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42 Cards in this Set
- Front
- Back
Deed |
written document that conveys title to real property. A form of evidence of ownership, but is not complete evidence. |
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grantor / grantee |
Giver / Receiver |
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a deed is a ________ wile a title is an intangible _____ or privilege of ownership. |
piece of paper and right |
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Quitclaim Deed |
used to have a party either give up or transfer whatever ownership interest they have, if any. |
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Warranty Deed |
provides a warranty or guarantee of good title. Special or General |
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Special Warranty Deed |
provides a good title by the grantor only and not for previous owners. No act or omission was taken to create a claim grantor will defend title against claims during his ownership. (will defend against claims in, under, or through them) |
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General Warranty Deed |
provides guarantee of good title back through the chain of title. Provides greatest liability to grantor and strongest protection for grantee. (will defend against claims from all mankind) |
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5 Covenants in Warranty Deeds |
Seisin Against Encumbrances Quiet Enjoyment Further Assurance Warranty Forever |
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Covenant of Seisin |
Warranty that the grantor is the owner and has the right to convey title |
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Covenant against encumbrances |
assures that property is free of encumbrances except what is already listed |
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covenant of quiet enjoyment |
grantor will defend against claims from 3 parties. |
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covenant of further assurance |
grantor will provide any documents needed |
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covenant of warranty forever |
grantor will pay the grantee in damages if the title is not good an or fails at any time in the future ownership. Most common deed. PA uses fee simple deed of special warranty |
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Bargain and sale deed |
no warranty of good title implies a good title so it is better than quitclaim. |
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Sheriff's deed |
Issued by the sheriff as the result of a sale. |
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guardians deed |
legal guardian of a minor conveys the title according to authority of court. |
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Executor's deed |
used by the person designated in a will to administer an estate. |
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Administrators deed |
When someone dies without a will. |
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Trustor |
originator of trust |
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trustee |
receives title from trustor and is caretaker of it |
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beneficiary |
final party who may either receive title or benefit from trust |
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2 Conveyances in a trust |
1st: from trustor to trustee is a trust or trustor deed. 2nd: from trustee to beneficiary is a trustee's deed. |
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Lien Theory |
Note and Mortgage |
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Title Theory |
Deed of Trust |
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Deed of trust or Trust deed |
used to create the trust agreement. - borrower give promissory note to lender - borrower conveys title to a trustee - when loan is paid title conveyed to borrower. |
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7 Necessary Components for a Valid Deed |
1) in writing 2) have a grantor and grantee 3) exchange something of value 4) words of conveyance 5) legal description 6) grantor's signature 7) Delivery and acceptance |
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Granting Clause |
part of a deed where the particular ownership interest being conveyed is identified. |
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Words of Conveyance for Fee Simple Estate |
"grantor conveys the title to real property to the grantee and his heirs and assigns forever" |
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Words of Conveyance for Life Estate |
Grantor conveys the title to real property to the grantee for the life of the grantee |
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Words of Conveyance for Defeasible Fee Estate |
Grantor conveys the title to real property to the grantee as long as the grantee farms the land |
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Habendum |
"To have and to hold" Further clarification for a title being conveyed |
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Restrictions Section |
Contains exceptions and limitations. identifies encumbrances, easements, and restrictive covenance. |
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Acknowledgment Section |
Not required for valid conveyance, but is required for deed to be recorded. Notary public or other public official recognizes in writing that each person signing deed is: 1) doing it voluntarily 2) has shown identification |
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Delivery and acceptance of the deed |
When the grantor delivers the deed and the grantee accepts the deed. |
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Eligibility for recording |
1) In Writing 2) Signed 3) Acknowledged |
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Recording |
entering it into the public record |
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Constructive notice |
official awareness to the public and entire world that occurs when recorded in the court house. this allows public access to records. |
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Actual Notice |
the information that a person knows about real property |
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Priority of Recording |
in the event that there are 2 deeds showing ownership to the same property the deed that is recorded first has the best evidence of title. |
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Why record a deed? |
would not be recorded as owner of record in court house this would prevent ability to get title insurance later. another deed for same property would establish priority in recording |
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Documents that are usually recorded |
Deed Mortgage Long Term Lease Assignment of Mortgage Lis Pendens Mortgage Satisfaction Mechanical Liens Easements Installment Contracts |
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Documents not usually recorded |
Agreement of Sale Promissory Note Short term lease listing contract buyer agency contract |