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50 Cards in this Set
- Front
- Back
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Three major land description methods
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1. Lot, Block, and Track
2. Metes and bounds 3. U.S Government Survey (Section and township section) |
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Three important points of the metes and bounds system
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1. You must start at a given point
2. You must follow the boundaries of tha land in courses, distances and directions from one point to another 3. You must return to the point of beginning, enclosing the boundary lines Pg. 24 |
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What are the monuments in the US Government Section and Township System
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Base Line. Running East west
Meridian Line. Running North and South Pg. 25 |
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Range Line
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Lines that run parallel to the meridian lines at 6 mile intervals
Pg. 26 |
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Township lines
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Lines that run parallel to base lines at 6 mile intervals
Pg. 26 |
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What are townships divided into
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Sections. 1 square mile each. Therefore 36 in a township
Pg. 26 |
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Types of wills
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Witnessed
Holographic Statutory Pg. 29 |
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Witnessed Will
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Formal typewritten document signed by the individual making it. In the presence of at least two witnesses Pg. 29
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Holographic Will
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Document created in the handwriting of the maker. No witnesses
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Statutory will
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Preprinted form. Two witnesses
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Probate
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Hearing to identify the creditors of the deceased and to pay off creditors Pg. 30
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Executor/trix
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Male/Femal person named in the will by themaker to handle the estate of the deceased
Pg. 30 |
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Administrator/trix
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Male/Female person appointed by the court to handle the
estate when no will is left Pg. 30 |
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Probate sale guidelines
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1. Initial offer must be at least 90% of appraised value
2. Additional bids increase 10% on first $10k, and 5% increase on the excess of original bid Pg.31 |
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Independent Adminstration of Estate Act
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Can avoid open-court sale rules if all heirs agree in advance Pg. 31
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Succession
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Handing down property to another person. Usually when deceased and no will.
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Instestate property categories:
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Separate, Community Property
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Separate property distribution
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Spouse/1 child-50/50
Spouse/ 2 or more children - 33%/66% among children |
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Community Property
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All goes to surviving spouse
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Accession
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Acquire title to property that is added to your existing real estate pg 33
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Types of accession
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Accretion
Avulsion Addition of Fixtures Improvements Made in Error Pg .33 |
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Accretion
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Gradual accumulation of soil bordering a body of water such as river. Soil is known as alluvion
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Avulsion
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When river or stream carries away a part of the bank and puts it to another part of the bank
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Addition of fixtures
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When a person affixes something to the land of another without an agreement permitting removal
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Improvements made in error
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When a person in good faith erroneously affixes improvements to the land of another. Pg . 34
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Methods of Acquiring Property by Occupancy
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Abandonment and adverse possession
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Abandonment
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tenant abandons interest. Landlord my reacquire possession. Pg 34
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Adverse Possession
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Title to another's property is acquired without compensation. 5 requirements:
1. Actual occupation, open and notorious 2. There must be occupancy hostile to the true owner's title 3. Calim of right or color of title 4. Continuous and uninterrupted possession for 5 years 5. Payment by the possessor of all real property taxes for 5 years |
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Acquiring property by transfer
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Property is conveyed from one person to another by act of the parties or by act of law
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Types of property transfers
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Private Grant
Public Grant Gift Public Dedication Court Action |
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Private Grant (Property Transfer)
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Owner voluntarily conveys his or her ownership rights pg. 36
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Public Grant (Property Transfer)
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When govt agency deeds property to an individual or institution pg 36
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Gift (Property Transfer)
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Voluntarily transfer property to a private person or an organization without giving or recing any consideration or compensation pg 37
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Public Dedication (Property Transfer)
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Give land to a public body for a particular use such as a street a park, bridges pg 37
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Court Action (Property Transfer)
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Court of law order transfer of legal title.
1. Partition action 2. Foreclosure action/Bankruptcy 3. Escheat 4. Eminent domain |
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Deed
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Written instrument to transfer ownership of real property
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Grantor
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Person deed is coming from pg39
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Grantee
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Person deed is going to Pg. 39
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Elements of a deed
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Must be in writing
Parties must be correctly identified Grantor must be competent Description of property must be clear Must be granting clause Deed must have grantor's signature Pg. 40 |
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Essentials of a Deed
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Must contain all elements pg.40
Delivery is required Acceptance |
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Grant Deed
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Carries two implied warranties:
Title has not been conveyed to anyone else Free of encumbrances other than those disclosed Pg 43 |
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Quitclaim Deed
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Carries no implied warranties. Grantor merely relinquishes any right or claim on property.
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Sheriff's Deed
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Court order to sell property. No Warranties. Also known as commissioner's deed
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Gift Deed
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Legal consideration given in a gift deed is usually "love and affection" pg 45
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Tax Deed
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Sale of property because of unpaid property taxes pg 45
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Warranty Deed
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Grantor is legally responsible to the grantee for the condition of the title.
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Trust Deed
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Conveys "bare legal title" to trustee. Used as security for a loan lien. pg 45
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Deed of reconveyance
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When loan is paid off, the trustee reconveys title back ot the trustor
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Trustee's Deed
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Conveys title to a successful bidder at a trustee's sale. No warranties
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Recording system
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An acknowledgment (notorization)
Address for future tax statements Basis for computing the transfer tax Names of all parties Adequate legal description Payment of a recording fee pg 46 |
