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KES Transfr of title
KES Transfer of title
| Term | Definition |
|---|---|
| Acknowledgment | Signature of grantor made under oath that it was made voluntarily |
| Adverse possession | Involuntary transfer by use over a long period without permission. Most important is use. |
| Bargain and sale deed | No express warranty against encumbrances, but does imply grantor hold title and possession of property |
| Deed | The instrument that conveys property from grantor to grantee. Converts rights, title, interest owned in parcel of RE. |
| Deed of trust | Means by which trustor conveys RE property to trustee for benefit beneficiary. |
| Devise | A transfer of real property by will. |
| General warranty deed | Grantor defends title against any past defects whether created by grantor of before grantor owned RE |
| Grantee | Receives property from grantor |
| Granting clause | Words of conveyance. States grantors intention to convey property |
| Grantor | Converts property to a grantee |
| Habendum clause | Defines the ownership rights of the grantee and the limitations |
| Intestate | Person dies without valid will |
| Involuntary alienation | Transfer of title without owners consent |
| Probate | The formal judicial process for verifying the validity of a will and accounting for deceased assets. |
| Quitclaim deed | Carries no covenants or warrenties. Conveys only whatever interest the grantor may have. (Remises. Releases, and quit claims the grantors interest in property if any. |
| Reconveyance deed | Deed used by trustee to return title to trustor. Ex a loans backed by property is repaid the property goes back to trustor. (Document called a satisfaction of mortgage) |
| Special warranty deed | Contains 2 basic warenties: that the grantor received title, property was not encumbered. By grantor (Unless thor wise noted in deed). Does not cover previous title holders. (Lang; grantor remitted, releases, alienates, conveys) |
| Testate | Person dies with a valid will |
| Testor | The person who makes the will |
| Title | Two functions 1. Right to own of ownership of land (represents bundle of rights) 2. Evidence of that ownership |
| Transfer tax | Tax on transfer of property |
| Trustee's deed | Deed executed by trustee. Must state is according to powers granted in trust instrument |
| Voluntary alienation | Legal term for transfer of title during property owners lifetime. |
| Will | Written document, witnessed, providing for transfer of title property owned by the deceased. |
| In real estate it is a way of transferring ownership | Title. |
| Torrens certificate | Is the certificate itself that provides evidence of ownership |
| Legacy | A disposition of money or personal property by will. |
| Lease | A written or oral contract between lessor and lessee that transfers the right of exclusive possession and use for a period of time. |
| Mortgage | A conditional transfer or pledge of Real Estate as security for payment of debt. (Also document creating mortgage lien) |
| Requirements for valid deed | Competency, grantee identifiable, consideration, granting clause, Habendum, legal description, exceptions, acknowledgement, delivery |
| Grantor must be | Lawful age, legally competent (of sound mind), |
| RE owned by one deemed legally incompetent can only be conveyed | Only with Court approval |
| Considation | Is necessary on a valid deed usually dollars,but not necessarily. |
| Exceptions and reservations | Encumberances, limitations, restrictions on use |
| Transfer of title requires | Both delivery and acceptance of deed |
| Title is said to pass only when | Deed is delivered and accepted |
| Types of deeds 8: | General warranty, special warrenty, bargain and sale, Quitclaim, deed of trust, Reconveyance, Trustee's, deed executed pursuent to courti order |
| Types of deeds short: | General, special, bargain, quitclaim, trust, Reconveyance, Trustee's, court order |
| Covenant of Seisin | (General Warranty deed)Grantee warrants is owner and has rights convey title (grantee may recover full price if covenant is broken) |
| Covenant against encumberances | (Grantor warrenty property is free of liens and encumberances. May sue for cost of removal |
| Covenant of further assurance | (general warrenty deed) promise to obtain or deliver instruments needed to make title good |
| Covenant of quiet enjoyment | (General warrenty deed) guarantees grantors title good against 3rd party who might bring court action. (Grantor is liable for damages) |
| Covenant of warranty forever | (General warrenty deed) Grantor promises to compensate loss if title fails in the future |
| Quitclaim deeds are used to | Convey less than fee simple or simply to cure title defects. |
| If grantee has name misspelled on a deed you would file a | Quitclaim deed |
| Deeds executed pursuant to court orders | Sheriffs' deed, masters' deed, administrators deed, executors deed |
| Transfer declaration states: | Full sale price, legal description, improvement type, address, date, type of deed, whether transfer is between relitaves if court order. |
| ONCHA | (adverse possession) open, nortorious, continuous, hostile, adverse |
| Devisee | A person who receives real property via will |
| A formally written will must be | Signed by the Testor and witnessed by 2 or more persons who must sign that they witnesses. |
| A had written will is called | A holographic will |
| Nuncupative wills | Oral wills |
| Codicil | A Seprate document that includes modifications or additions to a will |
| Essentials of a valid Conveyance Deed 11 | In writing, competent grantor, Definite grantee, consideration, words of conveyance, type of interest conveyed, legal description, delivery and acceptance, signatures,reservations to the title. |
| Covenant of Seisin | Promises grantor is legal owner and has right to convey property. |
Created by:
KimSchroeder
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