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KES Transfr of title

KES Transfer of title

TermDefinition
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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