Term
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Definition
| a written instrument by which an owner of real property transfers or conveys that ownership to another |
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Term
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Definition
| convey only the grantors present interest in real estate, rather than th real estate itself...used when the grantor knows the title held has a flaw |
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Term
| Warranty Deed/General Warranty Deed |
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Definition
| contains certain assurances or warranties by the grantor that the deed conveys a good and unencumbered title |
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Term
| What are covenants of title and what do they entitle? |
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Definition
-warranties that the title is good and unencumbered
- Covenant of Seizan-Grantor has good title
- Covenant against encumberances
- Covenant of Quiet Enjoyment-will not be evicted with another having a better title
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Term
| What do encumberances include? |
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Definition
| any lien, sucha as a mortgage, tax lien, or judgement lien; an easement; a restriction on the use of the land; or an outstanding dower right |
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Term
| In Florida, what words can be used to still read the covenants of title in full |
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Definition
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Term
| Special Warranty Deed/Grant Deed |
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Definition
| the grantor covenants only against the lawful claims of all persons claiming by, through, or under the grantor...grantor liable if the grantee is disturbed by some claim arising through an act of the grantor, but not the grantors predecessors of title |
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Term
| Deed of Bargain and Sale/Deed without Covenants |
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Definition
| convey the real property and not merely the grantors interest...so they are not quitclaim, and they do not include warranties, so not warranty deeds |
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Term
| Essential elements of a deed |
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Definition
- competent grantor
- grantee
- recitial of consideration
- words of conveyance
- adequate description of land
- signatures of grantor and spouse
- delivery of completed instrument to the grantee
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Term
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Definition
| conveys the property...name used and true name can differ and spelling as well...the grantors name must appear in the body of the deed unless it says "I hereby convey" or "Undersigned" |
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Term
| Competancy of the Grantor |
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Definition
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Term
| It is necessary for the grantor's spouse to join in the deed for the following reasons(5) |
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Definition
- Involving the homestead
- A wife has certain rights in the land
- Husband may have curtesy, dower, or other rights in the land owned by his wife, and his signature is required to relinquish
- Community Property
- Some states give interest to spouse after divorce
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Term
| Does the grantee need to be named? |
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Definition
| Not if the grantee is sufficiently described |
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Term
| if the grantee is a corporation, what are the matters to check? |
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Definition
- Does it exist?
- Is any foreign corporation in the deal duly licensed in the state?
- If a parternship is involved, how should the deed read?
- Does the parternship exist?
- If foreign parternship, licensed?
- How should a deed to a trust run?
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Term
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Definition
| the value given for a conveyance of land...usually recites "$10.00 and other good and valuable consideration"...some states require actual |
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Term
| How can one find the selling price of a property if not stated in public record? |
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Definition
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Term
| Deeds normaly can not be set aside for failure of consideration, but what is the exception? |
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Definition
| If an elder or parent grants real estate to their son or a nursing home, in return for support for the rest of their lives |
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Term
| What are the requirements for a deed to be valid? |
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Definition
- Landowner must sign and dliver to his attorney the power of attorney
- Must name the landowner as the grantor
- Name signed must be that of landowner
- Grantor must be alive on date of delivery
- Make sure the agency is still effective
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Term
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Definition
| the final act by which the grantor, who has previously signed the deed, signifies his or her intention that the deed shall take effect. |
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Term
| How is the grantors intention tested? |
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Definition
| Did the grantor do or say anything to show the intentionto pass ownership of the land to the grantee? |
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Term
| Does the delivery of the deed need to be made during the lifetime of the grantor? |
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Definition
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Term
| Delivery to an agent of the grantee |
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Definition
| Frank executes a deed running to Charlie as grantee and gives the deed to Charlies lawyer, with the intention of giving Buyer ownership of the real estate here and now. |
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Term
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Definition
| Seller executes a deed running to buyer as grantee and gives the deed to his own lawyer to check its form...there is no intention to transfer ownership and no delivery |
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Term
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Definition
| When the seller gives the deed the bank with direction to deliver the deed to the buyer once the appropriate funds are sent in |
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Term
| Exception from conveyance |
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Definition
| withholds from the operation of the deed title to a part of the land described in the deed |
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Term
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Definition
| the creation by the deed of a new right in favor of the grantor, usually an easement or life estate |
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