Topic 5- Fil 260

Front 1

What are a couple of Transfer of Title to Real Estate?

Back 1

Involuntary- ownership transfers not by choice of the prior owner, but rather by action of law
Voluntary-ownership transfers because the owner chooses to sell his/her interest in real estate

Front 2

What are the 6 Involuntary transfer title to real estate?

Back 2

1. Condemnation
2. Adverse Possession
3. Foreclosure
4. Partition
5. Community property
6. Escheat

Front 3

What are the 5 Voluntary transfers of title to Real Estate?

Back 3

1. Patent
2.Sale
3. Will
4. Intestate succession
5.Gift

Front 4

For a will to be valid, it must be:

Back 4

Testamentary capacity
Be in writing
Be signed
Be witnessed

Front 5

To have a testamentary capacity:

Back 5

Know in general terms, nature and extent of property owned
Know who "natural objects of his/her bounty"are
Understand how he/she wants property to be distributed

Front 6

What are the important points for a Gift?

Back 6

1. A promise to give a gift generally is not legally binding (if no value/consideration is received)
2. Once completed, though, a gift can't be revoked
3. You need not accept a gift
4. It is illegal to give property away to shield it from creditors

Front 7

What is a deed?

Back 7

legal document that transfers rights in real estate from a grantor to a grantee, must be in writing, adequately describe the parties and the property involved, contain words of conveyance

Front 8

What are the types of deeds?

Back 8

1. General Warranty deed
2. Special Warranty deed
3. Grant deed
4.Quitclaim deed

Front 9

What are the 5 guarantees, or warranties of assurance to the grantee?

Back 9

1. Covenant of seizin- grantor assures that she has good title & right to convey it
2. Covenant of quiet enjoyment- grantor assures the grantee's use & enjoyment of property will not be disturbed by anyone claiming title, whether or not through grantor's ownership
3. Covenant against encumbrances- grantor assures that there are no limitations on the owner's rights (easements, leases) other than those specified
4. Covenant of further assurance- grantor assures that she will take any further action necessary to protect the grantee's claim of title
5. Covenant of warranty forever- grantor assures that she will forever warrant that the title passed to the grantee is good

Front 10

What is General warranty deed?

Back 10

the words of conveyance are convey and warrant

Front 11

What is Quitclaim deed?

Back 11

the words of conveyance are convey and quitclaim; giving up my claim--specifies only that the grantee gets whatever interest the grantor has
**used to clear "clouded"

Front 12

What is the reason for recording?

Back 12

to give the public notice and give constructive notice to the innocent 3rd party

Front 13

The 2 types of notices are:

Back 13

1. Third party has actual notice if: He knew about someone's interest or An inspection of the premises would have revealed the likelihood that someone had an interest
2. Third party has constructive notice if: He knew about someone's interest or A search of documents properly recorded at the local court house would have revealed someone's interest

Front 14

What happens if problems arise?

Back 14

1. The elected local county recorder of deeds makes a mistake
2. A properly recorded and indexed deed can't be located through a proper search of public records