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Transfer of Title

Terms and Questions from Ch. 7 of Michigan RE Test Book

QuestionAnswer
Alienation Transfer of title-Owner is alienated/seperated from title
Descent Laws by which property is distributed to heirs if a person dies without a valid will.
Intestate To die without a valid will
Testate To die with a valid will
Escheat No eligible heirs found the property turns over to the state.
Involuntary Alienation Deceased has no control over transfer of title in Escheat
Personal Representative Person appointed by court to distribute property to heirs of person who has died intestate. Part of Michigan Probate Code.
Probate Judicial determination of validity of a will
Voluntary Alienation Transfer of Title to heirs by a valid will
Devise Gift of real property by will
Bequest Gift of personal property by will
Devisee Receiver of gift of real property by will
Beneficiary Receiver of gift of personal property by will
Testator or Testatrix Deceased man or woman with a valid will
Executor or Executrix Man or Woman appointed in will to carry out its provisions
Lien Foreclosure Sale Sale of real property to satisfy a specific or general lien against the property
Adverse Possession Person other than owner can claim title to real property is possession is actual, visible, open, notorious, exclusive, continuous, uninterrupted and hostile. Must be for at least 15 years
Tacking Transfer of adverse possession to another who will continue the adverse possession.
Quiet Title Action Proof of Adverse possession sufficient enough to claim title.
Condemnation under Eminent Domain Way by which federal government takes title to private land for public use.
What are the 9 requirements for a valid deed? 1. In Writing 2. Grantor 3. Grantee 4. Certainty of all parties 5. Property description 6. Recital of Consideration 7. Words of Conveyance 8. Proper Execution by Grantor 9. Delivery and Acceptance by Grantee
Granting Clause Words of Conveyance shows intention of Grantor to transfer title to grantee
Premises Clause Includes general information such as date, names of Grantor/Grantee, the Consideration, granting clause, deed restrictions/ covenants, legal description, subject to clauses.
Habendum Clause Defines extent of Estate being granted.
Testimonium Clause Signatures of Grantors, Witnesses, and notary(acknowledgment).
General Warranty Deed Highest and cleanest form of title transfer. Grantor holds title and can convey it, no encumbrances, quiet enjoyment, further assurances or no title defects, warranty of title dating back to whenever.
Special(limited) Warranty Deed Limited to claims against title during Grantors period of ownership.
Quitclaim Deed Deed of release, no warranties, releases any interest that grantor may have. Clears cloud on title or claim
Grant Deed Warranties implied by state statute.
Bargain and Sale Deed Implied covenant by Grantor that they have title and possession.
Sheriff's Deed Given by court to effect sale of property to satisfy a judgement. Foreclosure
Revenue Stamps(Transfer Tax, Documentary Stamps) Tax on Conveyance of Title to real property. Seller responsible in Michigan. $8.60 per $1k, $4.30 per $500.00
Marketable/Merchantable Title Before a seller can transfer title they must prove that it is salable. Not necessarily free of liens.
Title Examination Search of records that could possibly provide evidence of marketable title.
Chain of Title Successive conveyances of title starting with current deedd and going back an appropriate time 40-60 years.
Abstract of Title Condensed history of the title.
Certificate of Title Opinion Attorney determination in writing of who owns the real estate and the quality of title.
Title Insurance Policy insures owner(usually buyer) from financial loss if title is not marketable. Title Insurance Company to pay face value of policy resulting from defect plus litigation/challenge.
Subrogation of Rights Title insurance company files a legal action against Grantee for Grantor.
Owner's Policy Protects the new owner, written for amount new owner paid for property.
Mortgagee's Policy Protects the lender/mortgagee against defects in title. Insurable interest is only outstanding loan balance.
Leasehold Policy Protects lessee(leaseholder) and/or mortgagee against defect in lessor's title. Usually in Commercial Property.
Contract Buyer's Policy Protects contract buyer against defects in contract seller's title prior to contract. Usually in Land Contracts.
Recordation Provides protection of title against subsequent claimants.
Constructive Notice Everyone knows and bound by existence of conveyance.
Bona Fide Purchaser Buyer who relies on records. Title protected because of recording.
Uniform Commercial Code(UCC) Type of financing where lender has security interest in personal property until paid in full.
Property Description Legal description of the land.
Metes and Bounds Metes(measures) distance for point to point. Bounds(boundaries) directions from one point to another. Has a point of beginning. For odd shaped pieces of land.
Description by Reference May refer to plat(map) and lot number that has been or previous deed conveying same property.
Government or Rectangular Survey System Used for regular shaped real estate. Rectangles or Squares.
Principal Meridians 36 north/south lines used in Government or Rectangular Survey System .
Baselines 36 east/west line used in Government or Rectangular Survey System.
Ranges 6 mile strip of land between principal meridians and baselines.
Township Square, 6 by 6 mile area divided into 36 sections. Each section 1 mile in width and length.
Section 1 mile in width and length-640 acres-1 of 36 in township
Quarter-Section 1/4 mile in width and length-160 acres
Acre 43,560 square feet
Mile 5,280 ft
Created by: jenkij
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