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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)
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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
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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...
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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”
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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
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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
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Power of Attorney
- authority that permit someone to sign legal documents
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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
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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
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- 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
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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
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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
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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,...)
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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
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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
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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
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Special Warranty Deed
- - useful in CT
- - contains 2 Basic Warranties:
- 1) Warranty that grantor received title
- 2) Warranty that property WAS NOT encumbered
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Bargain and Sale Deed
- - contains NO express warranties against encumbrances
- - but implies that grantor holds title and possession
- - used in foreclosure and tax sales
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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
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Deed of Trust
- - or Deed in Trust
- - conveyance from trustor to trustee for beneficiary
- - keeps secret privacy (just name of the trust)
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Reconveyance Deed
- convenience from trustee back to trustor
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Trustee's Deed
- - type of Deed
- - deed executed by a trustee
- - conveys from trustee to third party
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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
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Deed that provides greatest protection to the buyer
- - General Warranty Deed
- - contains 5 Basic Warranties
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Deed that contains Warranty that grantor received title and Warranty that property WAS NOT encumbered?
- Special Warranty Deed
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Deeds that contain NO warranties against encumbrances
- 1) Bargain and Sale Deed
- 2) Quitclaim Deed
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Deed that used in foreclosure and tax sales
Bargain and Sale Deed
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Deed that provides the grantee with the least protection
Quitclaim Deed
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Deed that provides no covenants or warranties
Quitclaim Deed
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Deed that used to convey less than fee-simple
Quitclaim Deed
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Deed that used to cure a title defect ("Cloud on the title")
Quitclaim Deed
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Deed that used for simple transfer from one family member to another
Quitclaim Deed
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Deed that conveyance from trustor to trustee for beneficiary
Deed of Trust
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Deed that keeps secret privacy
- - Deed of Trust
- - keeps just name of the trust
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Deed that convenience from trustee back to trustor
Reconveyance Deed
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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
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Deed that conveys from trustee to third party
Trustee's Deed
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Deed that used to convey title that is transferred by will
Deed Executed Pursuant To A Court Order
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Masters’ Deed is
Deed Executed Pursuant To A Court Order
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Sheriffs’ Deed is
Deed Executed Pursuant To A Court Order
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When guarantor warrants that property is free from liens or encumbrances, it is...
- Covenant Against Encumbrances
- Basic Warranty of General Warranty Deed
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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
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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
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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
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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
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Transfer Statement
- or
- - or Transfer Declaration Form
- - or Affidavit of Real Property Value
- - must be signed by buyer and seller or their REP’s
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Affidavit of Real Property Value
- or
- - or Transfer Declaration Form
- - or Transfer Statement
- - must be signed by buyer and seller or their REP’s
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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
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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
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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
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To apply for Adverse Possession an individual must (3)
- 1) makes a claim
- 2) takes exclusive possession
- 3) use it (most important)
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Adverse possession
- - involuntary transfer
- - individual may take title away from owner who fails to use or inspect the property for period of years
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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
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Intestate
- person who dies without will
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Intestate
- person who dies without will
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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
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Probate
- - judicial process to verify the validity of a will
- - judicial process in which successor to the property title will be recognized
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Testator
- person who makes a will
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Device
- gift of real property by will
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Device
- gift of real property by will
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Nuncupative Will
- oral will
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Holographic Will
entirely handwritten will
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person who dies with a will
Testate
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person who dies without will
Intestate
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judicial process in which successor to the property title will be recognized
Probate
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person who makes a will
Testator
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gift of real property by will
Device
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judicial process to verify the validity of a will
Probate
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oral will
Nuncupative Will
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entirely handwritten will
Holographic Will
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judicial process to verify the validity of a will
Probate
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authority that permit someone to sign legal documents
Power of Attorney
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