveying Deeds- SADD - SOF

A
  • Written -Signed by seller/grantor - Failure can be equitably cured with Part Performance Exception
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Conveying Deeds- SADD - SOF - Part Performance Exception (PIP)

A

Gral: to invoke circumstances need to be compelling that occupants position can only be explained by existence of conveying deed. - Possession of land delivered to seller - Improvements: buyer undertake significant acts consistent w/ownership - Payment: full/substantial part of price (Some states also invoke estoppel as part of PIP: change of position on reliance)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Conveying Deeds- SADD - SOF - Revocability and Oral Rescision

A
  • Some states allow oral revocation if deed not yet formally recorded - Rest of states: new deed required
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Conveying Deeds - SADD - Delivery req

A
  • Legal title passes with delivery of the deed
  • Evidence of objective intent to transfer ownership by seller/grantor
  • Presumption of delivery when deed is recorded - Oral condition on transferability usually disregard
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Conveying Deeds - SADD - No delivery when (2):

A

1) Grantor retains deed (rebuttable presumption of lack of intention to transfer)
2) Deed delivered but grantor retains control of it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Conveying Deeds - Types (4)

A

1) Statutory Warranty deed
2) Quitclaim deed (ltd conveyance) (aka “Bargain sale”)
3) Limited Warranties deed
4) “Other”: i.e. new home quality, used home quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Statutory Warranty Deed - Gral

A
  • All seller duties on 1 title
  • Protects buyer even from seller w/o knowledge of defect
  • Unless otherwise agreed, seller to provide marketable title with TAFED covenants
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Statutory Warranty Deed - TAFED

A
  • Title of seisin: grantor has title/ ownership
  • Authority + right to convey of grantor: and no contrary agreements with 3rd parties(options, first refusal, etc)
  • Free of encumbrances - “Marketable title”
  • Enjoyment Quiet: no disturbance from legal claims by 3rd parties.
  • Defend Buyer - “warranty of further assurance” - defend+indemnify from 3rd party claims
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Statutory Warranty Deed - TAFED - Personal warranties that don’t run with the land (2)

A
  • Title of seisin
  • Authority + right to convey
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Limited Conveyance deed - gral

A
  • Grantor not willing to give full warranties
  • Depend on the jdx quitclaim deed/limited warranty as default if no express mention to statutory warranty deed in land sale contract
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Quitclaim deed - gral

A
  • aka “Bargain sale”
  • Grantor only transfer rights - no protection against covenants or with implied warranties
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Limited Warranty Deed - gral

A
  • Mid point btwn st warranty deed and quitclaim
  • i.e. seller warrants TAFED defects but not prior conveyances
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Other possible warranties - New home quality

A
  • Usually for commercial developers
  • implied warranty of habitability for substantial latent defect - defect must be substantial
  • Express contractual workmanship + mechanical warranties
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Other possible warranties - Used home quality

A
  • For dwellings and commercial properties
  • No implied “buyer beware” warranty (caveat emptor).
  • If contracts “as is” - buyer assumes risks of defects
  • Some states require seller’s disclosure on serious/dangerous defects to which he has knowledge and that are concealed or not apparent in buyer’s reasonable inspection
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Property conveyance deed - Merger Doctrine

Study These Flashcards
A

Under common law land sale contract and conveyance deed merges - deed will control in case of inconsistency

18
Q

Equitable Reformation of Deed

Study These Flashcards
A
  • Court can reform and include consistent provisions agreed by parties in land sale contract not included in final conveyance deed
  • Few cases also for fraud/misrepresentation/ extreme inequitable conduct
  • Rescission still available to buyer if court wont reform.
19
Q

Estoppel by Deed

Study These Flashcards
A
  • Grantor convey interest not owned at time of the deed, If later acquired courts accept to pass title to grantee
  • Only for 1st original buyer’s claim against seller
  • Subsequent transfer by seller to BFP - takes free of encumbrances from original buyer
20
Q

Risk of loss during conveyance

Study These Flashcards
A

when unsecured loss during the process of property conveyance

21
Q

Risk of loss - Equitable conversion (majority view)

Study These Flashcards
A

- Gral rule: _Risk of buye_r: when loss btwn land sale contract execution and closing.

