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Transfer of Property Flashcards

1
Q

What’s is a Deed

A

The receipt of sale, transferring of title to real estate from one party to another

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2
Q

Title

A

Concept of ownership

Not a physical document / actual ownership

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3
Q

Alienation of title

A

Loss of ownership

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4
Q

Involuntary alienation

A

is a forced loss of ownership

-example foreclosure

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5
Q

Why is Stamping important?

A

It creates a public record of ownership to the property.

Fee is not mandatory but if not paid then technically previously listed person is owner of such.

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6
Q

A deed is Valid with the following min. criteria is met

A
  • must be handwritten
  • granter is legally competent
  • names the grantee
  • Involve the exchange of consideration
  • complete and accurate description of land
  • must include a granting clause
  • Must have delivery and acceptance
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7
Q

Cloud Title

A

Something wrong with the ownership of the property

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8
Q

Chain Title

A

History of properties

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9
Q

Criteria in order for deeds to be valid

A
  1. Must be written (per Statute of Frauds)
  2. The grantor must be legally competent
  3. They must involve the exchange of consideration (evidenced by a recital of consideration.)
  4. They must include a complete and accurate description of the land
  5. They must include a granting clause (usually just words “grant to”)
  6. Must have delivery and acceptance
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10
Q

Habendum Clause

A

(Latin for “to have and to hold”)

When the interest being granted needs to be denied or limited (e.g. life estate)

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11
Q

Recordation

A

The act of making the title transfer public record at the county registry of deeds.
-Provides constructive notice of the title transfer

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12
Q

List Four Types of Deeds

A

Type of deed impacts extent of grantor’s liability fo any future issues with the title of property

  1. General Warranty Deeds
  2. Special Warranty Deeds
  3. Bargain and Sale Deeds
  4. Quitclaim Deeds (Non-Warranty Deeds)
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13
Q

Quitclaim deed

A

Non-warranty deed, grantor not liable for any claims against the title
conveys whatever interest grantor has at the time of the title transfer

A grantor is not liable for any claims against title

Can be used to correct mistakes on a title or in bank foreclosures.

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14
Q

General Warranty Deeds

A
  • The grantor is liable for any defects against title
  • They can be useful when the BUYER wants protection against unknown title defects (clouds on the title or another ownership issue)
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15
Q

Special Warranty Deeds (Limited Warranty Deeds)

A

States only that the grantor received title to the property and they did not cause issues with the title.
- Only liable for claims against title if those claims originated during their term or
ownership.

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16
Q

Bargain and Sale Deed

A

Grantor states they have the rights to convey ownership of the property even they may not own it
Also now as a certificate of sale

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17
Q

Massachusetts Recording Stamps

A

A fee for recording and selling
Expense paid by the seller (grantor)
-If seller does not record their deed, they are still supposed to pay for the recording stamps

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18
Q

Outline How Property Transfers Work

A

Step 1: Property is listed and put under agreement

Step 2: buyer’s lender (bank usually) hires an attorney or title company to perform a TITLE SEARCH, where the buyer gives the lender a note to evidence their debt and a mortgage to secure the debt.

Step 3: Municipal lien certificate is issued by the bank’s attorney to create a public record that the bank is the first lienholder on the property.

Step 4: Attorney pats the seller and the seller’s broker

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19
Q

Land Description and surveys

A

A full legal description of the land is the properties address, a survey of the land an drafts of the land description (size, shape and improvements on lot);

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20
Q

ILC (Improvement location certificate

A

This is not a complete survey and isn’t valid in court.

