Transfer of Title Flashcards
(34 cards)
the right to or ownership of land, and can also be evidence of that ownership
Title
the transfer of title to real estate by gift or sale during one’s life, using some form of deed
Voluntary Alienation
(payment) of some form must be stated to record a deed
Consideration
A deed executed by a minor is
Voidable
To create a valid deed (person who transfers title) must be of legal age and legally competent to execute (sign) the deed
Grantor
must be identifiable with sufficient certainty.
Grantee
(words of conveyance) must be used.
Granting Clause
defines the ownership interest taken by the grantee
Habendum Clause
full transfer of all of the rights of ownership must be noted including these
Exceptions and reserverations
provides the greatest protection to the grantee and includes the covenant of seisin, covenant against encumbrances, covenant of further assurances, covenant of quiet enjoyment, and covenant of warranty forever.
General Warranty Deed
warranties that the grantor received title and that the property was not encumbered during the time the grantor held title, except as otherwise noted.
Special Warranty Deed
implies that the grantor holds title and possession of the property, but there are no express warranties against encumbrances.
bargain and sale deed
provides the least protection of any deed as it carries no covenants or warranties, and conveys only whatever interest the grantor may have when the deed is delivered.
quitclaim deed
used by the trustee to return title to the trustor
reconveyance deed
conveys the property to someone other than the trustor
trustees deed
may be required to record a deed
Transfer tax stamps
(transfer) of title to property is usually by operation of law.
Involuntary Alienation
property is taken by a creditor for nonpayment of a debt secured by real property
Foreclosure
when someone who is not the lawful owner takes exclusive possession of the property for the length of time specified by state law in a way that is ONCHA: open, notorious, continuous, hostile, and adverse to the interest of the true owner.
Adverse Possession
occurs when someone dies testate (leaving a valid will, prepared as required by state law).
Transfer of title by will
A will takes effect only after death and can be changed by
Codicil
a gift of real property by will
Devise
a gift of personal property.
Bequest or Legacy
a will must be filed with the court and probated
To pass title to property on death
