Title Transfer and Record (Ch. 9) Flashcards Preview

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Flashcards in Title Transfer and Record (Ch. 9) Deck (11):

Transfer Tax Stamp

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Unrecorded Documents

Real Estate taxes and special assessments are liens on specific parcels of Real Estate and usually are not recorded @ the time they become effective (Jan. 9th each year for Illinois Real Estate Taxes)


Adverse Possession

Referred to as squatters rights. The period of uninterrupted possession required to claim title by adverse possession is 20 yrs


Constructive Notice

Obtained by an individual through due diligence-consulting the Public documents. *Property recording documents


Transfer Tax Stamp

$0.25 per $500


Granting Clause/ conveyance restrictions

Transferring property from one owner to another


Quitclaim Deed

Conveys only whatever interest the grantor may have when the deed is delivered. If the grantor has no interest, the grantee will acquire nothing


Recording Process

Is the Act of placing document in the public records. Must be recorded in the county where the land is located


Requirements for Valid Deed

Grantor name typed or printed below he/she signature
Completed Real Estate Declaration
Proof of payment of state, county


General Warranty Deed

Provides the greatest Protection of any deed


Special Warranty Deed

Warranty that the grantor received the title
Warranty that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed