chapter 6

A warranty deed warrants the title, not the construction of the real property. The overall general warranty covenant is what?

"I own and I will defend."

List the five basic covenants:

-Seisin -Against Encumbrances -Quiet Enjoyment -Further Assurance -Warranty Forever

In Minnesota, deeds should be recorded? -at the State Capitol. -with the Federal Government Deeds of Records Office. -in the county where the property is located. -by midnight of the third day after closing.

-in the county where the property is located.

Define quitclaim deed:

A quitclaim deed transfers real and potential interests in a property, whether an interest is known to exist or not. The grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee.

chapter review: deeds

A quitclaim deed transfers real and potential interests in a property, whether an interest is known to exist or not. The grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee. According to the Property Tax and Records division in Ramsey County, Minn., the state deed tax is "a state tax imposed on each deed or instrument that grants, assigns, transfers or otherwise conveys real property." A warranty deed warrants the title, not the construction of the real property. The overall general warranty covenant is: "I own and I will defend." A full covenant and warranty deed usually has five covenants. These covenants do not apply only to the period of time the grantor owned the property; they also extend back to previous owners. A general warranty deed is used to transfer an interest in real estate in Minnesota in most real estate transactions. A Minnesota warranty deed conveys real property with warranty covenants to the buyer. It requires an acknowledgment of the grantor's signature. In a special warranty deed, the grantor warrants only against title defects or encumbrances not noted on the deed that may have occurred during the grantor's period of ownership or trusteeship. The deed does not protect the grantee against claims that predate the owner's period of ownership. Title insurance insures the buyer against past ownership problems, old liens, boundary issues, Minnesota Limited Warranty Deeds are often used by banks and railroads and they represent a compromise between general warranty deeds and quit claim deeds, since they provide fewer covenants of title than a general warranty deed, but greater covenants of title than a quitclaim deed.

Which of the following comes with a deed or title to the property, in which the grantor of the title makes certain guarantees to the grantee? Grantee's rights Covenants Transfer of rights Subdivision restrictions

Covenants

Explain real property covenants.

Covenants for title are covenants which come with a deed or title to the property, in which the grantor of the title makes certain guarantees to the grantee. Land-related covenants are called "real covenants" and are a major form of covenant, typically imposing restrictions on how the land may be used (negative covenants) or requiring a certain continuing action (affirmative covenant). These may also "run with the land" (called a covenant appurtenant), meaning that any future owners of the land must abide by the terms, or may apply to a particular person (called a covenant in gross).

Minnesota Limited Warranty Deeds are often used by banks and railroads and they represent a compromise between general warranty deeds and quitclaim deeds since they provide what?

Fewer covenants of title than a general warranty deed but greater covenants of title than a quitclaim deed

What are the spousal signature requirements in Minnesota?

In Minnesota, both spouses must generally sign any conveyance with respect to real property which is owned exclusively by either spouse, in order to release any non-title marital interest a spouse may have in the real property.

chapter review: deeds

In Minnesota, both spouses must generally sign any conveyance with respect to real property which is owned exclusively by either spouse, in order to release any non-title marital interest a spouse may have in the real property. Minnesota Trustee's Deeds are often used to convey title to someone who purchases real property from one or more trustees acting on behalf of beneficiaries of a trust. Minnesota Personal Representative's Deeds of Sale are often used to convey title to someone who purchases real property from an estate. An easement is the right of one or more persons to use the real property of another for some limited purpose. Easements can be created in Minnesota by the following documents: -Warranty deeds -Quitclaim deeds -Limited Warranty deeds -Declaration of Easement -Easement Agreement Covenants for title are covenants which come with a deed or title to the property, in which the grantor of the title makes certain guarantees to the grantee. Land-related covenants are called "real covenants" and are a major form of covenant, typically imposing restrictions on how the land may be used (negative covenants) or requiring a certain continuing action (affirmative covenant). These may also "run with the land" (called a covenant appurtenant), meaning that any future owners of the land must abide by the terms, or may apply to a particular person (called a covenant in gross). The covenant will typically be written in the deed, and must be in writing due to the statute of frauds.

Define Special Warranty Deed.

In a special warranty deed, the grantor warrants only against title defects or encumbrances not noted on the deed that may have occurred during the grantor's period of ownership or trusteeship. The deed does not protect the grantee against claims that predate the owner's period of ownership.

Why must a covenant be in writing?

It is required by the Statute of Frauds.

Often used to convey title to someone who purchases real property from an estate would be a/an attorney's opinion. quitclaim deed. limited warranty deed. Minnesota personal representative's deed.

Minnesota personal representative's deed.

Name three items required for a deed to be valid.

Must describe the real property. Must be signed and notarized by the grantor. Must be recorded.

A legal term for a close, mutual, or successive relationship to the same right of property or the power to enforce a promise or warranty is known as what?

Privity

The covenant is: "I may or may not own, and I won't defend" of which deed? Limited Warranty Deed Special Warranty Deed Quitclaim Deed Trustee's Deed

Quitclaim Deed

What type of deed does not protect the grantee against claims that predate the owner's period of ownership? Quitclaim Deed Limited Warranty Deed Representative's Deed Special Warranty Deed

Special Warranty Deed

In Minnesota, the state deed tax must be paid by whom?

The Seller

What is title insurance used for?

Title insurance insures the buyer against past ownership problems, old liens, and boundary issues.

A special warranty deed is also known as? A deed of easement. a quitclaim deed. a bargain and sale deed with covenants. personal representative deed.

a bargain and sale deed with covenants.

The state deed tax is? -a tax required on a federal return for property sold. -a state tax imposed on each deed or instrument that grants, assigns, transfers or otherwise conveys real property. -a state tax on commercial property sold only. -a deed tax on rental property assigned only when sold.

a state tax imposed on each deed or instrument that grants, assigns, transfers or otherwise conveys real property.

When a subdivision developer turns the subdivision road or the common ground in the subdivision over to the local government, he or she does so by what is known as: useful notice. deed conveyance. recording. dedication.

dedication.

The creation of easements often requires the assistance of a? transaction broker. lender. escrow officer. licensed surveyor.

licensed surveyor.

A quitclaim deed stops a claim on real property. transfers real and potential interests in a property. is the same as a warranty deed. offers many warranties.

transfers real and potential interests in a property.

Failure to meet the age requirement of 18 years of age would cause a deed to become void. voidable. irreversible. illegal.

voidable.