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38 Cards in this Set

  • Front
  • Back
1. The right to or ownership of land.

2. Evidence of ownership of land.
Ways in which parcel of land may be transferred from one owner to another.
1. Voluntary alienation - (by sale or gift).
2. Involuntary alienation - (by operation of the law).
3. Will or Descent - (after an owner's death.
Voluntary Alienation
Transferring a parcel of land from one owner to another by giving or selling it.
All voluntary alienations require use of a deed.
A grant or franchise of land given by the government to an individual.
Voluntary Alienation
The voluntary transfer of private property by its owner to the government for public use, such as for streets or schools.
A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
Requirements for a Valid Conveyance (Transfer of Ownership) by Deed
> Competent Grantor
> Identified Grantee (No Fictitious Name).
> Consideration Clause ($ or love and affection).
> Granting Clause (Grant / When)
> Habendum Clause (Fee Simple, Life Estate, Easement)
> Legal Description
> Exceptions, Reservations, Limitations ("Subject to" clause - Encumbrances noted)
> Grantor's Signature (May be Attorney-In-Fact or Cooperation)
> Delivery and Acceptance (The moment when title actually passes from one owner to the other.)
The person transferring title to or an interest in real property to a grantee. The giver or the seller.
> Must have a legal existence.
> Must be of lawful age.
> Must be legally competent.
> Name must be speeled correctly on all transactions.
Person who receives a conveyance of real property from a grantor.
Consideration / Consideration Clause
> What is received by the grantor in exchange for the deed.
> Something of vvalue that induces a person to enter into a contract.
All deeds must contain a consideration clause acknowledging the grantor's receipt of something of value. Usually money if the property is sold or love and affection if the property is a gift.
Granting Clause
Words in the deed of conveyance that state the grantor's intention to convey the propert at the present time. This clause is generally worded as "convey and warrant", "grant", etc.
Habendum Clause
Part of the deed beginning with the words, "to have and to hold", following the granting clause and defining the extent of ownership the grantor is conveying.
(Fee simple, Life Estate, Easement, etc.)
Exceptions and Reservations
("subject to" clause)
Specific notation of any encumbrances, reservations, or limitations that affect the title being conveyed. May include: mortgage liens, taxes, restrictions, and easements.
A grantor may also reserve some right in the land for his own use or place certain restrictions on the grantee's use of the property.
A form of declaration voluntarily made by a person who is signing a formal, written document before a notary public or authorized public officer. The acknowledgement provides evidence that the signature is genuine.
Delivery and Acceptance of Deed
The time at which title or ownership to real property actually transfers.
Types of Deeds
> Warranty Deeds (General Warranty Deed or Special/Limited Warranty Deed
> Grant Deeds
> Bargain and Sale Deeds
> Quit Claim Deeds
> Deeds in Trust
> Trustee's Deed
> Deed Under Court Order
General Warranty Deed
A deed in which the grantor fully warrants good clear title to the premises. Offers the greatest protection.
> Best deed for grantee
> Grantor warrants entire chain of title
> ...will forever warrant and defend the title against the claims of all claimants whosoever.
> Sales contract requires use
General Warranty Deed -
Five Basic Convenants or Warranties made by the Grantor
> Covenant of Seizin - Grantor is the owner of the property and has the right to convey title to it.
> Covenant Against Encumbrances - No encumbrances exist that are not listed.
> Covenent of Quiet Enjoyment - No 3rd party will challenge the deed.
> Covenent of Futher Assurance - Grantor will do anything to assist in securing the deed.
> Covenant of Warranty Forever - If the title ever fails, the grantor will compensate the grantee for their loss.
Special Or Limited Warranty Deed
A deed in which the grantor warrants only that the property was not encumbered during the time he held title, except as noted in the deed. Commonly used by Trustees, Guardians, Court Ordered Sales, and Corporate Relocation Companies.
Quitclaim Deed
A deed, providing the least protection for the grantee, in which the grantor transfers whatever interest he has in the real estate without warranties or obligations.
Deeds in Trust
Used to convey real estate to a trustee, usually in order to establish a land trust or living trust.
Trustee's Deeds
A deed of conveyance normally used when a trustee named in a will, agreement, or deed in trust sells or conveys title to real estate out of the trust.
Deeds Under Court Order
A deed used to convey title to property that is transferred by court order or by will and states the full amount of consideration ($).
Involuntary Alienation
When title to property is transferred without the owner's consent, through operations of law, court orders, and natural forces.
Involuntary Alienation -Operations of the Law
> Escheat - Person dies living no heirs and the property passes to the state.
> Eminent Domain - Through condemnation action.
> Adverse Possession - Loss of land due to lack of use and someone makes claim to it.
Involuntary Alienation -
Court Order
Title to real property is transferred under the dictates of the court. Forclosure (to pay real estate taxes, mortgage loans, mechanics' liens, and judgment liens), partition action (to terminate joint tenancy or tenancy in common), & bankruptcy.
Involuntary Alienation -
Natural Forces
Owners of land bordering on rivers, lakes, oceans, and other bodies of water may acquire or lose land through natural forces.
The slow increase in land mass caused by alluvion, the accumulation of silt (soil, rock, and other matter) deposited by the movement of water.
The increase in land mass caused by the gradual withdrawal of water from along a shore, whech uncovers more land.
The loss of land due to the gradual wearing away of land by the action of water and wind.
The sudden tearing away of land generally caused by a change in the course of a river or other body of water.
The legal process of acquiring title to additions to real property as a result of the land being added to the land mass of an owner through accretion and reliction.
Aquisition & Transfer of Title by Will -
Testate (Owner has a will)
A last will and testament is made by an owner to voluntarily convey title to his property after death.
A supplement, an amendment, or addition to a will, executed with the same formalities as a will, that normally does not revoke the entire will.
A gift of real property by will. The donor is the divisor, and the recipient is the devisee.
A gift of personal property by will.
Types of Wills
> Formal or Witnessed Wills - Prepared by an attorney. The testator signs signs in front of 2 or more witnesses. Witnesses must sign will. Typed or preprinted form.
> Holographic Will (Handwritten Will) - Prepared , dated, and signed in the testators own handwriting with no witnesses. Not recognized in GA.
> Nuncupative Will (Verbal Will) - Must be committed to writing within 30 days. Can bequeath personal property of only $1000 or less in value.
Transfer of Title by Descent - (Intestate - Involuntary)
Acquisition of an estate by inheritance in which the owner died without a will and an heir succeeds to the property by operation of law. The court will appoint an administrator of the will and the laws of descent and distribution for the state will determine "next of kin."