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9 Cards in this Set
- Front
- Back
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A deed that carries an expressed warranty w/o limitations. (What they have at that moment and what might come to them later).
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General Warranty Deed
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Only the grantor , his heirs, or assigns is bound by the warranty and the grantor does NOT assume other liability for other (previous) owners. (Convey in exactly the same tact that it was received; cannot promise what may have happened before them.)
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Special Warranty Deed
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Preferable to a Quit Claim Deed in that it does not raise the same problems. There is no requirement that a deed contain a warranty.
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Deed Without Warranty
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Carries no warranty, merely grants to grantee whatever interest the grantor MAY have in the property at the time.
PROBLEMS: 1. Gives constructive notice to grantee that there may be a defect in the title. 2.Does not convey after-acquired title. 3.Does not qualify as a "deed" under the Five Year Statute of Limitations(Re:Adverse Possession) |
Quit Claim Deed
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Involuntary conveyance of title that binds the owner of the title. Originates out of litigation. Ex. Sherriff's Deed for Judgement in a lawsuit
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Court Ordered Deeds
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In instances where joint interests in real property are held by joint owners, a division of the jointly owned property can occur:
A. Court Decree resulting from a partition lawsuit B. A mutually agreed Partition Deed. |
Partition Deed
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When the property held by joint owners consists of property, that because of its nature, cannot be divided equally. It is divided and the inequality is balanced by granting liens to parties whose interest is less.
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Owelty Deed
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Purpose: If the property is deeded to a married person, the property becomes part of their separate estate, not the community property of the couple. ** If contains vendor's lien, may be problem unless the party can verify that the payments were/are made from separate funds.
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Gift Deed
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Should reference the instrument being corrected and recite the reason for the correction as well as the corrected or substituted language. It must be executed by ALL the original parties(Grantors and Grantees) or their hiers or assigns. Changes affect the terms of the original transaction and all parties must agree to this change. **Need to make sure that original grantees join correction instrument.
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Correction Deeds
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