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Flashcards in Deeds and Title Insurance 13 Deck (63)
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1

R________ -

Giving Constructive Notice to the General Public - Becomes Public Record

Recording -

Giving Constructive Notice to the General Public - Become Public Record

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2

Written Instrument that Transfers Ownership of Real Property.

Deed -

Written Instrument that Transfers Ownership of Real Property.

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3

Conveys the Grantor's Interest and Warrants Title Against All Claims

Warranty Deed -

Conveys the Grantor's Interest and Warrants Title Against All Claims

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4

Conveys the Grantor's Interest and Warrants Title Against Claims Arising Only From the Grantor's Actions.

Special Warranty Deed (Defeasible Fee) -

Conveys the Grantor's Interest and Warrants Title Against Claims Arising Only From the Grantor's Actions.

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5

Conveys that Grantor's Interest but has No Expressed Warranty.

  1. Implied Warranty that Grantor Has the Right to Convey the Property.
  2. Guardian Deeds, Executor's Deeds and
  3. Foreclosure Deeds: Sheriff's Deeds, Trustee's Deeds

Bargain and Sale Deed -

Conveys that Grantor's Interest but has No Expressed Warranty.

  1. Implied Warranty that Grantor Has the Right to Convey the Property.
  2. Guardian Deeds, Executor's Deeds and
  3. Foreclosure Deeds: Sheriff's Deeds, Trustee's Deeds

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6

Releases All Interest of the Grantor, If Any.

  1. Used to Clear Title Defects
  2. No Warranties - Expressed or Implied

Quit Claim Deed -

Releases All Interest of the Grantor, If Any.

  1. Used to Clear Title Defects
  2. No Warranties - Expressed or Implied

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7

An Instrument that Conveys Real Property From the State or F______ Government to an Individual

Patent -

An Instrument that Conveys Real Property From the State or F______ Government to an Individual

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8

This Deed Specifies who will Receive Real Estate when the Grantor Dies.

What Document Will Supersede This Deed?

Beneficiary Deed -

This Deed Specifies who will Receive Real Estate when the Grantor Dies.

Purchase Contract supersedes Beneficiary Deed.

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9

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies. This Deed is Recorded by the Grantor and Can Be Rescinded/Changed Before Grantor's Death.

  1. Takes Effect on Grantor's Death
  2. Deed supersedes Grantor's Will.
  3. Purchase Contract supersedes This Deed.

Beneficiary Deed -

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies. This Deed is Recorded by the Grantor and Can Be Rescinded/Changed Before Grantor's Death.

  1. Takes effect on Grantor's Death
  2. Deed supersedes Grantor's Will.
  3. Purchase Contract supersedes Beneficiary Deed.

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10

Documents Signed by One Spouse, Prior to the Other Spouse Acquiring Property in Order to Prevent it from Becoming Community Property.

Disclaimer Deed -

Documents Signed by One Spouse, Prior to the Other Spouse Acquiring Property in Order to Prevent it from Becoming Community Property.

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11

Valid Deed -

  1. S____ by the Gr_____.
  2. Acknowledged/Notarization: For____ De_____ made By Grantor before a No____ Public (Protects Against Forgery) Need to R_____
  3. Delivery and Acceptance of Buyer: R_____ing also Final Step to Transfer Title

Note: Law Does Not R_____ Deed to be Recorded to be Vaiid

Valid Deed -

  1. Signed by the Grantor.
  2. Acknowledged/Notarization: Formal Declaration made By Grantor before Notary Public (Protects Against Forgery) Need to Record
  3. Delivery and Acceptance of Buyer: Recording also Final Step to Transfer Title

Note: Law Does Not Require Deed to be Recorded to be Vaiid

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12

What is Importance of Recording?

