Term
|
Definition
| the right to or ownership of the land; it represents the owner's bundle of legal rights. |
|
|
Term
|
Definition
| voluntary transfer of title. |
|
|
Term
|
Definition
| The written instrument by which an owner of real estate intentionally conveys the right. title, or interest in the parcel of real estate to someone else. Required by the statute of frauds. |
|
|
Term
| Requirements for a valid deed |
|
Definition
1. Grantor has legal competency to sign deed.
2. Grantee named with reasonable certainty to be identified.
3. Statement of consideration
4. Granting clause (words of conveyance).
5. Habendum clause (defines type of ownership).
6. Accurate legal description of the property conveyed.
7. Relevant exceptions or reservations.
8. Signature of the grantor, which must be ackowledged (notarized).
9. Delivery and acceptance by grantee. |
|
|
Term
|
Definition
| States the grantor's intention to convey the property. The words used may differ for fee simple or life estates or other. |
|
|
Term
|
Definition
| may follow the granting clause. Defines or explains ownership. |
|
|
Term
| Exceptions and reservations |
|
Definition
| Defines encumbrances, reservations or limitations that affect the title being conveyed. |
|
|
Term
|
Definition
| Formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine. |
|
|
Term
| Two rules of corporate deeds |
|
Definition
1. Can convey real estate only by authority granted in its bylaws or by a proper resolution passed by its board of directors.
2. Deeds to real estate can be signed only by an authorized officer. |
|
|
Term
|
Definition
| Provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties. |
|
|
Term
| 5 basic covenants of a general warranty deed |
|
Definition
1. seisin
2. Against encumbrances
3. Quiet enjoyment
4. Further assurance
5. Warranty forever |
|
|
Term
|
Definition
Grantors own that they own the property and have the right to convey title to it.
Possession.
Grantee may recover damages up to the full purchase price if this covenant is broken |
|
|
Term
| Covenant against encumbrances |
|
Definition
| Property is free from liens or encumbrances except for any specifically stated in the deed. Grantee may sue for the cost of removing any encumbrances. |
|
|
Term
| Covenant of quiet enjoyment |
|
Definition
| Grantee's title will be good against third parties who might bring court actions to establish superior title to the property. |
|
|
Term
| Covenant of further assurance |
|
Definition
| Grantor promises to obtain and deliver any instrument needed to make the title good. |
|
|
Term
| Covenant of warranty forever |
|
Definition
| The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future. |
|
|
Term
|
Definition
Contains two basic warranties.
1. Grantor received title
2. That the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed. |
|
|
Term
|
Definition
| contains no express warranties against encumbrances. Implies that the grantor holds title and possession of the property. May included a covenant against the grantor's acts. |
|
|
Term
|
Definition
| provides the grantee with the least protection of any deed. Carries no covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered. |
|
|
Term
|
Definition
| the means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary. |
|
|
Term
|
Definition
| is used by a trustee to return title to the trustor. |
|
|
Term
|
Definition
| Used when a trustee conveys real estate held in the trust to anyone other than the trustor. |
|
|
Term
| Deed executed pursuant to a court order |
|
Definition
Executor's, administrator's, masters', sheriffs', and many others.
Full consideration is usually stated in the deed |
|
|
Term
|
Definition
| tax is payable when the deed is recorded. Stamps may be purchased before the documents can be recorded. |
|
|
Term
| Transfer declaration form |
|
Definition
Must state:
the full sales price of the property
legal description
type of improvement
address, date, and type of deed
whether the transfer is between relatives or in accordance with a court order. |
|
|
Term
|
Definition
| usually carried out by operation of law. |
|
|
Term
| Transfer by adverse possession |
|
Definition
| an individual who makes claim to certain property takes possession of it and, most important, uses it may take title away from an owner who fails to use or inspect the property for a period of years. |
|
|
Term
| Possession of a claimant of adverse possession must include all of the following |
|
Definition
| Open, Notorious, Continuous, Hostile, Adverse. |
|
|
Term
|
Definition
| the gift of real property by will |
|
|
Term
|
Definition
| person who receives real property by will |
|
|
Term
|
Definition
| A formal judicial process that confirms the validity of a will, determines the precise assets of the deceased person, identifies the people to whom asset are to pass. |
|
|
