REE Ch. 10 - Deeds

Which type of deed pledges "I own and will defend against my acts only?"

Bargain and Sale Deeds with covenants

Rectangular Survey System

Based on sets of intersecting lines principal meridians run north and south; base parallels run east and west.

How can a property owner avert the danger of losing title by adverse possession?

By inspecting the property and evicting any trespassers found

What is the type of statutory deed that contains the most complete protection for the grantee?

Full covenant and warranty deed

Designation of limitations

Limitations spelled out in the deed.

Which method of legally describing parcels of real estate would use a POB?

Metes and bounds

Acknowledgement

A deed without an acknowledgement tends to endanger a person's claim to a property.

The special warranty covenant "I may or may not own, and I won't defend" is part of which type of deed?

A quitclaim deed

What type of deed would be used to transfer property at a public foreclosure sheriff's auction?

Sheriff's deed

If an individual dies with a will, the person has died

Testate.

What is the negative aspect of a bargain and sale deed with covenants?

The deed does not protect the grantee against claims that predate the owner's period of ownership.

For what kinds of properties is the lot and block method most often used?

The lot and block system, also called the recorded plat method, is used to describe properties in residential, commercial, and industrial subdivisions.

What is a range when legally describing parcels of real estate?

The north-south area between consecutive meridians

Grantee

The person who receives the property from the grantor.

Grantor

The person who transfers the title to real property.

How many sections are there in a township?

Thirty-six

alluvion

This material added to the property through accretion

Which type of deed is used in foreclosures?

A referee's deed

Lot and Block System

Used to describe properties in residential, commercial, and industrial subdivisions.

What does a probate proceeding do?

Validates the will, if one exists. Identifies and settles all claims and outstanding debts against the estate. Distributes the remainder of the estate to the rightful heirs.

Consideration

Valuable or good consideration.

last will and testament is

Witnessed - In writing and witnessed by two disinterested people. Holographic - In the testator's handwriting, dated and signed. Approved - On pre-printed forms meeting the requirements of state law. Nuncupative - Made orally, and written down by a witness.

Avoiding Adverse Possession

by periodically inspecting the property within statutory deadlines and evicting any trespassers found.

A quitclaim

can remove a cloud from the title.

testate

died having left a valid will

Reliction

is the gradual receding of water from its usual watermark.

Reliction is

the gradual receding of water from its usual watermark to allow access to "newly" found land.

Avulsion

the sudden loss of land as a result of its being washed away.

quitclaim deed

transfers real and potential interests in a property, whether an interest is known to exist or not.

In New York, how long must a possessor occupy the property to qualify for notorious possession and hostile possession?

10 years

Exemptions and reservations affecting the title

A "subject to" clause.

probate

A court proceeding called probate generally settles a decedent's estate, whether the person has died testate

What situations require a legal description?

A legal description is required for: Public recording Creating a valid deed of conveyance or lease Completing mortgage documents Executing and recording other legal documents

A deed of conveyance occurs when

A living owner makes a private grant.

In the rectangular survey method, how large is a township in square miles and how large is a township section?

A township is 36 square miles and a section is one square mile or 640 acres.

The rights that property owners have to everything that is produced by their land is called

Accession rights.

Farmer Nick's property has a stream that floods almost every year and deposits soil to his side of the bank. This action is known as what?

Accretion

The gradual addition of land as a result of movement by streams or rivers is called

Accretion

Legal description

Accurately locates and identifies the boundaries of the subject parcel of property.

Transfer of title to real estate is called

Alienation.

Township

Area enclosed by the intersection of two consecutive meridians and two consecutive parallels.

Which type of deed pledges "I own, but won't defend?"

Bargain and Sale Deeds without covenants

To claim legal title, the adverse possessor must meet all five criteria:

Be able to show a claim of right or color of title as reason for the possession. Have notorious possession. Maintain a consistent claim of hostile possession. Occupy the property continuously for a statutory period of time. In some states, pay taxes.

Which covenant of a full covenant and warrant deed assures the grantor owns the estate to be conveyed and has the right to do so?

Covenant of seizen

Habendum clause

Describes the type of estate being conveyed.

Tier

East-West area between two parallels.

Act of conveyance

Expresses the grantor's present desire and intention to transfer legal title to the grantee (granting clause).

Which part of a deed is actually the act of conveyance?

Granting clause

What does a metes and bounds legal description do?

Identifies the boundaries of a parcel of real estate using reference points, distances, and angles.