Recording Importance -

Gives Constructive Notice to General Public - Become Public Record

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13

Bargain and Sale Deed -

Conveys Grantor's Interest but Has No Expressed Warranty. Has "Implied Warranty"

Types:

  1. Guar_____ Deeds, Ex_____'s Deeds and
  2. Foreclosure DeedsS_____'s Deeds, T_____ee's Deeds

Bargain and Sale Deed -

Conveys Grantor's Interest but Has No Expressed Warranty. Has "Implied Warranty"

Types:

  1. Guardian Deeds, Executor's Deeds and
  2. Foreclosure Deeds: Sheriff's Deeds, Trustee's Deeds

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14

Notice Given (To Public) when a Document Recorded - becomes Public Record in County of Property

Constructive Notice -

Notice Given (To Public) when a Document Recorded - becomes Public Record) in County of Property

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15

Notice by Property Inspection, Other Records or by Actual Knowledge of a Fact.

Actual Notice (Inspection)-

Notice by Property Inspection, Other Records or by Actual Knowledge of a Fact.

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16

Affidavit of Value (Prop Taxes)

This Document is Needed for T__ Ass_____

  1. Must Accompany Deed to R_____
  2. ****S____ by Both Par____
  3. Sale Pr____ (Consideration) stated
  4. Pro____ Des_____ stated
  5. Used instead of (Tr____ T__ Stamps)

Affidavit of Value (Prop Taxes)

This Document is Needed for Tax Assessors.

  1. Must Accompany Deed to Record
  2. Signed by Both Parties
  3. Sales Price (consideration) stated
  4. Property Description stated
  5. Used instead of (Transfer Tax Stamps)

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17

Haben____ Clause

Clause in Deed that Defines Interest being Conveyed.  Starts with "To Have or To Hold"

Habendum Clause -

Clause in Deed that Defines Interest being Conveyed. Starts with "To Have or To Hold"

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18

Res________ and Exem______ Clause

Clause in Deed where Grantor Holds Back Some Interest or which List Encumbrances.

Reservation and Exemption Clause -

Clause in Deed where Grantor Holds Back Some Interest or which List Encumbrances.

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19

G____ing Clause -

Clause in Deed, Conveys Title to Grantee

Granting Clause -

Clause in Deed, Conveys Title to Grantee

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20

T_______ Clause

Witness Clause in Deed or Will Citing the P___, and D___ of Execution.

Testimonium Clause -

Witness Clause in Deed or Will Citing the Person and Date of Execution.

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21

Title that is Without Cloud or Defect

Merchantable (Marketable) Title -

Title that is Without Cloud or Defect

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22

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies.

This Deed Supersedes What Document?

Beneficiary Deed -

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies.

Beneficial Deed Supersedes Grantor's Will.

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23

Summary of the Chain of Title

Abstract Title -

Summary of the Chain of Title

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24

Chain of Title

  1. C_____ H_____ of the Property.
  2. Would Reveal Ga__ in Tile Ownership Record.
  3. Q____ T____ Action - Would Remove Clouds (G__) on that Title.

 

Chain of Title (Complete and Gaps) -

  1. Complete History of the Property.
  2. Would Reveal Gaps in Title Ownership Record.
  3. Quiet Title Action - Would Remove Clouds (Gaps) on that Title.

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25

Merch______ (Mar_____) Title -

Title that is Without Cloud or Defect

Merchantable (Marketable) Title -

Title that is Without Cloud or Defect

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26

A Policy that Protects the Policy Holder Against Loss Due to Title Defects.

Title Insurance -

A Policy that Protects the Policy Holder Against Loss Due to Title Defects. .