  • Seller retains legal title until closing - but equitable title passes upon contract execution
  • Exception: Seller’s risk when N or caused loss
22
Q

Risk of loss - Minority view

Study These Flashcards
A

Risk of seller until closing

23
Q

Risk of loss - Impact of assurance

Study These Flashcards
A
  • Most courts will require seller to pay portion of insurance proceeds to buyer as equitable relief.
  • Some states require to specific insurance coverage in land sale contract
24
Q

Risk of loss - Impossibility of performance

Study These Flashcards
A

Buyer excused if property destroyed

25
Closing - Gral
-Formal delivery of executed deed + payment of price * - Both parties deliver docs to closing agent as detailed in escrow instructions. * - All back taxes paid currently - Legal title passes on closing / equitable title passes in execution of sale land contract)
26
Recording Statutes - Gral/ purpose, effect of record
Secure quiet enjoyment: Protects against 3rd party later acquiring superior interest from seller - Issue: who prevails? First right or second right who records? - Record - creates imputed constructive notice on its content to the entire world (not only parties) - System usually not express - interpret language - Adverse Possession/ easement by implication usually not recorded, hence not subject to these rules.
27
Recording Statutes - Applicable law / state law, CL
- Usually controlled by state statutes - CL rule: "First in time first right": when: a) In absence of state statute b) No party meets statutory reqs c) Recording in wrong place and not discoverable under reasonable title research
28
Recording Statutes - Statutory types (3)
1) Pure Race: first to record 2) Pure Notice: priority to subsequent BFP 3) Race-Notice: both (most states)
29
Recording Statutes - Pure Race -Gral
- First to record has priority - Irrelevant whether buyer is BFP or has prior notice`
30
Recording Statutes - Pure Notice
- Priority to last BFP - BFP status at time of transfer of deed (not at time of filing) - Assumes prior buyer didn't record (bc of constructive notice)
31
Recording Statutes - Record Notice
- Subsequent grantee must be BFP and first to record - Used in majority of states
32
Recording Statutes - BFP - FINS elements
- For value - In good faith - No record or inquiry notice - Shelter Rule
33
Recording Statutes - BFP - FINS - For value
- not by gift/devise - pay more than nominal value - Unrelated debts/judgments to the property dont qualify - Mortgage/ cancellation of debt usually ok
34
Recording Statutes - BFP - FINS - In good faith
- No actual knowledge of prior conveyance - Subjective Test
35
Recording Statutes - BFP - FINS - No Record or inquiry notice
- Objective test at time buyer received purchase - Burden on the holder of previous unrecorded title to prove notice of grantee - 2 methods: 1) Record Notice, 2) Inquiry Notice
36
BFP - FINS - No Record or inquiry notice
1) _Record notice_: Proper recording as constructive notice for everyone - BFP duty to search for the record in title chain 2) _Inquiry Notice_: Second purchaser with enough info to put reasonable person on notice upon inquiry that would lead to defects in the tile * i.e discover someone living in the property. * i.e. recorded instrument makes reference to unrecorded transaction.
37
BFP - FINS - No Record or inquiry notice - Recording error as exception to notice / (4) cases
- Usually _not imputed as constructive notice_ to BFP **when**: 1. wrong legal description 2. goes into wrong property index 3. wrong county record 4. Only in grantor-grantee index or use wrong name
38
BFP - FINS - No Record or inquiry notice - "Collateral Document Rule"
- Grantee charged with notice of content of deeds from adjacent properties coming from common grantors - Duty for grantee to examine all title records from date common grantor sold one of the adjacent parcels. - some courts apply rule and impose restrictions in deed from adjacent parcels . i.e. height limitations.
39
BFP - FINS- "Shelter Rule"
- Non BFP takes title from BFP - BFP with valid title, "cleanses" title - but it doesn't improve original's purchaser title
40
Recording statutue - Title Insurance - GRAL
- Purchaser protection for unknown title defects of record on abstract of the chain of title. - Required only when specified in land sale contract - Doesn't negate liability for TAFED warranties, but it provides fund to recover - Protection Cant be transferred with property to new owner - hence not for subsequent acts
41
Title Insurance - Exclusions
- Defects not included in record of title abstract as of closing date * i.e.: unrecorded deeds and mortgages, potential easements, encroachments on adjoining property, boundary disputes, setback violation, adverse possession, error in public records, - other defects discoverable by physical inspection of property
42
Conveying Deeds - Implied Warranty of Marketable Title
Despite on the use of quitclaim deed and/or limited warranty deed - Courts will usually deem the obligation of transferring MARKETABLE TITLE.

Property AOG (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions