Real Estate Ch 12

Front 1

Deed

Back 1

written document that conveys title to real property.

A form of evidence of ownership, but is not complete evidence.

Front 2

grantor / grantee

Back 2

Giver / Receiver

Front 3

a deed is a ________ wile a title is an intangible _____ or privilege of ownership.

Back 3

piece of paper and right

Front 4

Quitclaim Deed

Back 4

used to have a party either give up or transfer whatever ownership interest they have, if any.

Front 5

Warranty Deed

Back 5

provides a warranty or guarantee of good title.

Special or General

Front 6

Special Warranty Deed

Back 6

provides a good title by the grantor only and not for previous owners. No act or omission was taken to create a claim

grantor will defend title against claims during his ownership.

(will defend against claims in, under, or through them)

Front 7

General Warranty Deed

Back 7

provides guarantee of good title back through the chain of title.

Provides greatest liability to grantor and strongest protection for grantee.

(will defend against claims from all mankind)

Front 8

5 Covenants in Warranty Deeds

Back 8

Seisin

Against Encumbrances

Quiet Enjoyment

Further Assurance

Warranty Forever

Front 9

Covenant of Seisin

Back 9

Warranty that the grantor is the owner and has the right to convey title

Front 10

Covenant against encumbrances

Back 10

assures that property is free of encumbrances except what is already listed

Front 11

covenant of quiet enjoyment

Back 11

grantor will defend against claims from 3 parties.

Front 12

covenant of further assurance

Back 12

grantor will provide any documents needed

Front 13

covenant of warranty forever

Back 13

grantor will pay the grantee in damages if the title is not good an or fails at any time in the future ownership.

Most common deed. PA uses fee simple deed of special warranty

Front 14

Bargain and sale deed

Back 14

no warranty of good title

implies a good title so it is better than quitclaim.

Front 15

Sheriff's deed

Back 15

Issued by the sheriff as the result of a sale.

Front 16

guardians deed

Back 16

legal guardian of a minor conveys the title according to authority of court.

Front 17

Executor's deed

Back 17

used by the person designated in a will to administer an estate.

Front 18

Administrators deed

Back 18

When someone dies without a will.

Front 19

Trustor

Back 19

originator of trust

Front 20

trustee

Back 20

receives title from trustor and is caretaker of it

Front 21

beneficiary

Back 21

final party who may either receive title or benefit from trust

Front 22

2 Conveyances in a trust

Back 22

1st: from trustor to trustee is a trust or trustor deed.

2nd: from trustee to beneficiary is a trustee's deed.

Front 23

Lien Theory

Back 23

Note and Mortgage

Front 24

Title Theory

Back 24

Deed of Trust

Front 25

Deed of trust or Trust deed

Back 25

used to create the trust agreement.

- borrower give promissory note to lender

- borrower conveys title to a trustee

- when loan is paid title conveyed to borrower.

Front 26

7 Necessary Components for a Valid Deed

Back 26

1) in writing

2) have a grantor and grantee

3) exchange something of value

4) words of conveyance

5) legal description

6) grantor's signature

7) Delivery and acceptance

Front 27

Granting Clause

Back 27

part of a deed where the particular ownership interest being conveyed is identified.

Front 28

Words of Conveyance for Fee Simple Estate

Back 28

"grantor conveys the title to real property to the grantee and his heirs and assigns forever"

Front 29

Words of Conveyance for Life Estate

Back 29

Grantor conveys the title to real property to the grantee for the life of the grantee

Front 30

Words of Conveyance for Defeasible Fee Estate

Back 30

Grantor conveys the title to real property to the grantee as long as the grantee farms the land

Front 31

Habendum

Back 31

"To have and to hold"

Further clarification for a title being conveyed

Front 32

Restrictions Section

Back 32

Contains exceptions and limitations.

identifies encumbrances, easements, and restrictive covenance.

Front 33

Acknowledgment Section

Back 33

Not required for valid conveyance, but is required for deed to be recorded.

Notary public or other public official recognizes in writing that each person signing deed is:

1) doing it voluntarily

2) has shown identification

Front 34

Delivery and acceptance of the deed

Back 34

When the grantor delivers the deed and the grantee accepts the deed.

Front 35

Eligibility for recording

Back 35

1) In Writing

2) Signed

3) Acknowledged

Front 36

Recording

Back 36

entering it into the public record

Front 37

Constructive notice

Back 37

official awareness to the public and entire world that occurs when recorded in the court house.

this allows public access to records.

Front 38

Actual Notice

Back 38

the information that a person knows about real property

Front 39

Priority of Recording

Back 39

in the event that there are 2 deeds showing ownership to the same property the deed that is recorded first has the best evidence of title.

Front 40

Why record a deed?

Back 40

would not be recorded as owner of record in court house

this would prevent ability to get title insurance later.

another deed for same property would establish priority in recording

Front 41

Documents that are usually recorded

Back 41

Deed

Mortgage

Long Term Lease

Assignment of Mortgage

Lis Pendens

Mortgage Satisfaction

Mechanical Liens

Easements

Installment Contracts

Front 42

Documents not usually recorded

Back 42

Agreement of Sale

Promissory Note

Short term lease

listing contract

buyer agency contract