Deeds

Question 1

What is Deed?

Answer 1

Establish ownership over a property.
Transfer ownership from the GRANTOR to the GRANTEE.
Filed on the Oficial Record.
It conveys/ transfers legal Title

Question 2

Who is the Grantor?

Answer 2

The Grantor is the owner of the property is someone who transfers a property right to a grantee.

Question 3

Who is the Grantee?

Answer 3

Grantee is the party who receives the transfer of the property. In other words, the grantee is the buyer.

Question 4

What is a promise in a mortgage or deed that requires or prevents certain uses of the property?

Answer 4

Covenant

Question 5

What is a noting in the public record, the terms of a legal document affecting title to real property such as a deed, a security instrument, a satisfaction of mortgage or an extension of mortgage?

Answer 5

Recording
Registrar of Deeds or County Clerk

Question 6

What type of deed is used to transfer property between familiar parties, such as family members or even divorced spouses?

Answer 6

Quitclaim Deed

Question 7

What is a legal agreement between a trustor and beneficiary made at the end of the home buying process?

Answer 7

A deed of trust

Question 8

What type of deed is used to offer various legal protections to the grantor, in the event there’s a problem or defect with the title once it’s been transferred?

Answer 8

Warranty Deeds

Question 9

What is a specific deed type that transfers the interest in a property from the seller to the buyer in exchange for a previously agreed upon price?

Answer 9

Grant Deed

Question 10

This type of deed offers no guarantee that the property is free of debts or liens and only states that the grantor is the title-holder?

Answer 10

Bargain and sale Deed
Grantee acquires any lien against the property along with the title. Commonly used when purchasing a home in a foreclosure.

Question 11

What type of deed is a document signed between a homeowner and a bank or lending institution, allowing said institution to enforce the lien on the property if the loan isn’t repaid?

Answer 11

Mortgage Deed

Question 12

What type of deed transfers the legal title of a property to the trustor from the trustee when the note is paid off?

Answer 12

Reconveyance Deed

Question 13

What is a Deed Restriction?

Answer 13

Deed Restriction is a limitation on how a property can be used. Deed restrictions can limit what is built or certain activities that would be pursued on the property.

Question 14

What is the part of a deed called, that describes and defines the property and has to cover the parcel of land with accuracy and precision to be easily identified and located?

Answer 14

The legal description

Question 15

What are 4 types of legal descriptions for properties?

Answer 15

● The US Public Land Survey System ● The Lot and Block survey system ● Metes and Bounds ● Monument Method