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Real Estate- NJ (Mulroy) > Legal Descriptions & Deeds > Flashcards

Flashcards in Legal Descriptions & Deeds Deck (20)
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1

Deed

Is an instrument that conveys title to real property, the document that transfers ownership

2

Legal Description

Is an exact way of describing real estate in a contract, deed, mortgage, or other document that is accepted by a court of law. Street address, property tax ID number is not usually acceptable as legal descriptions.

3

Metes and Bounds

A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using direction and distances around the tract back to the place of beginning. (POB) Point of Beginning.

4

Monuments

A fixed natural or artificial object used to establish real estate boundaries for metes and bounds description.

5

Types of Deeds

Warranty Deed, Bargain and sales deed with covenants against Grantors Acts, Bargain and sale deed, quitclaim Deed

6

Warranty Deed

Or Full covenant and warranty deed. A deed in which the grantor fully warrants good clear title to the premises. This is the greatest protection of any deed.

7

Rectangular Survey System

Not used in New Jersey It involves surveys based on principal meridians.

8

Townships

Land that is surveyed into 36 square miles in area. They are divided into 36 sections of one square mile each. Each square mile contains 640 acres.

9

Bargain and Sale deed with Covenants

The grantor's covenants that they have done nothing to encumber the property white it is their possession. This is a normal deed used in a transfer of property in New Jersey.

10

Bargain and Sale Deed

Contains no express warranties. However it does imply that the grantor hold title to the property. This is used in foreclosures & tax sales.

11

Quitclaim Deed

Provides the grantee with the least protection of any deed. The grantor only remises, releases, and quitclaims his or her interests in the property to the grantee. It is commonly used in Divorce settlements.

12

Covenant of Seisin

The grantor warrants that he or she is the owner of the property.

13

Covenant against encumbrances

The grantor warrants that the property is free from liens or encumbrances. If the covenant is breached, the grantee may sue for expenses or receive compensation.

14

Covenant of quiet enjoyment

The grantor guarantees that the grantee's title is good against third parties who might bring court action.

15

Covenant of further assurance

The grantor promises to obtain and deliver any instrument needed in order to make good title.

16

Covenant of warranty forever

The grantor guarantees that if any time in the future the title fails, he or she will compensate the grantee for the loss sustained.

17

Acknowledgement

Is a declaration made by the person who is signing the document.

18

Habendum Clause

It begins with the words 'To have and to hold'. It's provisions must agree with those set down in the granting clause.

19

Principal Meridian Lines

Run North & South

20

Base Lines

Run East to West.