Property Vii

Front 1

Marketable Title

Back 1

free from reasonable doubt about whether the seller can convey the right he purports to convey

Front 2

Encumbrances

Back 2

Constitutes a defect in the title

1. Mortgage: outstanding mortgage

2. Easements: defect if it reduces teh full enjoyment of the premises

3. use restrictions

4. Land-use and zoning violations: violation of a zoning ordinance usually IS treated as an encumbrance NOT violation of building codes

Front 3

mortgage

Back 3

financing agrrangment in which the person buying property recieves a loan and the property is pledged as security tot guarantee repayment of the loan

Front 4

Forclosure

Back 4

process by which the mortgagee may reach the land to satisfy the mortgage debt if teh mortgagor default

Front 5

deed

Back 5

document which acts to pass title from grantor to the grantee

Front 6

2 types of deeds

Back 6

quitclaim & warranty

Front 7

quitclaim deed

Back 7

grantor makes no covenant that his title is good

Front 8

warranty deed

Back 8

grantor makes one or more promises about the state of the title

Front 9

Covenants for title in warranty deed

Back 9

seisin and conveyance

against encumberances

quiet enjoyment and warranty

Front 10

seisen and conveyance

Back 10

grantor is warranting that he holds the type of estate which he purports to convey (present)

Front 11

against encumbrances

Back 11

promise that there are no encumbrances against the property, no impediments to title which do not affect the fee simple but which diminish the value of the land (present)

Front 12

quiet enjoyment and warranty

Back 12

grantee will be entitled to continued possession of the land in the future (future)