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21
Q

Note about surveys

A

Not all surveys include a warranty or surveyor liability
A licensed surveyor performs a survey and drafts the description/

An improvement location certificate is not a completer survey

22
Q

Deed of Trust

A

Transfer interests in real estate into trust

- Some states in lieu of a mortgage

23
Q

Reconveyance Deeds

A

Use to return property to trustors (e.g. remove property form a trust)

24
Q

Trustee’s Deeds

A

Deeds by trustee to convey real estate to anyone besides trustor

25
Deeds executed pursuant to a court order
Deeds issued a result of a will or court order
26
Recording stamps
Expense paid by seller (grantor) if their deed is recorded. It is a stamp for recording and selling -Even if the previous owner didn't have their deed registered they are still supposed to pay.
27
Survey Measurements
``` 1 Link = 7.92 inch 1 foot = 12 inches 1 yard = 3 feet 1 rod = 16 ft 6inch 1 chain - 66 ft 1 furlongs = 660ft 1 mile = 5,280ft 1 acre = 43, 560 sq.ft. 1 sq.mile = 640 acres ```
28
Metes and Bounds Survey
Most common Outlines the lote lines by describing directions and distances between monuments Datum is a point used to measure elevations Measure clockwise EXAMPLE: A plot of land located in Boston, Suffolk County, Massachusetts, beginning at the intersection of Canal and Causeway Street, running south along Canal Street 304 feet, West to Friend Street 150 feet more or less, North to the intersection of Causeway Street and Friend Street, then East along Causeway Street to the intersection of Canal and Causeway Street."
29
Lot and Block Survey
A subdivision or municipality and use the lot and block method; Urband/residential Plat maps, divides streets into blocks, and then divides lots into blocks: EXAMPLE: Lot 43, Block 17, Green Acre Homes in the City of Portland, according to the plat thereof, recorded in Volume 6 of plats, page 84, in Multnomah County, Oregon
30
Government Rectangular Survey System
- Standardized land descriptions - Divides land into rectangles using intersection principal meridians and baselines - Tiers - refers to township lines
31
Township
6 miles by 6 miles = 36 sq miles
32
Section
640 Aces or 1 mile by 1 mile
33
Plat Map
- Used to describe a proposed or actual use of subdivision | - use lot and block method
34
Title Insurance
Protection against undiscoverable title defects, protects against the loss of funds due to unknown title defects. ins. companies perform their own title searches through internal records called title plants and inform the insured of the status of the title via the preliminary report Does not cover ownership issues that could be discovered by looking at public records like zoning issues or publicly recorded restriction
35
Standard Coverage for Title Insurance
Covers basic forged deeds, incompetent parties, delivery issues, improper marital settlements
36
Extended coverage in title insurance
covers all the standard coverage has, and adds coverage for issues like tenants and squatters, survey issues, unrecorded easements and liens, mineral/water rights
37
Mortgage or Owner Protection
Proptection for the purchaser up to the full purchase price of property
38
Mortgagee or Lender Protection
Protections from the lender up to the outstanding loan balance
39
Torrens System
A way of addressing conflicts about property ownership, brought to Land Court for dispute
40
Land Court
determines who owns a piece of property; basically a lawsuit. Usually slow and expensive hence why people buy title insurance
41
Wills
Another way to transfer property upon death
42
Testate
A person who dies with a will, names the executor in will to present their estate.
43
Intestate
Those who die without a will; the court appoints them an administrator and handles the distribution to their heirs. If they have no heirs their property is escheat (government-owned)
44
Dedication
A donation of property rights either permanently or temp for public use; example piece of property given for use as a park
45
Certificate of Title
When land court decides who owns the property it issues its decision as a certificate of title. The person who's name is on this truimphs any other documents concerning the property -Typically the property transfer that is recorded first usually wins
46
Adverse Possession
legal term for squatter's right; if they have been openly using it without anyone complaining in 20 years they have possession by O.N.C.H.A
47
Excise Fee
Another term for recording stamps | Paid by grantor (seller)
48
Recordation
the act of making the title transfer public record at the county registry of deeds
49
Recording Stamps Cost MA
$2.28 PER $500 OF RECORDED VALUE EXCEPT BARNSTABLE COUNTY = $3.24 PER $500
50
Encroachments
the intrusion of an improvement onto a neighboring property failure to take action against - Detected via survey - Title insurance does not protect; and no help of lawyer's opinion
51
Purpose of a survey
A survey is an onsite measurement of property lines and the position o the property improvements easementd Used to: - Create or verify legal description -May reveal encroachments or zoning violations

Real Estate (20 decks)

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