Transfer of Title

Question 1

Deeds

Answer 1

function is to convey or pass title (ownership) to land

Question 2

Warranty Deed

Answer 2

contains warranty covenants; grantor owners the property in fee simple, no encumbrances, legal authority to sell, will defend the title against claims made by third persons

Question 3

Quitclaim Deed

Answer 3

does not contain warranty covenants

Question 4

CT Modified Title Theory

Answer 4

mortgage deed is used to convey an interest in property used as collateral for a loan, if mortgage is later foreclosed, certificate of foreclosure is issued which conveys full possession to the mortgage holders who then may convey title by warranty deed if they choose

Question 5

Municipal Conveyance Tax Rate

Answer 5

0.25% of the total selling price of the property

Question 6

State Conveyance Tax

Answer 6

0.75% of the first $800,000 of the selling price; over $800,000 1.25%

Question 7

Adverse Possession

Answer 7

a way to obtain title to real estate, must claim the right to possess the property without the owners consent and possess the property openly, continuously, exclusively and uninterrupted for 15 years

Question 8

Quiet Title

Answer 8

to acquire title by adverse possession, must be brought in civil court; burden of proof rests with the person claiming right to the title

Question 9

Stopping Adverse Possession

Answer 9

must serve notice on the adverse possessor and recording it in the land records

Question 10

Wills

Answer 10

in CT a will may be prepared by anyone of sound mind who is at least 18 years of age; must be in writing and signed by at least two witnesses

Question 11

Intestate Distribution Laws

Answer 11

if owner is survived by a spouse, children or blood heirs property interest is passed according to the order of descent

Question 12

Distribution of Estate

Answer 12

determined by a fiduciary (attorney), a committee of three disinterested parties appointed by the court or by mutual agreement of all parties interested in the estate