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30 Cards in this Set
- Front
- Back
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Voluntary Alienation
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Need to be alive to voluntary transfer of title. By either selling or making a gift of the property. Must use some form of deed to transfer.
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Deed
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A written instrument or grant to transfer title or interest to another
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Who is the Grantor
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The owner who transfers title and the one that signs the deed.
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Who is the Grantee
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The person who is acqiring title
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What 8 things must a deed contain to be valid?
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1. Grantor (legal age & sound mind)
2. Grantee (resonable certainty to be identified) 3. Recital of Consideration (something of worth in exchange) 4. Granting Clause (words of conveyance) 5. Habendum Clause (define ownership taken by grantee) 6. Legal description of prop. and any limitations, exceptions & reservations if applicable 7. Grantor's signature 8. Delivery & Acceptance |
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What 4 things are NOT required for a valid transfer by deed?
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Acknowledgement
Grantee's signature No notary seal Doesn't have to be recorded |
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What is a habendum clause?
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Starts with "to have and to hold" and explains or defines ownership to be enjoyed by the grantee.
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How would a legal description (on a deed) be defined?
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by either metes-and-bounds and or a lot-and-block description.
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What is an Attorney-In-Fact?
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The person designated by a power of attorney to act on behalf of the principal.
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When is a title said to "pass?"
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When a valid deed is delivered and accepted.
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What is an acknowledgement (in regards to deeds)
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A formal declaration that a person who is signing a written document does so voluntarily and the person's signature is genuine.
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General Warranty Deed
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Provides a grantee w/the greatest estate or greatest protection of any deed. The grantor is legally bound by certain convenants or warranties.
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What are the 5 basic warranties to a general warranty deed?
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1. Covenant of Seisin (grantor has right to convey title)
2. Covenant against encumbrances (warrants property free from any liens or encumbrances - except listed) 3. Covenant of quiet enjoyment (title will be good against 3rd parties bringing court actions ) 4. Covenant of further assurance (promises to obtain & deliver instrument needed to make title good) 5. Covenant of warranty forever(gurantees to compensate the grantee for loss sustained if title fails in future) |
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What are the 2 warranties in a Special Warranty Deed?
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1. Warranty that grantor received title
2. Warranty that property was not encumbered by grantor |
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Bagain & Sale Deed
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No express warranties. Impied convenant of ownership. Grantee has little legal recourse if title defects later appear.
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When is a Bargain & Sale Deed typically used?
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Foreclosures and tax sales
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What is the least protection deed?
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Quit Claim Deed
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Quit Claim Deed
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Provides no warrantys or covenants. Typically used to remove cloud on title
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What 2 deeds will fall under special warranty deed?
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Deed in Trust and Trustee's Deed
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Trustee's Deed
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Used when a trustee conveys real estate held in the trust to anyone other than the trustor.
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Transfer Tax
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A tax of 1% (in PA) imposed on the full consideration paid for the real estate (could also allow local imposings as well.)
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What is Involuntary Alienation?
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Transferring of property without owner's consent. Usually carried out by operation of law.
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What are 4 methods under Involuntary Alienation?
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1. Escheat
2. Eminent Domain 3. Foreclosure 4. Adverse Possession |
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What is Intestate
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Owner dies without a will & property passes to the decendent's heirs according to the statue of descent & distribution.
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Probate refers to?
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Judicial process that confirms the validity of a will and accounts for the decedent's assets.
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What is a holographic will?
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A handwritten will (permitted in PA)
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What is a nuncupative will?
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Given orally and put into writing by a witness (permitted in PA)
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What is a codicil?
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Any modifications, amendments, or additions to a previously executed will set forth in a separate document.
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What is Devise:
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The gift of real property by will.
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What is a Devisee:
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Legally an heir who receives property by the law of descent
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