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23 Cards in this Set
- Front
- Back
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Grantor |
Person selling property |
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Grantee |
Person buying property |
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Deed |
Contract between grantor and grantee. Buying real estate makes me happy. |
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3 Main Types of Deeds |
1. General Warranty 2. Limited / Special Warranty 3. Quitclaim |
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General Warranty Deed |
Assures grantor that he has legal title and can sell to grantee. Protects grantee rights to newly acquired property. Strongest title |
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Special / Limited Warranty |
Grantor warranties title for the period they owned it. BUT no time before they owned it. Does not guarantee against encumbrances. deeds from trustees. Sheriffs. Referees in bankruptcy |
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Quitclaim deed |
No Warranty No assurance of ownership Used to remove CLOUD ON TITLE |
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5 parts of a deed |
Premises Habendum Execution Acknowledgment |
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Deed must have what to make it valid? |
Notarized signature of grantor-seller |
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The transfer of property... |
Alienation |
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Unwilling transfer of property... |
Involuntary Alienation |
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Land contract |
Does not provide deed at closing. Also called contract for deed. It is seller financed transaction. |
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Bargain and sale deeds |
No warranties Only assures the interest in the property of the grantor |
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Trustee deed |
Used to transfer property from a trust |
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Referees Deed |
Used in forclosures |
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Cloud on title |
Title defect Not clear who owns property. |
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Parts of a deed- Premises |
Gives names. Facts. Words of conveyance. Legal description. |
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Parts of Deed- Habendum |
“To have and hold” Describes any limit in ownership. “To have and hold forever” “To have and to hold for life” |
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Parts of a Deed- Testimonium |
Contains any applicable warranties |
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Parts of a Deed- Execution |
Date. Signature and seal - if applicable. |
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Parts of a Deed- Acknowledgment |
Attestation of public officer. -notary- Not required for transfer. But it is required for the deed to be recorded |
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Seller finances the sale and doesn’t transfer title until final payment is made. |
Contract for Deed |
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Arrangement for agent to accept delivery of deed |
Delivery in escrow |