Metes and Bounds

Identifies the boundaries of a parcel of real estate using reference points, distances, and angles. The description always identifies an enclosed area by starting at and returning to the POB.

escheats

If an intestate decedent has no heirs, the estate escheats to the state after all claims and debts have been validated and settled.

What happens if a person dies intestate?

If there are heirs, the estate will pass to them according to title by descent or the state's laws of succession. If there are no heirs, the estate will go to the state or county after all claims and debts have been settled.

What does the granting clause of a deed do?

It expresses the grantor's present desire and intention to transfer legal title of a piece of real property to the grantee.

What action is necessary for a title to a property to pass to the grantee?

It is necessary for the deed to be delivered to and accepted by the grantee for title to pass.

What is important to know about a full covenant and warranty deed?

It is the deed most used in real estate transfers and offers the greatest protection of any deed. With this type of deed, the grantor gives certain covenants or warranties that promise the grantee will have ownership of the property that is unchallenged.

Signature of the grantor

Must be signed by the grantor, but not necessarily by the grantee.

Delivery and acceptance of the deed

Necessary for title to pass.

Range

North-South area between consecutive meridians.

Recording

Not necessary, but gives the public constructive notice of the grantee's ownership.

Which type of will is generally not valid for the transfer of real property?

Nuncupative

A legal description provides accuracy and consistency over time. It is required for:

Public recording Creating a valid deed of conveyance or lease Completing mortgage documents Executing and recording other legal documents

Why should a grantee record a deed?

Recording the deed gives the public constructive notice of the grantee's ownership.

Which method of legally describing parcels of real estate creates townships?

Rectangular survey system

Accession Rights

Rights that property owners have to everything that is produced by their land, whether it happens intentionally or not.

Why is an acknowledgement important if it is not needed to make a deed valid?

The acknowledgement is required for the deed to be recorded. So a deed without an acknowledgement might endanger a person's claim to a property.

What is adverse possession?

The process by which an owner can lose title to his or her property because an adverse possessor entered, occupied, and used the property without the knowledge or consent of the owner, or with the knowledge of the owner who failed to take any action over a ten-year period.

What is the principal purpose underlying legal descriptions of real property?

To create a consistent, unchanging standard for locating the property

Exemptions from transfer tax include:

Transfer within the immediate family Consideration less than a certain amount Transfer between government entities or non-profit organizations Trust deed transfer and reconveyance Tax deed

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

Voluntary alienation

What is the difference between voluntary and involuntary alienation?

Voluntary alienation is an unforced transfer of title by sale or gift from an owner to another party. Involuntary alienation is a transfer of title without the owner's consent.

What does the phrase "dedication by deed" mean?

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's known as dedication or dedication by deed.

What is a quitclaim deed and what is probably its most common use?

With a quitclaim deed, the grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee. It is often used in divorce settlements.

last will and testament

a legal instrument for the voluntary transfer of real and personal property after the owner's death. The property transferred by the will is the devise. A will takes effect only after the testator's death. It is an amendatory instrument, meaning that it can be changed at any time during the maker's lifetime.

Executor's deed

a personal representative's deed issued by an executor to convey a decedent's estate.

Involuntary alienation

a transfer of title to real property without the owner's consent.

Acceptance by the grantee

allows for a deed to convey title.

Color of title can best be described as

an instrument that purports to transfer ownership of property but does not due to some defect.

Voluntary alienation

an unforced transfer of title by sale or gift from an owner to another party.

claim of right

based on the adverse possessor's occupying and maintaining the property as if he were the legal owner.

A quitclaim is used to

clear title rather than convey it.

A deed of trust is used to

convey property to a third party trustee as collateral for a loan.

Notorious possession and hostile possession

give constructive notice to the public, including the legal owner that a party other than the legal owner is occupying and claiming to own the property.

Color of title

results when a grantee has obtained defective title, or received title by defective means, but occupies the property as if he or she were the legal owner.

A full covenant and warranty deed

the deed most used in real estate transfers and offers the greatest protection of any deed. Covenant of seizen, against encumbrances, quiet enjoyment, further assurance and warranty forever

Accretion

the gradual addition of land by alluvial deposits of soil.

bargain and sale deed without covenants

the grantor covenants that the title is valid but does not warrant against encumbrances or promise to defend against claims by other parties.

bargain and sale deed with covenants

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.

Avulsion

the loss of land as a result of its being washed away.

referee's deed

used in bankruptcies and foreclosures.