Combo with "Real Estate - Ch#6 - Transferring and Recording Title to Real Estate" and 2 others

alienation

(law) the voluntary and absolute transfer of title and possession of real property from one person to another

5 covenants of a deed are

1. Seizin 2. Against encumbrances 3. Quiet enjoyment 4. Warranty of Title 5. Further Assistance

township

36 square miles

acre is how many feet?

43,560 sq ft

section

640 acres

What is "chain of title?"

A chronology of successive owners of record of a parcel of real estate.

quiet title

A court action to remove a cloud on the title.

bargain and sale deed

A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title.

metes and bounds

A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land.

attorney-in-fact

A person given the authority to act on behalf of another under a power of attorney.

A person wishes to convey any and all interests in a property to another without making any assurances as to encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed?

A quitclaim deed

certificate of title

A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records

base lines

An east-west latitude line designated under the Land Ordinance of 1785 to facilitate the surveying and numbering of townships in the United States

A woman must prove that husband died and she is the only one with the right to sell upon delivery of his death certificate.

An example of a cloud on title

crops and farm produce

Annual crops such as corn, potatoes and squash are known as emblements, and are conveyed by bill of sale

cloud on title

Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful;

How is the cloud on title usually revealed?

By a title search and removed by either a quitclaim deed or suit to quiet title.

general warranty deed

Contains covenants in which the grantor formally guarantees that good and marketable title is being conveyed. Highest deed - 5 covenants.

Authority of OREC

Created January 1, 1950 - Sole governmental entity having the authority to regulate & issue real estate licenses.

The grantor may add warranties to the deed at his or her discretion.

Example of bargain and sale deed

Why does accession occur?

From annexation of fissures or from the deposit of soil along the banks of a stream as the result of accretion.

Covenant of warranty of title

Grantor promises to pay for the cost of defending the grantee's title in actions by persons asserting rightful claims to the property

Covenant of further assurance

Grantor warrants that he or she will perform any act necessary to perfect the title for the grantee. EX Grantor would be required to execute and deliver a new deed in order to correct an error in preceding one

Covenant against encumbrances

Grantor warrants that there are no defects in or claims against the title other than those agreed to by the grantee and specifically set forth in the deed

Covenant of quiet enjoyment

Grantor warrants that title is conveyed free of interference from the acts or claims of third persons

color of title

Instrument that appears to convey title, but may not because of some defect not apparent on its face. All deeds are in color of title until title search is done and certified.

What happens to the soil deposited due to alluvion?

It belongs to the person who acquired by relocation.

If a person dies with no legal heirs or relations and has left no valid will, what happens to real property owned by that person?

It is taken by the state according to the process called escheat.

constructive notice

Knowledge one could or should have, according to the presumption of law; a demonstration to the public of property ownership through title recordation, "for all to see."

reliction

New land acquired when water recedes

Which of the following best describes the concept of "legal title" to real estate?"

Ownership of the bundle of rights to real estate

limited warranty deed

Same as General Warranty Deed, except it promises to defend grantee's title but only defects that were created or came into existence while the grantor was the owner of the property.

deed tax stamps

Seller must a dollar amount for every so many dollar of a sales price. For example, in the City of Richmond, it is $1.05 for every $100 of selling price. so a home of $100,000 in sale has a tax of $1050.

erosion

The process by which wind, water, ice, or gravity transports soil and sediment from one location to another

escheat

The reversion of property to the state or county, as provide by state law, in cases where a decedent dies intestate without heirs capable of inheriting , or when the property is abandoned

quiet enjoyment

The right of an owner or lessee legally in possession of property, to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

dedication

The voluntary conveyance of private land to the public

special warranty deed

This type of deed contains only two covenants: the covenant of seizing and the covenant against encumbrances.

With the exception of a Torrens certificate, the best evidence of marketable title is

Title insurance

indefeasible title

Title which is guaranteed by the court under the Torrens system or registered land system

habendum clause

To have and to hold clause in a deed defining the extent of ownership granted; i.e., a life estate or a defeasible fee

For a deed to be valid it must be (8)

Written, signed by legally competent grantor, living grantee that accepts deed, have just consideration, granting clause, habendum clause, legal description of property, and be delivered and accepted

A one-time tax levied on a property for purposes of recording a transaction is called

a documentary stamp tax.

will

a formal document designating the distribution of an estate and other assets after death

durable power of attorney

a legal agreement that allows an agent or representative of the patient to act on behalf of the patient

deed

a legal document signed and sealed and delivered to effect a transfer of property and to show the legal right to possess it

power of attorney

a legal instrument authorizing someone to act as the grantor's agent

adverse possession

a method of acquiring title to real property by possession for a statutory period under certain conditions, especially a non-permissive use of the land with a claim of right when that use is continuous, exclusive, hostile, open, and notorious

grantor

a person who makes a grant in legal form

covenant

a signed written agreement between two or more parties to perform some action

Torrens System

a state sponsored method of registering land titles

For a deed to convey title, it is necessary for the deed to be

accepted by the grantee

Accession

acquisition of title to land or improvements as a result of natural or artificial causes.

