Flashcards in Deeds & Titles Deck (22):
A written document that gives the grantor's interest (share) in real property to someone else, the grantee. Is also evidence that the transfer of title took place. Is also known as a conveyance.
Not a document but rather a theory dealing with ownership.
•The actual lawful ownership of real property.
• A reference to holding the bundle of rights conveyed.
A share in property created on the execution of a valid sales contract, we are by actual title WILL be transferred by deed at a future date, such as at the closing.
Not the same as having a title, but the person who holds______ ______ still enjoys certain rights and privileges.
are the strongest and brought his type of title guarantee.
•legally bind the grantor to certain guarantees, also called covenants, promises, or warranties, regarding status of the title.
•guarantee against defects occurring during any previous ownership, not just the grantor's period of ownership.
•give the grantee the most protection
Full covenant and warranty deeds
The grantor guarantees that he or she truly holds the title to the property and has the right to convey it.
Covenant of seizen
The grantor promises that he owns the land and has the right to transfer it.
Covenant of right to convey
The grantor promises that the grants he will not be bothered by others claiming the title.
Covenant of quiet enjoyment
The grantor will provide other documentation to prove ownership if necessary
Covenant of further assurance
The grantor promises that the property will not have any encumbrances except for those specifically listed on the deed.
Covenant against encumbrances
the grantor promises to compensate the grantee for loss if the title is found to be deficient in the future.
Covenant of warranty forever
also known as special warranty deeds or limited warranty deeds) A deed in which the grantor warrants title only against defects, such as liens, clouds on the title, or other encumbrances, arising from the time he or she on the land but not before that time
(also known as a deed of release)
Conveys whatever right, title, or shares the grantor holds in the property or piece of land without representation that they have any share in it at all.
•Makes no guarantees regarding the title, if any, held by the grantor.
•Sometimes involves just a partial share in the property.
•May be used to clear up any claims, encumbrances, or defects that make the title to real property unmarketable.
•Maybe used to remedy cloud on the title, or title problems.
•Typically maybe used to convey an easement.
Quit claim deeds
implies that she or he has an interest in the property being conveyed.
•makes no warranties to the grantee regarding the title.
•maybe with or without covenants or warranty.
This type of deed is often used for transactions in New York as well as with foreclosures and tax sales.
Bargain and sale deeds
A type of judicial deed in which the executor of estate is named in the will or an administrator by the court in the absence of a will grants a deed to convey that real interest to a new owner. Contains no warranty except that the grantor has done nothing to encumber the property.
Administrator's Deed & Executor's Deed
when the consideration for the convenience of property is love and affection "good consideration," even if it's provision and warranties may be the same as with the quit claim, general warranty, or special warranty (grant) deed
when a buyer purchased property through a foreclosure sale, they often given a ____ _____, also called a referee's deed. This type of the normally comes with only one warranty-the sheriff is not encumbered the title of the property. It will also state the source of the sheriffs authority and the consideration used. This is a type of judicial deed, since the sheriff's authority comes from a court order.
The guardians the conveys interest in real property for a person without capacity, such as her mind or mentally ill person. The source of the guardians authority must be stated in the deed, it usually has one warranty-the competent party is not encumbered The title of the property. This a type of judicial deed, since the guardians authority comes from a court order.
This is sometimes uses an alternative to the property owner going into foreclosure. This may be done to deserve the property owners credit history.
Deed in lieu of foreclosure
This deed, also called the deed of confirmation, is used to correct an error in the previous deed such as misspelled name or an error in the property description. Quit claim deeds may also be used for this purpose is well with the statement added regarding the error.
Transfer the title of real property to a third-party security for the payment of the note. A Trust deed, like a mortgage deed, creates a voluntary lean on real property to secure payment of the debt. The truster, who owes the money, transfers title to a trustee and security for the debt owed to the beneficiary, the lender. Once the borrower has repay the loan secured by ____ ___ ____, the trustee must return the title back to borrower via the deed.
Deed of trust
This type of insurance does not cover known defects. Listed problems, such as a defect in public record will not be covered under this type of insurance policy. This policy only covers only covers on known defects.
Standard Title insurance