AZK RE L-05 C-07 Transfer of Title 1

  1. Torrens certificate
    • - legal registration system used to verify ownership of RE
    •  - provides evidence of title without the need for an additional search of the public records
    • - certificate itself that provides evidence of ownership (not like title)
  2. Requirements for a valid deed.
    Deed must contain (9)
    • 1) Grantor
    • 2) Grantee 
    • 3) Statement of Consideration (for recording of the deed)
    • 4) Granting clause (words of conveyance)
    • 5) Habendum Clause 
    •      - defines the ownership right received by the grantee
    • 6) Property Description
    • 7) Any relevant (уместный) exceptions or reservation
    • 8) Acknowledgment (notarization) of the signature of the grantor
    • 9) Delivery of the deed and acceptance by the grantee
  3. Granting Clause
    • - must be included in the Deed
    • - or words of conveyance
    • - states the grantor's intention to convey the property
    •     - I, JKL, convey and warrant...
  4. Habendum Clause
    • - must be included in the Deed
    • - defines the ownership right received by the grantee w or w/o limitations
    • - “to have and to hold”
  5. Exceptions and Reservation
    • - must be included in the Deed
    • - any encumbrances, reservations or limitations that affect the title being conveyed
    • - might include restrictions in easements that run with the land
    • - number of houses that may be built on each lot
  6. Signature of The Grantor
    Acknowledgment
    • - must be included in the Deed
    •    - Signature of The Grantor
    •        - require witnesses to or notarization of the grantor's signature
    •    - Acknowledgment
    •       - formal declaration under oath that 
    •          - person signs document voluntarily
    •          - the signature is genuine
  7. Power of Attorney
    - authority that permit someone to sign legal documents
  8. Delivery and Acceptance
    • - must be included in the Deed
    • - personally, or through a third party
    • - deed must be examined and registered by the county clerk
  9. Types of Deeds (8)
    • 1) General warranty deed
    •      - greatest protection 
    •      - has 5 Basic warranties

    • 2) Special warranty deed
    •      - grantor received title 
    •      - property WAS NOT encumbered

    • 3) Bargain and sale deed
    •      - NO express warranties against encumbrances
    •      - used in foreclosure and tax sales

    • 4) Quitclaim deed
    •      - least protection, no warranties
    •  
    • 5) Deed of trust 
    •      - trustor to trustee for beneficiary
    •      - keeps secret 

    • 6) Reconveyance deed
    •      - from trustee back to trustor

    • 7) Trustee's deed
    •      - from trustee to third party

    • 8) Deed executed pursuant (согласно) to a court order
    •      - by will or by court order
  10. General Warranty Deed
    - provides greatest protection to the buyer

    • - includes 5 Basic Warranties:
    •    1) Covenant of Seisin (си'зэн)
    •    2) Covenant Against Encumbrances
    •    3) Covenant of Further Assurances
    •    4) Covenant of Quiet Enjoyment
    •    5) Covenant of Warranty Forever
  11. Covenant of Seisin
    • - one of the Basic warranty of General Warranty Deed
    •     - guarantor warrants that he owns the property and has the right to convey title to it
  12. Covenant Against Encumbrances
    • - one or the Basic warranty of General Warranty Deed
    • - guarantor warrants that property is free from liens or encumbrances (mortgages, mechanic' liens,...)
  13. Covenant of Further Assurances
    • - one of the Basic warranty of General Warranty Deed
    • - grantor promises to obtain and deliver any instrument needed to make the title good
  14. Covenant of Quiet Enjoyment
    • - one of the Basic warranty of General Warranty Deed
    • - grantor guarantees that the grantee's title will be good against any third party who might bring a court action
  15. Covenant of Warranty Forever
    • - one of the Basic warranty of General Warranty Deed
    • - grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future
  16. Special Warranty Deed
    • - useful in CT
    • - contains 2 Basic Warranties:
    •    1) Warranty that grantor received title
    •    2) Warranty that property WAS NOT encumbered
  17. Bargain and Sale Deed
    • - contains NO express warranties against encumbrances
    • - but implies that grantor holds title and possession
    • - used in foreclosure and tax sales
  18. Quitclaim Deed
    • - least protection 
    • - no covenants or warranties

