Titles Flashcards
What is a general warranty deed?
Seller warrants that no title defects have occured during their ownership, and no defects are in the chain of title
What is a special warranty deed?
Seller warrants taht no title defects have occured during their ownership, but does not warrant that there are no defects in the chain of title
What is a quitclaim deed?
Seller does not make nay warranties and simply conveys whatever interest they may have
What is a race statute?
Approach where person who records first prevails, and typically contains language “no conveyance is valid against a subsequent purchaser whose conveyance is first recorded”
What is a notice statute?
Approach where an unrecorded conveyance is invalid against a subsequent bona fide purchaser for value.
Typically reflected in statutes like “A conveyance of interest in land shall not be valid against any subsequent purchaser for value, without notice, unless the conveyance is recorded”
What is a race-notice statute
Approach where an unrecorded conveyance is invalid against a subsequent bona fide purchaser for value who records first
Typically represented by language “any conveyance of an interest in land shall not be valid against any subsequent purchaser for value, without notice, whose conveyance is first recorded”
What is the shelter rule?
Person who is a successor in interest to a bona fide purchaser for value is also protected under the recording statute as if they were the bona fide purchaser for value
