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