Deeds

Question 1

Alienation

Answer 1

transfer of title to REAL property as described in law

Question 2

Two types of alienation

Answer 2

Involuntary & voluntary

Question 3

Involuntary Alienation During Life (without consent)

Answer 3

Lein Foreclosure Sale
Adverse Possession
Condemnation Under Eminent Domain

Question 4

Lein Foreclosure Sale

Answer 4

To satisfy outstanding debit owed against the property

Question 5

Adverse Possesson

Answer 5

Takes land under certain conditions:

1. Possession is well known to others
2. Occupant has reasonable basis to believe they are entitled (colored title)
3. Without permission of true owner
4. Continuous and uninterrupted for 20 years

Question 6

Condemnation

Answer 6

Government acquires possession through the power of eminent domain

Question 7

Involuntary Alienation After Death

Answer 7

Person dies without will (intestate) or qualified heirs (escheat). Property “escheats” to the state. Only example of involuntary alienation after death.

Question 8

Voluntary Alienation After Death

Answer 8

Title transfer as a result of a valid or will or qualified heirs to receive title to property

Question 9

Testator/Testatrix

Answer 9

Deceased person who left a valid will; died “testate”

Question 10

Executor/Executrix

Answer 10

Person appointed in will to carry out provisions of the will

Question 11

Devise

Answer 11

A gift of real property by will; recipient is a devisee

Question 12

Bequest

Answer 12

A gift of personal property by will; recipient is the beneficiary.

Question 13

Voluntary Alienation During Life

Answer 13

Primary importance in real estate business. Voluntary transfer of title from the grantor to the grantee during the life of both parties

Question 14

Grantor

Answer 14

The one conveying the title

Question 15

9 Key Elements to a Deed

Answer 15

Grantor
Consideration
Words of conveyance
Grantee
Property description
habendum
Covenants
Execution
Acknowledgement

Question 16

Grantee

Answer 16

The one receiving the title

Question 17

Consideration

Answer 17

Evidence that consideration to transfer title was given. “for one dollar and other good and valuable consideration”

Question 18

Words of conveyance

Answer 18

Words demonstration the grantor’s intention to transfer title to the grantee; “as granted, sold, and conveyed”

Question 19

Property description

Answer 19

Adequate legal description of the property including the mailing address; Maine most common means - metes and bounds

Question 20

habendeum clause

Answer 20

describes the type of estate being granted

• Fee simple title: “to have and to hold”
• Life estate: “remainder of the natural life of the herein named grantee”

Question 21

Execution

Answer 21

Deed must be signed by each grantor conveying interest in the property. Grantees do not sign

Question 22

Acknowledgement

Answer 22

Grantor must appear before a public officer who is eligible (notary) and state the signing was done by grantor and done voluntarily

Question 23

Deed Recording Statutes (3)

Answer 23

Notice - person who buys property without notice of earlier conveyance prevails over original grantee who did not record.
Race - Whoever records first prevails
Race notice - priority depends on lack of notice and priority of the record (2nd = unaware, records first; 1st = if records first)

Question 24

Deed Recording Statutes (3)

Answer 24

Notice - person who buys property without notice of earlier conveyance prevails over original grantee who did not record.
Race - Whoever records first prevails
Race notice - priority depends on lack of notice and priority of the record (2nd = unaware, records first; 1st = if records first)

Question 25

6 Covenants of a Warranty Deed

Answer 25

``` Covenant of seisin Covenant of right to convey Covenant against encumbrances Covenant of quiet enjoyment Covenant for further assurances Covenant of warranty ```

Question 26

Covenant of seisin

Answer 26

"grantor covenants that he is seisin of said premises in fee"; assurance that the grantor holds title (example is fee simple title)

Question 27

Covenant of right to convey

Answer 27

"and has the right to convey the same in fee simple"; follows seisin and ensures there are no encumbrances against title except those on record

Question 28

Covenant of quiet enjoyment

Answer 28

"shall quietly and peacebly have, hold, use, possess, and enjoy the premises"; assurance that the grantee will not be disturbed in the use/enjoyment of property because of a defect in the title being conveyed

Question 29

Covenant for further assurances

Answer 29

Requires grantor to perform acts necessary to correct a defect that may exist in the title or any deficiencies that may exist in the deed itself

Question 30

Covenant of warranty

Answer 30

"will warrant and defend the title to the grantee against lawful claims of all persons whomsoever"; best form of warranty for protection of the grantee

Question 31

Quitclaim deed

Answer 31

Contains ZERO warranties; simply a deed of release; used to clear cloud on a title

Question 32

Quitclaim with Covenant

Answer 32

aka limited warranty deed; grantor covenants to "warrant and forever defend" claims for title by persons "claiming by, through, or under" him. Warrants title against problems arising since they acquired the property vs warranty which protects since the origin of the property

Question 33

Limited Warranty Deed

Answer 33

aka Quitclaim with covenant; grantor covenants to "warrant and forever defend" claims for title by persons "claiming by, through, or under" him. Warrants title against problems arising since they acquired the property vs warranty which protects since the origin of the property

Question 34

Metes and Bounds

Answer 34

property description used in the 13 states that were the original 13 colonies (and Maine); used to describe small, irregular land areas. metes are distances from point to point and bounds are the directions from one point to another

Question 35

Rectangular survey system

Answer 35

Used in Northern Maine townships; north/south = principal meridians; east/west = baselines

Question 36

Township size

Answer 36

6x6 miles; 640 acres

Question 37

Title examination

Answer 37

determines quality of a title

Question 38

chain of title

Answer 38

list of historical owners

Question 39

Title insurance

Answer 39

Protects the grantee from financial loss from a defect in the title (ex: forged deed)

Question 40

Owner's Policy

Answer 40

Protects the owner; insures against actual loss, resulting from the covered risks set forth in in the policy. Remains in effect for the duration of the insured's ownership of the property.