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27

Owner's Title Policy (for Buyer):

1.  Seller Purchases Standard Policy

2. Protects Buyer From:

  1. F_____ D______
  2. Inc________ Grantor
  3. Improperly Dr____/Del_____/Mis____ Docs
  4. If only __ Spouse Conveyed
  5. Unknown D______ Heirs

3.  Page of Exceptions Sched B - Not Covered

  1. Existing L___ and En_______ of Record
  2. Me______ Liens not yet Recorded
  3. Persons in Pos_______
  4. Encr_______ or Errors a S____ Would Reveal

4. Extended Coverage: Same Coverage as ALTA Policy -Not Covered - Existing Liens, Encumbrances, Defects, Zoning

Owner's Title Policy (for Buyer):

1.  Seller Purchases Standard Policy

2. Protects Buyer From:

  1. Forged Documents
  2. Incompetent Grantor
  3. Improperly Drawn/Delivered/Misfiled Docs
  4. If only 1 Spouse Conveyed
  5. Unknown Discovery Heirs

3.  Page of Exceptions Sched B - Not Covered

  1. Existing Liens and Encumbrances of Record
  2. Mechanics Liens not yet Recorded
  3. Persons in Possession
  4. Encroachments or Errors a Survey Would Reveal

4. Extended Coverage: Same Coverage as ALTA Policy - Not Covered - Existing Liens, Encumbrances, Defects, Zoning

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28

Owner's Standard Title Policy - Page of Exceptions (Sched B)

  1. Existing L___ and E__________ of Record
  2. Me______ Liens not yet Re_____
  3. Persons in Po_______
  4. Enc_______ or Errors a S_____ would Reveal

No Policy Covers: Existing Liens, Encumbrances, Defects Known, or Zoning Ordinances

Owner's Standard Title Policy - Page of Exceptions (Sched B)

  1. Existing Liens and Encumbrances of Record
  2. Mechanics Liens not yet Recorded
  3. Persons in Possession
  4. Encroachments or Errors a Survey would Reveal

No Policy Covers: Existing Liens, Encumbrances, Defects Known, or Zoning Ordinances

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29

A Policy that Protects Lender Against Defects which Could be Determined by 1) An Inspection of Public Records (Constructive Notice) or 2) An Inspection of Property (Actual Notice). Buyer "Pu______ this Policy"

Protects Against

  1. For____ Documents
  2. Inc______ Grantor
  3. Improperly Dr____/De______/Mis____ Docs
  4. If only 1 spouse conveyed
  5. Unknown Di_____ Heirs

Also Protects Against:

  1. Me_____ Liens not yet Re_____
  2. Persons in Po______
  3. Enc_______ or Errors a Survey Would Reveal

Not Protected Against:

  1. Existing L___ or Encu_____ of Record
  2. De_____ Known to the Insured
  3. Z_____ Ordances or Changes

ALTA Title Policy -

A Policy that Protects Lender Against Defects which Could be Determined by 1) An Inspection of Public Records (Constructive Notice) or 2) An Inspection of Property (Actual Notice). Buyer "Purchases this Policy."

Protects Against

  1. Forged Documents
  2. Incompetent Grantor
  3. Improperly Drawn/Delivered/Misfiled Docs
  4. If only 1 Spouse Conveyed
  5. Unknown Discovery Heirs

Also Protects Against:

  1. Mechanics Liens not yet Recorded
  2. Persons in Possession
  3. Encroachments or Errors a Survey Would Reveal

Not Protected Against:

  1. Existing Liens or Encumbrances of Record
  2. Defects Known to the Insured
  3. Zoning Ordances or Changes in Zoning

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30

Valid Deed -

  1. S____ by the G_____.
  2. Ack______ment/Not________: Formal Dec_____ made before Notary Public. Protects Against Forgery and Needed to Record
  3. Del_____ and Acc______ by Buyer - is Recording also "Final Step" to Transfer Title

Note: Law does not r_____ deed to be recorded to be valid

Valid Deed -

  1. ***Signed by the Grantor
  2. Acknowledment/Notarization: Formal Declaration made before Notary Public (Protects Against Forgery) Needed to Record
  3. Delivery and Acceptance By Buyer - is Recording also "Final Step" to Transfer Title

Note: Law does not require deed to be recorded to be valid

Chap 13