Real Estate Exam - Chapter 12: Transfer of Title

Real Estate Exam - Chapter 12: Transfer of Title

11 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Voluntary Alienation
Voluntary transfer of title - gift or selling of property
Deed is the document by which its transferred
Requirements for a valid deed (and cont.)
Grantor
Grantee
- Conveys property to a grantee (must be of legal age and sound mind)
- Receives from a grantor (must be precise)
Deed must contain a:
Granting Clause:
- States the grantor's intention
Habendum Clause:
Begins with 'to have and to hold'
- When necessary to define the ownership to be had by grantee i.e. if its less than a fee simple absolute
Consideration:
Legal Description of Real Estate:
Exceptions and Reservations:
Signature of grantor:
Acknowledgment:
Delivery and Acceptance:
- Nominal i.e. $
- Surveryed
- Easements, Encumbrances
-
- Declaration that person signing does so voluntarily and signature is genuine (before notary public)
- Title not transferred until deed is delivered and accepted by grantee
Types of Deeds:
General Warranty deed:
Special Warranty deed:
Quitclaim Deed:
(Bargain and Sale)
(Deed of Trust)
(Trustee's Deed)
(Reconveyance Deed)
(Deed executed pursuant to a court order)
General - 5 covenants. Greatest protection to buyer
Special - 2 Warranties (No covenants)
--> "Grantor remises, releases, alienates and conveys"
Quitclaim - No covenants, No warranties, conveys only interest
--> Used for less than Fee Simple / to cure a title defect / transfer b/w family members
Involuntary Alienation:
Usually carried out by operation of law
Transfer by Adverse Posession
"Squatter's Rights" - possession by claimant must be:
- Open
- Notorious (known by others)
- Continuous
- Hostile (w/o true consent)
- Adverse
Transfer of deceased person's property
Testate: with a will
Intestate: without a will
--> Will must be executed and prepared according to state laws. Only valid and probated will can convey title to Real Estate.
Codicil is:
Any modification, addition etc to a will by testator before their death - contained in a separate document.
Probate is a formal judicial process that:
- Proves / confirms validity of will
- Determines precise assets of deceased
- Identified persons to whom assets pass
** Probate proceedings must occur in county in which deceased resided