Unit 10- Transferring Title

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Intestate

A person who dies without a will is said to have died this way.

Accession

Additions to the land through natural or human causes. Human causes include improvements such as fixtures installed by a tenant that become part of the real estate. Natural causes include accretion, the gradual accumulation of the land.

Habendum Clause

Defines or limits the ownership estate being granted to the grantee. This clause starts with the words "to have and to hold"

Transfer Tax

Require a tax to be paid when title to real estate is transferred.

Testator

The deceased person who made this if they are a male

Alienation

The legal term for transferring title to real estate

Delivery and Acceptance

The moment title actually passes is at the time when the grantor delivers a valid deed that is accepted by the grantee.

Grantor

The party giving title

Grantee

The person receiving title to the property

Voluntary alienation

Title to real estate transferred with the owner's control and consetn

involuntary alienation

Title to real estate transferred without the owners control and consent

dedication

Transferring privately owned property for public use without compensation.

Special Warranty deed

Warrants that the grantor has title and limits the grantor's liability to encumbrances against the property that occurred after she acquired the title

Adverse Possession

a person can obtaion title to real estate by using the property of another without the owners consent and meeting other legal requirements

acknoledgement

a voluntary declaration before a notary public or officer of the court.

deed

a written instrument hat conveys ownership interests in real estate from a grantor to a grantee

Consideration

anything of value being given in exhange for title

Seisin

gives assurance that the grantor has the powerand authority to convey title and has the type of ownership interest that is being conveyed by the deed.

Warranty forever

gives assurance that the grantor will pay for expenses to defend the title if it is challenged by someone claiming superior title or compensation for losses if the title fails

Covenant of encumbrances

gives assurance that there are not encumbrances on the property

testate

if a person dies leaving a will, we refer to this as having died with a testate.

Bargain and sale deeds

no expressed warranties, similar to quitclaim deeds, however, there is an implication that the grantor holds title and has the right to convey it

Quiet Enjoyment

provides assurance that the title being given by the grantor is good against other parties.

General warranty deed

provides the greatest protect for the grantee because the grantor provides various covenants or guarantees that good and marketable title is being given to the grantee.

Quitclaim Deed

provides the least protection to the grantee. Releases a grantor

Grant Deeds

similar to special warranty deeds and are primarily used in western states. Grantor is not providing a warranty against acts of previous owners. Grantor is ensuring only that no encumbrances were incurred while title was held by the grantor

Granting Clause

states the grantor's intention to transfer title to the granteee and the type of ownership interest being conveyed

Testatrix

the deceased person who made the will is called this if a female

Further assurance

the grantor promises to perform any reasonable acts necessary to correct defects in the title

Beneficiary

the party receiving property under a will for personal property

devise

the party receiving property under a will for real property

renouncing the will

the suruving spose then has the option of renouncing the will and receiving benefits under state law.

Transfer by gift or sale

two common ways that title to real estate is voluntarily transferred are by gift and by sale. The owner either gives or sells the property to another property

Special purpose deeds

used in many states to handle frequently occurring transactions. these deeds are used in particular situations and usually take the form of either quitclaim or special warranty deeds


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