Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
Voluntary Alienation |
Term for transfer of title during the property owners lifetime |
|
|
Requirements for a valid deed |
9 different requirements. 1.Grantor who is competent 2. Grantee to be named 3. Statement of consideration 4. Granting clause ( words of conveyance) 5.Habendum clause ( defines ownership right) 6. Accurate legal description 7. Any relevant exceptions or reservations 8. Acknowledgment signature from grantor 9. Delivery of deed and acceptance by grantee to pass title |
|
|
Types of deeds |
General warranty deed Special warranty deed Bargain and sale deed Quitclaim deed Deed of trust Reconveyance deed Trustee's deed Deed executed to a court order |
|
|
General warranty deed |
Provides the greatest protection. 5 covenants |
|
|
Special warranty deed |
The grantor received title, and property was not encumbered during time grantor owned property |
|
|
Bargain and sale deed |
Implication grantor holds title and possession |
|
|
Quit claim deed |
Least protection. Used to convey less than fee simple absolute or to cure a title defect. |
|
|
Deed of trust |
Conveyance from trustor to trustee |
|
|
Reconveyance deed |
Conveyance from trustee to trustor |
|
|
Trustees deed |
Conveyance from trustee to third party |
|
|
Deed executed pursuant to a court order |
Conveyance from a will or court order |
|
|
Transfer declaration |
Full sales price of property, legal description, the type of improvement, address date and type of deed, and weather the transfer is between relatives or court order. |
|
|
Involuntary alienation |
Not voluntary. Foreclosure, etc |
|
|
Adverse possession |
Open, notorious , continuous, hostile, adverse |
|
|
Testate |
With will |
|
|
Intestate |
No will |
|
|
When a person dies ownership passes to? |
Co owner by virtue of joint tenancy with right of survivorship or tenancy by entirety, the party or parties named in will, statutory heirs determined by state. |
|
|
Joint tenancy and tenancy by entirety court action to transfer? |
No only death certificate should be filed so its apart of record on ownership |
|
|
Title passed by will court action? |
Yes through probate |
|
|
Testator |
Person making will |
|
|
The gift of real property is known as? |
Devise |
|
|
Bequest of legacy? |
Gift of personal property |
|
|
Nuncupative |
Oral will |
|
|
holographic |
Hand written will |
|
|
Condicil |
A separate document to modify or add to previously made will |
