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9 Cards in this Set
- Front
- Back
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Parol evidence generally will not be admitted to show
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oral conditions on the delivery of a deed given to a grantee
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Void Deed
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deeds that are void will be set aside by a court even if the property has passed to a bona fide purchaser.
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Voidable deeds
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voidable deeds will be set aside only if the property has not passed to a bona fide purchaser.
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fraudulent conveyance
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Under the Uniform Fraudulent Transfer Act, which nearly all states have adopted, a conveyance is fraudulent if the grantor/debtor actually intended to hinder, delay, or defraud a creditor; or if the grantor
(i) did not receive a reasonably equivalent value in exchange for the transfer and (ii) was insolvent or became insolvent as a result of the transfer. However, such a conveyance will not be set aside as against a grantee who took in good faith and paid reasonably equivalent value (i.e., a bona fide purchaser). |
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special warranty deed
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the grantor covenants against only the title defects he himself created, and not those created by his predecessors. Statutes in many states provide that the use of the word “grant” in a conveyance creates by implication limited assurances against acts of the grantor but not the grantor's predecessors.
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general warranty deed
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deed, the grantor covenants against title defects created by both himself and all prior titleholders. The usual covenants for title include present covenants, which can be breached only at the time of conveyance; and future covenants, which can be breached only upon eviction (i.e., interference with the possession of the grantee or his successors by someone with better title).
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quitclaim deed
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the grantor releases whatever interest he has in the property, if any. Thus, a quitclaim deed contains no covenants warranting the grantor’s title.
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Notice
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subsequent purchaser who pays valuable consideration and takes without notice of the prior conveyance prevails over a prior grantee who failed to record. A notice statute is a recording act that alters the common law rule of “first in time, first in right” to protect a subsequent bona fide purchaser (“BFP”)—i.e., one who pays valuable consideration and lacks notice of the prior conveyance. A notice statute requires only that the subsequent purchaser have no actual or constructive (i.e., record or inquiry) notice at the time of the conveyance. While a prior grantee can prevent the existence of a subsequent BFP by recording, a BFP will be protected even if she does not record.
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race notice
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Under a race-notice statute, a subsequent BFP prevails over a prior grantee only if she records before the prior grantee.
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