TX PROPERTY ESSAYS

  1. what is the highest quality deed a seller can use to convey ppt?
    • A general warranty deed.
    • Like all deeds, it is written document that evidences intent of an owner of a ppt interest in land to convey all or part of that interest to another.
    • The words "grant" or "deed" automatically include the common law warranty of title and warranty against encumbrances.
    • A general warranty deed obligates the grantor to indemnify grantee for loss caused by ANY claim against title regardless of when or under whom it arose.
  2. what is special warranty deed?
    Restricts the scope of grantor's guaranties by protecting against ONLY claims of persons deriving their interest on ppt through the grantor.
  3. how do you determine whether a homestead is urban or rural?
    • The code provides for 2 types of homesteads; urban and rural. 
    • Urban: within a municipality; served by police, fire protection, and at least 3 types of utilities (electric, water, sewer, natural gas).
    • Rural: if it does not meet the requirements of urban.
    • Single Adult rural homestead: 100 acres
    • Family Rural homestead: 200 acres
  4. requirements for a valid deed?
    • 1. writing;
    • 2. signed by grantor;
    • 3. designate a grantee;
    • 4. contain words of grant;
    • 5. adequate description of ppt;
    • 6. delivered and accepted by grantee.
    • NOTE: recording grant is NOT necess for validity
  5. when/how is a deed recordable?
    • Purpose of recording is to give notice of conveyance to 3P's. 
    • To be recirdable it must be acknowledged or sworn to and then filed/recorded in the real ppt records of the county where the ppt is located.
  6. what are homestead rights?
    • The Tx constitution allows a person to establish a homestead, tehreby excempting certain real ppt from forced sale by creditors.
    • The protections prevent against ALL liens except those constitutionally permitted.
  7. What liens is a homestead no exempt from?
    • 1. Liens for Purchase Money;
    • 2. Owelty Liens;
    • 3. Liens for Improvements;
    • 4. Home Equity Liens;
    • 5. Liens for Taxes;
    • 6. Reverse Mortgages;
    • 7. Liens Predating the Establishment of the Homestead; and
    • 8. Conversion or Refinance of a Lien Secured by the Homestead.
Author
Anonymous
ID
315197
Card Set
TX PROPERTY ESSAYS
Description
PPT
Updated