Section 24: Deed Types and Title Transfer

warranty

a confirmation of the quality or performance of a good or service, So, grantor defends the title to the grantee against all others' lawful claims. So, covenant of warranty assures that the grantor will warrant and defend the title against the lawful claims of others.

Bequest or legacy & legatee

a gift of personal property made by a will is called Bequest and and the recipient is called the legatee

An executor

person in charge of an estate of a deceased person so an executor carries out the provisions of the will and sees to property distribution after the will has been through probate.

Intestate

with no will so If no heirs can be found, the property of the deceased may be claimed by the state through escheat.

blanket encumbrance

A blanket encumbrance is a financial instrument that the owner of un-subdivided land must repay via a mortgage or note.

Executor's deed

A deed executed by an executor to convey title to real property owned by a decedent who left a valid will. Executor's deed, so If your client is selling his late mother's home. This is likely the type of deed he'll use to convey ownership.

Regulatory taking

Government regulation of property so extensive that government is deemed to have taken the property by the power of eminent domain, for which it must compensate the property owners.

Testate

Having made and left a valid will.

Adverse Possession Requirements

1) Open and notorious possession 2) Actual possession 3) Hostile possession 4) Continuous and uninterrupted 5) Appear in court and move to quiet title. 6) Prove you've met all requirements for the statutory period of time.

Bargain and Sale Deed/special warranty deed.

A bargain and sale deed may come with or without covenants of warranty. A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion so, Releases any rights of the grantor to the property to the grantee but does not offer any warranties to the grantee

Further assurances

A deed contains a promise that the title conveyed is good and a promise to obtain and deliver any documents necessary to ensure good title. So, The grantor will correct any defects in the title being conveyed. The covenant of further assurances requires grantors to take necessary steps (within their scope of power) to perfect the title conveyed

Quitclaim deed

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest. S0, releases any rights of the grantor to the property to the grantee but does not offer any warranties to the grantee and clear a cloud on title.

Devise & Devisor

A gift of real property so, The person who writes the will is called the devisor and the recipient is the devisee

Against encumbrances

A guarantee in a deed that the property will not have any encumbrances except for those listed on the deed. So, There are no encumbrances against the title, except those in the public record.

Full Covenant and Warranty Deed/General warranty Deed

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title. So Provides the strongest and broadest form of guarantee of title. grantor defends the title to the grantee against all others' lawful claims.

Alienation

Alienation is the act of transferring ownership of a property. Alienation may be voluntary (with the owner's consent) or involuntary (without the owner's consent). One way to identify the type of alienation is by the method of transfer used.

Which of the following is true about ownership or title to a property

Constructive notice to the public of real property ownership occurs when the deed is recorded

6 covenants on Full Covenant and Warranty Deed/General warranty Deed

Covenant of seisin Covenant of right to convey: Covenant against encumbrances Covenant of quiet enjoyment Covenant for further assurances Covenant of warranty

What is Probate and three purposes of Probate

Probate determines the validity of a will or appoints an administrator if no will exists! So 3 purposes are... To appoint an administrator To supervise estate distribution To determine a will's validity

REO

Real Estate Owned Property

Will Types

Statutory Will (simple wills):May be created by filling in blanks and checking boxes Holographic Will: A handwritten will by the testator Oral Will

Seisin

The actual possession of land by one who claims rightful ownership of a freehold estate therein. So, The grantor holds the title specified in the deed. Also, foreclosed property may be conveyed with a referee's deed, which offers only the covenant of seisin.

Right to convey

The grantor promises that he owns the land and has the right to convey it. So, The grantor has legal capacity to convey the title and has the title to convey.

Land Patent and its reasons!

The legal documents that transferred land ownership from the U.S. Government to individuals. 2 Reasons: The land has a private oil well used for extracting resources that is a valuable source of income. The landowner records show that it has been used for gold mining.

Quiet enjoyment

The right of an owner or lessee legally in possession of property, to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title. So, The grantee has possession and won't be disturbed in the use or enjoyment of the property.

Disclaimer Deed

This deed is similar to a quitclaim deed but is tailored for married couples., By signing this deed, the party relinquishes his or her interest in the property. so, buy a house etc without spouse they must sigh disclaimer deed

Why is it important to publicly record a deed

Title representatives and attorneys who perform title searches look for documents that are publicly recorded.

Referee's Deed

Used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition so used in bankruptcy and foreclosures

Intestate succession

the succession of an heir at law to the property and estate of his ancestor when the latter has died without a will. So, If a person dies without a will, the order of inheritance is called intestate succession. It's a predetermined priority of heirs based on close family relationships (i.e., spouse inherits first, followed by children).

Constructive notice

type of notice results from publicly recording a title transfer. So, Recording provides constructive notice that buyer owns the property.