Real Estate Fundamentals - Chapter 12: Deeds

Explanation
A deed is a legally binding written document that transfers ownership or title of real property from one party to another. It serves as proof of ownership and is typically recorded with the appropriate government office. By stating that a deed conveys title to real property, the answer confirms the accuracy of the statement.

Explanation
The grantor is the giver of the title and the grantee is the reciever of the title.

Explanation
While a deed constitutes a form of evidence, a deed is not complete evidence of ownership. In the absence of fraud with the two parties having a deed to the same property, the party having recorded the deed first would be recognized as the rightful owner.

Explanation
A quitclaim deed is a legal document that allows one party to relinquish or transfer their ownership interest in real property. This means that the person giving up their ownership rights is essentially "quitting" or releasing any claims they may have on the property. This type of deed is commonly used in situations where there may be uncertainty or disputes about the ownership of the property. Therefore, the statement that a quitclaim deed is used to transfer ownership interest in real property is true.

Explanation
A quitclaim deed carries no warranty of good title so the quitclaim deed is considered to be one of the weakest types of deed for any party to receive.

Explanation
A warranty deed is a type of deed that guarantees that the grantor (seller) has the legal right to transfer the property to the grantee (buyer) and that there are no other claims or liens on the property. This means that if any issues arise with the title in the future, the grantee can seek compensation from the grantor. Therefore, the statement that a warranty deed provides a warranty or guarantee of good title from the grantor to the grantee is true.

Explanation
A general warranty deed provides a guarantee of good title NOT ONLY by the grantor, but back through the chain of title through all the previous owners of the property.

Explanation
The covenant of seisin is a type of warranty that assures the grantee that the grantor is the rightful owner of the property and has the authority to transfer the title. This covenant guarantees that the grantee will receive full possession and ownership of the property without any interference from third parties. Therefore, the statement is true as the covenant of seisin provides protection to the grantee by ensuring the grantor's ownership rights.

Explanation
The covenant of warranty forever is a legal agreement that ensures the grantor will compensate the grantee if the title is found to be defective, resulting in financial loss for the grantee. This means that if the grantee discovers any issues with the title that affect their ownership rights, the grantor is obligated to cover any damages incurred by the grantee. Therefore, the statement is true.

Explanation
A bargain and sale deed is a deed that is similar to a quitclaim deed in that it has no warranty of good title for the grantee.

A sheriff's deed is the type of deed issued by the sheriff or county as a result of a sale of real property from a mortgage foreclosure sale, sheriff's sale or tax sale of a property due to unpaid debts.

Explanation
A guardian's deed is the deed by which the legal guardian of a minor conveys title of real property according to the authority of the court.

The deed used by the person designated in a will to adminster the estate of the deceased and carry out the terms of the will is the definition of an executor's (male administrator) deed or executrix (female adminstrator) deed.

Explanation
All parts of this question are TRUE EXCEPT E and F.

E A deed must have a specific legal description of the property to be conveyed EITHER using a metes and bounds OR recorded subdivision plat OR rectangular survey system description.

F. Also, the grantee is NOT required to sign the deed.

Explanation
Also known as the granting clause.

Explanation
This section of restrictions would identify such encumbrances affecting an owner's right as easements and restrictive covenants imposed by a developer.

A habendum clause proivdes an "explanation" of what is provided in the granting clause when it requires "further clarification". It follows right after the granting clause and must be consistent with the granting clause. Habendum means "to have and hold".

Explanation
The deed has been prepared by the closing agent, typically a TITLE INSURANCE COMPANY REPRESENTATIIVE and is given to the GRANTOR (seller) to sign.

Explanation
The buyer will usually get the deed in the mail several weeks after settlement and the recording have taken place.

Explanation
Recording a document is accomplished at the COUNTY courthouse.

Explanation
These documents ARE recorded.