Transferring & Recording Title Flashcards
(41 cards)
Legal Title
owner enjoys full bundle of rights
Equitable Title
party can obtain legal title subject to agreement with creditors
Notice
how ownership is evidenced to the public
Actual Notice
knowledge acquired directly through demonstrable evidence, e.g., presenting or inspecting a deed, visiting a party in possession
Constructive Notice
knowledge one could have obtained, as presumed by law; imparted by recording in public records “for all to see”
Voluntary Transfer includes?
- deed
- will
- public grant
Involuntary Transfer includes?
- descent (without will, with heirs)
- escheat (without will nor heir)
- foreclosure (loan default)
- eminent domain (public good)
- adverse possession (hostile, open use)
Descent
without will, with heirs
Escheat
without will nor heir
Foreclosure
loan default
Eminent Domain
public good
Adverse possession
adverse possession
Deeds of Conveyance: Key Characterisitics
- grantor grants deed to grantee
- legal title transfers upon intentional delivery and grantee’s acceptance
Deed Validity: Requirements
- grantor
- grantee
- in writing
- legal description
- granting clause
- consideration
- grantor’s signature
- acknowledgement
- delivery and acceptance
Deed Clauses: Premises
granting
Deed Clauses: Habendum
type of estate
Deed Clauses: Reddendum
restrictions
Deed Clauses: Tenendum
other property included
Deed Types: Bargain and Sale
“I own but won’t defend”
Deed Types: General Warranty
“I own and will defend”
Deed Types: Special Warranty
“I own and warrant myself only:
Deed Types: Quitclaim
“I may or may not own, and won’t defend”
Deed Types: Special Purpose Deeds
used for different purposes, interests conveyed, or by different parties
Transfer Tax
- documentary stamp tax: tax on conveyance of real property based on price of property conveyed
- facilitates ad valorem assessment
- payment evidenced on deed
