Chapter 10
Definition of Quitclaim Deed?
A deed by which the grantor releases any interest he may have in real property. The deed makes no representation as to ownership or warranty.
Definition of Court-ordered Deed?
A deed given pursuant to a court order or a forced sale by execution. A creditor selling property because of a debt owed.
Definition of Bargain and Sale Deed?
A deed purporting to convey real property without any warranties.
Explain the difference between a witnessed will and holographic will?
A witnessed will must be in writing, be signed by a testator, and be attested by 2 or more witnesses above 14 years of age. a Holographic will is written by a testator, does not require any witnesses, and have a self proving affidavit.
What are the Two covenants in a general warranty Deed?
Covenant of Seizin Covenant against encumbrances
Types of Deeds
General Warranty Deed Special Warranty Deed Bargain and Sale Deed Quitclaim Deed Trustee Deed Court-Ordered Deed Correction Deed
What is meant by "after required deed"
If the grantor conveys the property to the grantee when, in fact, the grantor did not have title, title would be conveyed whenever the grantor subsequently obtained title.
What are the requirements of a earnest money contract deed?
-Must be in writing -Must be signed by party to be charged -Must be words of grant showing intent to convey interest in the future -Grantor and Grantee must be identifiable -Subject matter to be conveyed must be identifiable
What are the legal requirements of a deed?
-Must be in writing -The grantor must sign -The must be operative words of grant showing a present intent to convey -Grantor and Grantee must be identifiable -Subject matter must be identifiable -Must be delivered
Definition of Special Warranty Deed?
A deed in which the grantor warrants or guarantees the title only against defects arising during his ownership of the property and not against defects existing before the time of ownership.
Definition of General Warranty Deed?
A deed in which the grantor warrants or guarantees the title to real property against defects existing before the grantor acquired title or arising during the grantors ownership.
What does a Covenant of Seizin mean?
That the grantor has not conveyed the same estate previously, has good title to the property, and will indemnify the grantee against any claims due to failure of title.
What does Covenant against encumbrances mean?
That the grantor warrants that there are no other encumbrances affecting the property other than those shown in the deed.
Definition of Trustee Deed?
Typically a deed executed by a trustee at a foreclosure sale.
Definition of Correction Deed?
Used to correct a mutual mistake or clerical error made in the original deed. consideration is required.
