Unit 6 Transfer Of Title

Front 1

Alienation

Back 1

Act of conveying ownership or transferring title of real estate from on party to another

Front 2

Private Grant

Back 2

Is from individuals to individuals, using a deed

Front 3

Public Grant

Back 3

Is from government to individual, using a land patent

Front 4

Dedication

Back 4

Is from individuals to the government, by recording a plat

Front 5

Characteristics of conveyance deeds:

The parties are Owner/Seller, who is the _____________.

Back 5

Grantor

Front 6

Characteristics of conveyance deeds:

The parties are __________, who is the grantee.

Back 6

Buyer

Front 7

Who is required to provide a written deed of real property?

Back 7

Seller

Front 8

The major difference between types of deeds is the __________ given by the grantor to the grantee.

Back 8

Extent of the promise

Front 9

Are deeds a guarantee or prove ownership?

Back 9

No.

Recording deeds provide very strong evidence of ownership.

Front 10

In order for a title to transfer, are deeds required to be recorded?

Back 10

No.

Title transfers with acceptance by the grantee.

Front 11

What are the 7 Essential Elements is a valid deed?

Back 11

1. Competent grantor

2. Execution by the grantee

3. Identifiable grantee

4. Legal description of the land

5. Consideration

6. Words of Conveyance

7. Delivered to and accepted by the grantee

Front 12

Competent Grantor

Back 12

18 years of age

Sane

Sober

Front 13

Execution by the Grantor

Back 13

Deed must be signed by all owners to convey the property

Front 14

Identifiable Grantee

Back 14

Need not be competent

Front 15

Legal Description of Land

Back 15

Describes only the land

appurtenances are presumes to transfer with the land unless specifically excluded

Front 16

Consideration

Back 16

Money are something of value

Front 17

Words of Conveyance

Back 17

AKA - Granting Clause

States the seller is making a grant that conveys or transfers the warranties of the deed

Front 18

Delivery to and acceptance by the Grantee

Back 18

Title passes upon acceptance by grantee

Front 19

3 types of conveyance deeds

Back 19

1. General warranty deed

2. Special limited warranty deed

3. Quitclaim deed

Front 20

General Warranty Deed

Back 20

1. Includes the most promises or covenants

2. Greatest protection for the Grantee buyer

3. Contains 5 covenants and warranties of title

Front 21

What are the 5 covenants and warranties of title?

Back 21

1. Covenant of seisin

2. Covenant of quiet enjoyment

3. Covenant against encumbrances

4. Covenant of further assurance

5. Warranty forever

Front 22

Covenant of Seisin

Back 22

Grantor owns and has right to convey

Front 23

Covenant of Quiet Enjoyment

Back 23

Grantee will not be disturbed by others claiming title to the property

Front 24

Covenant against Encumbrances

Back 24

No undisclosed encumbrances (liens, restrictions, easements)

Front 25

Covenant of further assurance

Back 25

Future cooperation in signing additional documents

Front 26

Warranty Forever

Back 26

Guarantee of defense of title against claims such as liens or easements

Front 27

Special Warranty Deed

Back 27

1) Grantor only warrants title against defects that may have arisen during grantors ownership NOT those of earlier property owners

2) No warranties against previous encumbrances

Front 28

Quitclaim Deed

Back 28

1. Least liability for the Grantor or Seller

2. No covenants or warranties

a) used to clear clouds on title (problem solvers)

b. Would use when grantor wants NO FURTHER claims or liabilities

Front 29

A will must go through ________ in order for the devisee to receive real property.

Back 29

Probate

Front 30

What is a testator?

Back 30

Person who has the will

Front 31

Define: Devise

Back 31

Act of transferring a deceased persons interest in real property to another, deed

Front 32

Define: Bequest

Back 32

Act of transferring a deceased persons interest in personal property to another, bill of sale

Front 33

What are the advantages of having a will?

Back 33

All heir are known so no chance of escheat

Front 34

Intestate Succession

Back 34

No will

Heirs/descendants are determined by state law

No heirs property will escheat with the state

Front 35

What are they 2 types of involuntary alienation?

Back 35

1. Adverse possession

2. Easement by prescription/prescriptive easement

Front 36

Adverse Possession

Back 36

Ownership recognized by the courts after open, continuous, exclusive, actual and notorious (hostile) possession of another’s land for a certain period of time set by state law.

Front 37

Easement by prescription

Back 37

Easement recognizes by the courts after open, continuous, exclusive, actual, and notorious (hostile) use of another’s land for a certain period of time.

Front 38

What does OCEAN mean?

Back 38

O - Open

C - Continuous

E - Exclusive

A - Actual

N - Notorious (hostile)

Possession or Use must me this!