RE: Reviewing Title & Deeds

deed; will

A _____ conveys a current interest in a property during the grantor's lifetime, while a ____ only conveys property after the grantor has died.

Mansion House

A decedent's property interest that can be claimed by the surviving spouse in Ohio

Testator

A person who creates a valid will is known

Certificate of Transfer

Acts as a deed when real property is conveyed through probate

quiet title action

An action to locate and notify all who may have some claim on the title, and determine the validity of all claims

Seller

If a cloud on a title is discovered, which party is generally responsible for clearing the cloud?

Unrecorded Interests

Month-to-month leases, property easements, and leases for less than a year are all examples of this in real property.

Doctrine of Relation Back

Says that a seller's death doesn't automatically terminate a contract or prevent the completion of the sale.

Seizin:

The grantor holds the title specified in the deed and has absolute ownership and right to convey that ownership

Against encumbrances

The grantor is assuring the grantee that there are no encumbrances against the title other than those set forth in public record or the deed itself.

- seisin - right to convey - against encumbrances - warranty - quiet enjoyment - and further assurances.

The six possible covenants of a deed are:

Nuncupative wills

These are oral wills that are witnessed by two disinterested parties and must be put into writing within 10 days of the testator's statement in order to be valid.

Holographic wills

These are unwitnessed wills that are only considered valid if they're written entirely in the testator's own handwriting. Ohio does not recognize holographic wills

Quiet enjoyment:

This doesn't mean the neighbors aren't noisy—it's the grantor's assurance that a title defect won't disturb the grantee's use and enjoyment of the property.

Further assurances

Through which covenant does the grantor promise to the grantee to perform any acts necessary to correct any defect in the title being conveyed?

Acknowledged; oath

To be eligible for recording, a deed must be _________ or have an _____ of a subscribing witness.

general warranty deeds covenants

What give the new owner the greatest amount of protection against defects that may have occurred before or during the grantor's ownership of the property. These protections are guaranteed through the use of __________.

partition

When parties own property as tenants in common, the ownership can be terminated through __________, which divides the property proportionally among the co-owners.

The state

When the Torrens system is used to perform a title search, who or what entity acts as title guarantor in case a claim is filed?

conveyance

Words signifying an act of ______________ in a deed may include "does hereby bargain, grant, deed and convey to___"

Marketable title

acts are laws that limit the amount of time a person can claim an interest in a property.

Fiduciary deeds

are used to convey property by trustees/executors on behalf of those who grant them the authority to manage the property.

Marketable Title Act

automatically quiets dormant title claims over 40 years old

A Transfer in Death Designation of Beneficiary Affidavit

conveys property to another party upon the owner's death.

Limited Warranty Deed

ensures that the grantor hasn't encumbered the property in any way except as stated in the deed, and guarantees that the grantor will defend claims made against the title during the grantor's ownership period.

Chain of title

establishes the title history or the path and proof of property ownership. Always begins with the current owner and goes back in time.

bargain and sale deed

implies that the grantor has ownership and the right to convey, but doesn't guarantee it.

Unrecorded interest

interest in property that's not substantial enough to be recorded.

abstract of title

is a condensed history of all recorded documents that impact the title. the document showing the chain of title for a property. It contains a description of the property and summarizes any records related to the title

Title

is a legal concept that describes ownership of a bundle of rights to real property. Proof of this may take various forms, including the deed to a property.

The Torrens system

is a method of title verification used by a handful of states. With this method, the title search is completed only through the last owner. This method assumes the prior search was accurate and complete. That any issues that arose in the previous title search have been resolved

codicil

is an amendment to a will that's used because a will document can't be edited and still be considered valid. involves drafting an additional document

Alienation

is the act of transferring ownership of a property.

Deed

is the actual legal document used to transfer title from one party to another.

unrecorded deed

may be valid and transfer property from grantor to grantee if all essential elements are present.

Voluntary alienation

occurs when a property owner willfully transfers property, by deed or by will.

Involuntary alienation

occurs when property is acquired by adverse possession, descent, eminent domain, escheat, foreclosure, natural processes, or regulatory taking.

Acknowledged Deed

provides the grantee title protection against other purchasers of the same property from the grantor.

General Warranty Deed

provides the strongest and broadest form of guarantee of title and includes the covenants of seizin, against encumbrances, quiet enjoyment, and warranty forever.

Quitclaim Deed

releases any rights of the grantor to the property but doesn't offer any additional warranties to the grantee. It's often used to clear up clouds on a title.

The limitations and "subject to"

what clause section of a deed identifies deed restrictions applicable to the property being transferred.