Calif Real Estate (Chap 3)- Transfer Of Real Property

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Alienation

Back 1

The process of transferring ownership of real property from one part to another. May be voluntary or involuntary.

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Patents

Back 2

Title from Government passes to a private party via a document called a patent.

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Deed

Back 3

The most common form of voluntary alienation.

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Deed

Back 4

The document a private landowner uses to transfer real property to someone else

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grantor

Back 5

The current propery Owner

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grantee

Back 6

The person the owner is transferring the property to

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conveyance

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The transfer of real property from the grantor to the grantee by means of a deed

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Grant Deed

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A grant deed must use the term "grant" in its words of conveyance
A grant deed contains two warrantie
1) the grantor has not previously conveyed title to anyone else and 2) the grantor has not caused any encumbrances to attach to the property other than those already disclosed.

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After-acquired title

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an interest in the property that the grantor acquires after executing the deed

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Quit-Claim Deed

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a quitclaim deed makes no warranties about the condition of the title.

Furthermore, a quitclaim deed does not convey after-acquired title.

It conveys only the interest in the property the grantor has at the time the deed is executed.

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reformation deed

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When used to cure a cloud on the title, a quitclaim deed is sometimes called a reformation deed

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general warranty deed

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The general warranty deed is the type of deed that gives the greatest protection to the buyer.
A grantor under a general warranty deed makes five warranties, or covenants, to the grantee.
These covenants warrant against defects in the title that occurred either before or during the grantor's period of ownership.
In many states other than California, the general warranty deed is the most commonly used type of deed. (In California, the reliance on title insurance to assure marketable title has led to the replacement of the general warranty deed.)

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Special Warranty Deed

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A special warranty deed makes the same five promisesas a general warranty deed, but the warranties are limited to defects that arose during the grantor's period of ownership.

The grantor makes no assurances about any defects that occurred before he or she owned the property.

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Transfer by Deed

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Essential elements of a deed (6 things)
1)In Writing and signed by grantor
2) Identify Parties
3) Competent Grantor
4) Living Grantee
5) Words of Conveyance
6) Property Description

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Transfer by Deed Other requirements

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Acknowledgement, Delivery and Acceptance.

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Valid Will

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1 ) in writing
2) Signed by testator
3) Witnessed by two or more competent individuals.

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executor

Back 17

Carries out the terms of the will after the testator's death

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probate

Back 18

The legal process of establishing the validity of a will and distributing property according to its terms

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Administrator

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If no Executor was named in a will, an administrator appointed by the court to manage and distribute the estate of the deceased

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Devise

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x

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Legatee

Back 21

x

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Holographic Will

Back 22

x

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Dedication

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The transfer of real estate from private ownership to public ownership, without payment to the private owner

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heirs

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Those who are entitled to property through intestate succession

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descent

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Those who acquire property by intestate succession receive it by descent, rather than by devise or bequest

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intestate succession

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When a property owner dies intestate, title to the property passes to the owner's nearest living relatives according to the rules of intestate succession. These rules are set forth in a state statute.

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intestate

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A person who dies without leaving a valid will

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Common law dedication

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results when a government entity decides that a property owner has acquiesced in public use of his property for a prolonged period of time
This dedication may take the form of an actual transfer of ownership, or it may simply result in the grant of an easement

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Statutory dedication

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To obtain permission to subdivide land, a developer is required to dedicate some land in the subdivision for public streets and utility easements.
It's called statutory dedication because the developer is complying with procedures prescribed by law, in the relevant statute.

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Escheat

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In some cases, a person dies intestate and without any heirs. If the probate court is unable to locate any heirs, ownership of the property reverts to the state after appropriate legal steps have been taken

The state may also acquire ownership of abandoned property through escheat

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Condemnation

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If a government entity decides a piece of property is needed for public use, it has the constitutional power to buy the property from the owner, even if the owner doesnt want to sell.

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eminent domain

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Legal procedure used to exercise that power is called condemnation. A forced sale in this context is sometimes called a government taking, or just a taking

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Inverse condemnation

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When a private owner believes that some action by a government entity has destroyed the value of his property, the owner may file a lawsuit demanding just compensation.

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Quiet title action

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When there's a cloud on a property owner's title, the property is said to be unmarketable.
Potential purchasers will not buy property if they believe the title they are paying for could be successfully challenged.
As we discussed earlier, in some cases a quitclaim deed can be used to clear away a cloud.
The owner and someone with a claim against the property may be able to negotiate and resolve their dispute.
Then the claimant can clear the title by executing a quitclaim deed in favor of the owner.
If the parties can't agree, there is a legal procedure that can resolve the dispute and clear away the cloud.
In a quiet title action, the court considers the evidence presented and decides who holds what interest in the property.

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Partition suit

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A suit for partition is a way of dividing up property owned by more than one person.

If co-owners can't agree on how to divide the property, or if they disagree about whether to sell it, one or more of the co-owners can file a suit for partition.

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Foreclosure

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A creditor with a lien against a debtor's property has the right to foreclose on the property if the debt isn't paid.
To foreclose, the creditor files a lawsuit asking the court to order the property to be sold, so that the debt can be paid out of the sale proceeds.

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Adverse Possession

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x

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Adverse Possession (Actual)

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Actual possession is occupation and use of the property in an appropriate manner, depending on the type of property in question.

For residential property, actual possession would mean residing on the property. For agricultural property, actual possession would mean putting the land to agricultural use

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Adverse Possession (open, and notorious)

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Possession is open and notorious if it puts the true owner on notice that someone else is making use of the property.

The adverse possessor's use must be conspicuous, not hidden.

This requirement ensures that the true owner will have a chance to prevent the adverse possession by ejecting the adverse possessor from the property

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Adverse Possession -Hostile

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x

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Adverse Possession Color of title

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Possession under color of title is considered hostile.

An adverse possessor has color of title if she mistakenly believes that the property belongs to her, because a defective deed or other document says that it's hers

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Adverse Possession Continuous & uninterrupted

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The adverse possessor's occupation and use of the property must be continuous and uninterrupted for the period specified by state statute.

In California, the required period is usually five years.

In some cases, successive periods of continuous and uninterrupted possession by a series of adverse possessors add up to the required statutory period.

This is known as tacking.

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Adverse Possession Payment of property taxes

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Finally, the adverse possessor must pay property taxes on the property in question during the period of adverse possession

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Accession

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x

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Accretion

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x

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Reliction

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x

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Avulsion

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x

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Title Insurance

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x