    • - used 
    •    - to convey less than fee-simple
    •    - to cure a title defect ("Cloud on the title") (misspelling)
    •    - for simple transfer from one family member to another
  19. Deed of Trust
    • - or Deed in Trust
    • - conveyance from trustor to trustee for beneficiary
    • - keeps secret privacy (just name of the trust)
  20. Reconveyance Deed
    - convenience from trustee back to trustor
  21. Trustee's Deed
    • - type of Deed
    • - deed executed by a trustee
    • - conveys from trustee to third party
  22. Deed Executed Pursuant (согласно) To A Court Order
    - or
    • - or Executors’ and Administrators’ Deeds
    • - or Masters’ Deeds
    • - or Sheriffs’ Deeds
    • - established by State Statute
    • - used to convey title that is transferred by will or by court order         
  23. Deed that provides greatest protection to the buyer
    • - General Warranty Deed
    • - contains 5 Basic Warranties
  24. Deed that contains Warranty that grantor received title and Warranty that property WAS NOT encumbered?
    - Special Warranty Deed
  25. Deeds that contain NO warranties against encumbrances
    • 1) Bargain and Sale Deed
    • 2) Quitclaim Deed
  26. Deed that used in foreclosure and tax sales
    Bargain and Sale Deed
  27. Deed that provides the grantee with the least protection
    Quitclaim Deed
  28. Deed that provides no covenants or warranties
    Quitclaim Deed
  29. Deed that used to convey less than fee-simple
    Quitclaim Deed
  30. Deed that used to cure a title defect ("Cloud on the title")
    Quitclaim Deed
  31. Deed that used for simple transfer from one family member to another
    Quitclaim Deed
  32. Deed that conveyance from trustor to trustee for beneficiary
    Deed of Trust
  33. Deed that keeps secret privacy
    • - Deed of Trust 
    • - keeps just name of the trust
  34. Deed that convenience from trustee back to trustor
    Reconveyance Deed
  35. When a loan secured by a deed of trust has been fully paid, the trustee then conveys the property back to the trustor by what deed?
    Reconveyance Deed
  36. Deed that conveys from trustee to third party
    Trustee's Deed
  37. Deed that used to convey title that is transferred by will
    Deed Executed Pursuant To A Court Order
  38. Masters’ Deed is
    Deed Executed Pursuant To A Court Order
  39. Sheriffs’ Deed is
    Deed Executed Pursuant To A Court Order
  40. When guarantor warrants that property is free from liens or encumbrances, it is...
    • Covenant Against Encumbrances
    • Basic Warranty of General Warranty Deed
  41. When grantor promises to obtain and deliver any instrument needed to make the title good it is...
    • Covenant of Further Assurances
    • Basic Warranty of General Warranty Deed
  42. When grantor guarantees that the grantee's title will be good against any third party who might bring a court action to establish superior title to the property it is...
    • Covenant of Quiet Enjoyment
    • Basic Warranty of General Warranty Deed
  43. When grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future it is...
    • Covenant of Warranty Forever
    • Basic Warranty of General Warranty Deed
  44. How and when Transfer tax can be payed?
    - Transfer tax is payable when the deed is recorded

    • - 2 ways
    •          - taxpayer purchase stamps from the recorder of the county
    •          - stamps must be affixed (прикреплены) to the deed before it can be recorded
    •                   - or
    •          - clerk or recorder simply collects the transfer tax amount
  45. Transfer Statement
    - or
    • - or Transfer Declaration Form
    • - or Affidavit of Real Property Value
    • - must be signed by buyer and seller or their REP’s
  46. Affidavit of Real Property Value
    - or
    • - or Transfer Declaration Form
    • - or Transfer Statement
    • - must be signed by buyer and seller or their REP’s
  47. Transfer Declaration Form
    - or
    • - or Transfer Statement 
    • - or Affidavit of Real Property Value
    •        - must be signed by buyer and seller or their REP’s

    •        - states:
    •              - full sales price
    •              - legal description
    •              - type of improvement
    •              - address, date and type of deed
    •              - whether the transfer is between relatives or in accordance with a court order
  48. What deed may be expected from the tax (9)
    • 1) Gifts of Real Estate
    • 2) Deeds not made in connection with a sale
    • 3) Conveyances between government bodies
    • 4) Deeds by charitable, religions, or educational institutions
    • 5) Deeds securing debts or releasing property as security for a debt
    • 6) Partitions (physical division of co-owned RE)
    • 7) Tax Deeds
    • 8) Deeds pursuant to mergers of corporations
    • 9) Deeds from subsidiary to parent corporations for cancellations of stock
  49. Involuntary alienation
    • - title may be transferred without the owner's consent
    •        - condemnation (конфискация)
    •        - foreclosure of a mortgage loan
    •        - sale to satisfy delinquent (правонарушитель) tax or mortgage liens
  50. To apply for Adverse Possession an individual must (3)
    • 1) makes a claim 
    • 2) takes exclusive possession 
    • 3) use it (most important)
  51. Adverse possession
    • - involuntary transfer
    • - individual may take title away from owner who fails to use or inspect the property for period of years
  52. Adverse Possession must be
    • - ONCHA
    •    - Open
    •        – obvious to anyone who looks
    •    - Notorious
    •       – known by others
    •    - Continues 
    •      – uninterrupted (5-30 years) (15 in CT)
    •    - Hostile 
    •       – without the true owner’s consent
    •    - Adverse 
    •       – against the true owners right of possession
  53. Intestate
    - person who dies without will
  54. Intestate
    - person who dies without will
  55. When person dies ownership of RE passes to... (3)
    • 1) co-owner by virtue of a Joint Tenancy or Tenancy by The Entirety 
    • 2) party(s) named in a valid will
    • 3) statutory (установленный) heirs determined by the state's law
  56. Probate
    • - judicial process to verify the validity of a will
    • - judicial process in which successor to the property title will be recognized
  57. Testator
    - person who makes a will
  58. Device
    - gift of real property by will
  59. Device
    - gift of real property by will
  60. Nuncupative Will
    - oral will
  61. Holographic Will
    entirely handwritten will
  62. person who dies with a will
    Testate
  63. person who dies without will
    Intestate
  64. judicial process in which successor to the property title will be recognized
    Probate
  65. person who makes a will
    Testator
  66. gift of real property by will
    Device
  67. judicial process to verify the validity of a will
    Probate
  68. oral will
    Nuncupative Will
  69. entirely handwritten will
    Holographic Will
  70. judicial process to verify the validity of a will
    Probate
  71. authority that permit someone to sign legal documents
    Power of Attorney
Author
flashsmilenet
ID
344893
Card Set
AZK RE L-05 C-07 Transfer of Title 1
Description
AZK RE L-05 C-07 Transfer of Title 1
Updated