Section 2 - Chapter 12 Flashcards Preview

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Flashcards in Section 2 - Chapter 12 Deck (21):
1

A title is:

a right to ownership or actual ownership of the land

2

A deed is:

the actual document by which owner transfers title

3

grantor vs. grantee

grantor transfers title, grantee is one who acquires it

4

general warranty deed has 5 covenants:

of Seisin (owns property), encumbrances (free from), quiet enjoyment (no 3rd party suits), further assurance (make title good), warranty forever (compensate for future title loss)

5

special warranty deed's 2 parts:

grantor held title & no encumbrances while holding that title

6

bargain and sale deed:

no express warranties against encumbrances but implies holding title and possession. similar to warranty deed but less complete in warranties. should buy title insurance for protection

7

quitclaim deed is:

least protection, no warranties and generally only conveys the interest the grantor had

8

deed in trust:

conveyance from trustor to trustee

9

trustee's deed:

converyance from trustee to 3rd party

10

transfer tax:

approximately 75 cents per $500 and paid with tax stamps

11

transfer tax formula:

sales prices LESS value of personal property inculded LESS asumable mortgage X 0.75 cents

12

involuntary alienation:

when title of transfer without consent, such as when someone dies

13

when someone dies and leaves no heirs, title goes to the....

county

14

adverse possession:

"squatter's rights" - involuntary transfer by way of claimant having uninterrupted and useful use of land for 20 years (or 7 years if title has flaw and taxes are paid)

15

tacking is

adverse possession where you add multiple years together to get to 20 years (like passing down from parent to child)

16

testate is:

dies WITH a will

17

intestate:

dies WITHOUT a will, property passes to heirs according to state's statues of descent and distribution

18

devise is:

gift of real property by will - "devisee" is person receving

19

legacy or bequest is:

gift of personal property by will, "legatee" or "beneficiary" is receiver

20

probate does:

proves/confirms validity of will, determines prcise assets of decesased person, identifies persons to whom assets are to pass

21

codicil is:

modification, ammendment, etc of previuosly executed will