Grammer (deeds) Flashcards
(28 cards)
What must be done to transfer ownership of real estate?
Everything must be done in writing.
What is title in real estate?
Evidence of transfer of ownership; the most significant confirmation of transactions.
What is a deed?
An instrument used to convey the title from one owner to another.
Who is the grantor?
The person who is conveying the property; signature is necessary.
Who is the grantee?
The receiver of property from the grantor.
What is a general/full warranty deed?
A deed that includes a warranty from the seller, conveying the entire bundle of rights that accompany ownership of property.
What is a quit claim deed?
A deed that doesn’t convey the bundle of rights and doesn’t guarantee the seller has any ownership rights.
What is a judicial deed?
A deed in which a property is being conveyed at the behest of the court; the court has ordered that the property be sold.
What are special purpose deeds?
Deeds such as a trustee’s deed (foreclosure) and a personal representative’s deed (when someone died).
What is a deed of trust?
Used in the case of a mortgage; the lender receives a deed of trust, which gives the right to foreclose if the homeowner defaults on payments.
What is a deed of conveyance?
A deed returned by lenders to the homeowner when the mortgage is paid off, returning the rights given in the deed of trust back to the homeowner.
What is unique about property identification in Utah?
Utah is a non-disclosure state; sales prices are not published, and properties are known by their legal description, not by their address.
What are essential elements of a deed?
- Any habendum clause 2. Signature of grantor 3. Notary acknowledgment 4. County requires mailing address 5. Must be delivered to the party.
What is consideration in a real estate transaction?
Both parties are giving something to the transaction (deed + money).
What is a granting clause?
A phrase that states the purpose of the document, such as ‘I hereby convey and warrant’; this phrase is required.
What is a legal description?
The way in which a property is described by law, not by address.
What is a void contract?
A contract that was never valid due to something within it rendering it illegal or unlawful.
What is a voidable contract?
A contract that could be rendered invalid, depending on the circumstance.
What does it mean to devise real estate?
The act of leaving real estate to someone by terms of a will.
Who is a devisor?
A person who makes a will and devises real estate in it.
What is descent in terms of property ownership?
Acquisition of ownership of an estate by inheritance.
What is a testate condition?
The condition in which a person dies with a will.
What does intestate mean?
When someone dies without a will.
What is a will?
A document where a person lists assets and whom receives them when they die.
