Highlights chapter 9 Flashcards
Title to Real property
Title to your property is the ownership of specified rights and property that forms an estate. The type of a state, as we have seen, is based on all or specified portions of the bundle of rights that include possession, this position, enjoyment, exclusion, and control.equitable title is the right to gain ownership interest interest in the future. Equitable title, effectively, confer, financial or equitable interest in a property.
Notice of ownership
The tumors that may be used to provide evidence of ownership, our actual notice and constructive notice
-actual notice. Actual notice of ownership was provided by physical possession. There is validity in the same possession is 9/10 of the law. Being a possession of property and claiming ownership is called actual notice. A party who has been shown a deed also has been given actual notice. Actual notice can be either expressed or implied.
-constructive notice. Constructive notice, also called legal notice, is achieved by recording documents in the public records. Recording the document has the same legal effect as showing it to the entire world. Documents are recorded in the office of the clerk of the circuit court, and the county where the property is located
Protecting title
The broker must immediately informed the owner regarding the condition of title defects.
Marketable, merchantable, or clear title to Real property title and fee simple that is free from litigation and defects, which enables an owner to hold it in, or sell it to a person of reasonable prudence for its fair market value. As discussed earlier, there is no such thing as proof of good title to property, there is only evidence of support the claim.To ascertain whether or not title is good and merchantable , the record of ownership must be traced back for a period of time necessary to assume that no outstanding or unresolved claims exist against the title. The time period of which does assertion can be made is called the root of title. And Florida, the root of title extends back three years from the recording of the claim.
Abstracts
A chain of title is created by a search of the public records, that results in a timeline of recorded documents that links all past owners of a parcel of land from the root of title to the present day.
Opinion of title
When an attorney conducts such a review and renders are written opinion, it is called an opinion of title. A lawsuit against the attorney could be necessary if a defect is later discovered. Real estate licensees, who are not attorney should never give an opinion of title. If they do so, they could be accused of practicing law and could be subject to penalties under if that asked that 475.
Title insurance
Mortgage lenders will insist that borrow obtain a mortgagee(lenders) title insurance policy before making loan the property owner may also wish to obtain protection and may do so by purchasing a mortgagor’s(owner’s) title insurance policy.
There is no Florida law that requires a mortgage drawer to obtain title insurance
Methods of acquiring title
Transferring or ownership from one party to another, is called alienation of title. Alienation may be voluntary or involuntary.
Trust her by voluntary alienation
-deed. Adidas a document that convey title from one party to another one real property is sold or conveyed by a gift. These are the most common document used to transfer title.
-Will. Will is a document that provides for the transfer of title upon the death of an individual who died test state.
Transfer by involuntary alienation
-Descent and distribution. Distribution is a stat system created by law. The system provides for the transfer of title to legal descendants.(heirs) upon the death of an individual who died interstate without a will.
-Escheat. Escheat is the reversion of property to the state if someone dies into State and has no heirs.
- Eminent Domain. Eminent domain is the government right to take provides property, through a process, called condemnation, for public benefit.
-Adverse possession . Adverse possession is a legal principle under which an owner may lose title to another person who has taken control of the property. 
Transferring title
Some of the requirements for a valid include the following:
Consideration must be described. The sales price is not required, and rarely is ever included. It is a promise of future money.
-a legal description of the property must be provided
-The deed must be signed by the grand tour and witnessed by two persons. The grantee is not required to sign the deed.
-The deed is voluntarily delivered and accepted. Title does not transfer until the deed as voluntarily delivered to, and voluntarily accepted by, the grantee
Clauses in deeds
These may have several clauses, each of which performs a separate function or provides specified information. Clauses include the following:
-Premises(Granting) clause, the premises clause, which is also known as the granted clause, is the only legally necessary clause required in a deed
-habendum clause. The habendum clause, which is also called the to have, and to hold clause, specifies the legal rights to be conveyed. The portion of the bundle of legal rights being conveyed is described in this clause, such as fee, simple, forever, or in a life estates.
Types of deeds
-Quitclaim deed. A quitclaim deed contains no warrants of any kind from the grantor, and is considered the best type of deed from the grantor standpoint. Quitclaim deeds are most frequency used to security defects and titles.
-General warranty deed. General warranty deed is the most common type of deed, and provides the best protection to the grantee of any deed.
Government limitations on private property ownership
Eminent domain, Is one of the four basic governmental powers, it allows local, state, or federal government, railroads, public utilities, and public housing authorities to obtain ownership to private property. This is called taken. The taken must only be for a public use such as to build highways, schools, railroads, or public projects(not shopping centers) the owner must be paid adjust compensation for the property. The owner may negotiate with the condemning authority, and may even reach an acceptable price. If the parties cannot reach agreement through negotiation to condemn authority, will implement a legal precedent in court exercise it’s right to acquire the property this action to enforce the cell is called the condemnation proceeding
Types of leases
-Gross lease. A gross lease is defined as, at least in which the tenant agrees to pay a fixed rental amount, and the landlord pays all expenses related to the property, such as real estate taxes, insurance, and maintenance cost. A residential lease is usually a gross lease.
-net lease. A net lease is defined as at least in which the tenant pays a fixed rent plus all or a portion of the operating cost such as real estate, taxes, insurance, and maintenance. A commercial and industrial lease or commonly net leases. The rent is paid to the landlord, after the tenant has paid expenses, they have agreed to pay.
-percentage lease. A percentage lease is defined as, at least, in which attendant pays a monthly based rent plus percentage of the annual or monthly gross sales of the good sold on the premises. A percentage lease is common in retail centers and malls.
Superior Liens
-Real estate property taxes is a specific lien
-Special assessment lien. Specific lean . Special assessment for improvements, such as paving sidewalks and sewers attached to a property until the full amount of the lien has been paid.
-Federal estate tax lien general lean