A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is referred to as

actual notice

tacking

adding successive periods of continuous occupation or use to establish adverse possession or an easement

avulsion

an abrupt change in the course of a stream that forms the boundary between two parcels of land resulting in the loss of part of the land of one landowner and a consequent increase in the land of another

Just prior to passing away, a person tells two witnesses that he would like his estate to pass to his wife. One witness records the statement and signs his name. This is an example of

an unenforceable nuncupative will.

alluvion

clay or silt or gravel carried by rushing streams and deposited where the stream slows down

A hermit secretly lives in a cave on a 200-acre property. After twenty years, the person makes a claim of ownership to the property. This claim will likely be

declined because possession was secretive.

granting clause

deed must clearly indicate the intent of the grantor to convey title, in most states the words "grant to" are sufficient

legal description

description of land necessary for a valid deed, usually containing the lot number, metes and bounds description and reference to prior recorded documents

intestate distribution

distribution of an intestate's property to heirs according to law of descent

title search

examination of the chain of ownership in the public records to discover possible defects in title

annexation

fixtures or from the deposit of soil along the banks of a stream as the result of accretion

To be marketable, title must be

free of undisclosed defects and encumbrances.

Transfer of property by accession

from one owner to another without the involvement of a deed.

The type of statutory deed that contains the most complete protection for the grantee is a

general warranty deed

The fundamental purpose of recording instruments that affects real property is to

give constructive notice of one's rights and interests in the property.

sheriff's deed

given by court order to satisfy a judgment

Covenant of seizin

grantor guarantees that he or she is the owner of the property, and has a right to sell it and convey the title

dedication by deed

if developer creates neighborhood but deeds the streets to the municipality then the lot buyers will benefit by not paying taxes on the streets and having them maintained at public expense. Not an additional expense to them.

A property owner can avert the danger of losing title by adverse possession by

inspecting the property and evicting any trespassers found.

accretion

is the gradual and imperceptible process of the addition of soil and rocks resulting from the natural action of water, such as the change in a shoreline of a river.

holographic will

is written, dated and signed in the testator's handwriting, but not witnessed.

statute of descent

law of intestate distribution

grantee

n. The person to whom property is transferred by deed.

nuncupative will

oral will that must have two witnesses and can only deal with the distribution of personal property. Most common among the military.

If a person having several heirs dies intestate, the property will

pass to heirs by the laws of descent and distribution.

seizin

possession of land by one who claims title, either rightfully or wrongfully (covenant of

title insurance

protection of a property owner against losses resulting from defective title

patent

public grant

principal meridians

some of the north-south lines separating townships

Which deed warrants the period of time that the grantor actually owned the property?

special warranty deed

The purpose of a covenant clause in a deed of conveyance is to

state the grantor's assurance or warrant to the grantee that a certain condition or fact concerning the property is true.

The only required clause in a deed of conveyance is one that

states the grantor's intention, names the parties, describes the property, and indicates a consideration.

government survey

system of land description in which the land is divided into squares called townships, each township divided in 36 sections, each one quarter mile or 640 acres

timber deed

the conveyance of growing timber requires a deed, since it is an interest in land. Once cut, the timber becomes personal property and is transferred by a contract or bill of sale

administrator

the party appointed by a probate court to distribute the estate of someone who dies without a will or without naming an executor

title

the right to, or ownership of property; evidence of ownership such as a deed or bill of sale.

The Torrens System differs from other title recording systems in that

title is conveyed only when conveyance is registered on the title certificate.

Constructive notice of ownership of a parcel of real estate is primarily demonstrated through

title records

partition

to divide jointly held property into distinct portions so that each co-owner may hold his/her proportionate share in severalty

quitclaim deed

transfer of grantor's rights to real estate with no warranties or covenants of title

succession

transfer of ownership by inheritance

fiduciary deed

used by executors, administrators, guardians, and conservators when executing a court ordered or approved conveyance

An owner transfers title to a property to a buyer in exchange for a consideration. This is an example of

voluntary alienation.

delivery and acceptance

when the grantor delivers the deed and the grantee accepts the deed. this is necessary for conveyance of title.

intestate

without a will

legacy

(law) a gift of personal property by will

devise

(law) a gift of real property by will