Unit 13/14:Transfer Of Title/Title Records Flashcards
A deed must have whose signature on it?
Grantor
Notarized
Grantor
Person with legal competency to sign deed
The right to, and evidence of, ownership of land
Title
Transfer of title by gift or sale
Voluntary alienation
The written instrument by which an owner intentionally conveys the right, title, or interest in a parcel of real estate to someone else
Deed
The person who transfers title
Grantor
The person who acquires title by gift or sale
Grantee
A statement of the intention to convey property by deed
‘I hereby grant, remise, release, convey, warrant, alienate…
Granting clause
A formal declaration, made before a notary public, that the person who is signing the deed is doing so voluntarily and that the signature is genuine
Acknowledgment
One of the covenants in a deed that warrants that the grantor is the owner of the property and has the right to convey it
Seisin
One of the covenants in a deed that the grantee’s title will be good against any third party who might want to bring legal action to establish superior title
Quiet enjoyment
A conveyance by deed from a trustor to a trustee for the benefit of a beneficiary
Deed in trust
A type of deed that warrants only that the grantor received title and that the property has not been encumbered during grantor’s ownership
Special warranty
Grantee will want to purchase title insurance for protection
A deed that contains no express warranties against encumbrances, but implies that the grantor holds title and possession of the property
Bargain and sale
A deed that contains no covenants, warranties, or implications, and that provides the least amount of protections of any deed
- used to cure a title defect
- used to convey anything less than a fee simple
Quitclaim
A conveyance by deed from a trustee to anyone other than huge trustor
Trustee’s deed
A conveyance by deed from a trustee to the trustor
Reconveyance deed
The transfer of title without the owners consent
Involuntary alienation
Having prepared a will indicating how property is to be disposed of after death
Testate
The gift of real property by will
Devise
A person who makes a will
Testator
A formal judicial process to confirm a will’s validity and to see that assets are distributed correctly
Probate
A valid deed includes:
- grantor (with legal capacity - must be over 18 or Voidable)
- named grantee
- consideration
- granting clause/words of conveyance (‘I hereby grant, remise, release, convey, warrant, alienate…)
- habendum clause (defining ownership to be taken)
- legal description of property
- any exceptions or reservations
- *signature of grantor (notorized)
- delivery & acceptance
Consideration
$$$ (usually)
Words in a deed that show the grantor has received consideration for the transfer
Must be good and valuable, so if a gift can say ‘love and affection’ over ‘$245,000’
