Real Estate > Property Transfer > Flashcards

Property Transfer Flashcards

(57 cards)

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1
Q

Deed

A

Receipt for real property

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2
Q

Legal title

A

Ownership of real estate (not a physical thing).

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3
Q

Cloud on title

A

Something wrong w/ the ownership of the property.

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4
Q

Chain of title

A

History of the property’s ownership.

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5
Q

What happens when there is a cloud on title?

A

The seller must fix before closing. The buyer’s bank will NOT finance if there are any defects on the title.

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6
Q

Where can you find clouds on titles?

A

Title search. This lists information on the property as public record.
It is not necessary to register the information to make it public, however if the owner does, it will avoid any further issues regarding ownership of the property in these terms.
If there is a loan from a bank for a property, a title search will be mandatory & making is public record.

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7
Q

How much do transfer fees cost? What are these fees? how are they calculated?

A 
Transfer fees (also known as recording stamps/excise fee). Seller pays for this. These make public record of transfer or ownership in a sale. 
Calculation: Round up to the nearest $500. Then divide by $500. Then multiply by $2.28 (that is usually the fee per $500).
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8
Q

For deeds to be valid they must:

A
  • Be in writing (per statute of frauds).
  • The grantor must be legally competent (grantor needs to sign).
  • They must name the grantee.
  • They must involve the exchange of consideration (evidence by a recital of consideration).
  • They must include a complete & accurate description of the land (“full legal description”).
  • They must include a granting clause (usually just the words “grant to”).
  • They must have delivery & acceptance.
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9
Q

Is it required to record a deed?

A

No. However, if a deed is not recorded, a future deed could take precedence over the unrecorded deed.

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10
Q

When does title pass?

A

Upon delivery & acceptance of the deed.

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11
Q

Metes & Bounds survey

A

Outlines lots of land (boundaries of the property) by describing directions (bounds) & distances (metes) between monuments (markers like concrete posts) or benchmarks (permanent markers established throughout the US) starting at a point of beginning.

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12
Q

How long is 1 link?

A

about 8 inches

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13
Q

How long is 1 foot?

A

12 inches

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14
Q

How long is 1 yard?

A

3 feet

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15
Q

How long is 1 rod?

A

16 feet 6 inches

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16
Q

How long is 1 chain?

A

66 feet

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17
Q

How long is 1 mile?

A

5280 feet

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18
Q

How big is 1 acre?

A

43,560 sq. feet (207ft. x207ft.)

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19
Q

How big is 1 sq. mile?

A

640 acres (1mi. x 1mi.)

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20
Q

Lots & Blocks survey

A
  • Breaks down land by streets into blocks. then breaks down blocks into lots using metes & bounds surveys.
  • Plat maps: publicly recorded layout of a subdivision or town.
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21
Q

Government Rectangular survey

A

-Not used in MA.
-Land Ordinance Act of 1785.
Also known as the “public land survey system” or “rectangular survey system”.
-Standardizes land descriptions & is used in most of the US (except the 13 original colonies).
-Devises land into rectangles using intersection principal meridians (running north to south) & base lines (running eat to west).
~There are 37 principal meridians in the US, each referenced by a name or number.
~No parcel of land is described using more than one principal meridian.

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22
Q

Sizes for each area in a government rectangular survey:

A
  • Quadrangle/Check: 24x24 miles; 576 sq. miles; 368,640 acres
  • Township: 6x6 miles; 23,040 acres
  • Section: 1x1 mile; 1 sq. mile; 640 acres
  • Half-section: 1x1/2 mile; 1/2 sq. mile; 320 acres
  • Quarter section: 1/2x1/2 mile; 1/4 sq. mile; 160 acres
  • 1/2 of a quarter section: 1/2x1/4 mile; 1/8 sq. mile; 80 acres
  • 1/4 of a quarter section: 1/4x1/4 mile, 1/16 sq. mile; 40 acres
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23
Q

How are Townships laid out?

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A

-6x6 miles total (23,040 acres)
-Each subdivision within the township is 1 sq. mile.
-36 subdivisions in a township total.
-The northeastern most corner is always #1.
The 16th section is called the school section, since it was traditionally used for school purposes.

24
Q

What is a quitclaim deed?

Study These Flashcards
A

Also called “warrantee deed.”

No warrantees are made, the grantor is not liable for any claims against the title.

25
What is a special warrantee deed?
Most common. The seller promises to remedy any issues THEY have caused. States only that the grantor received title to the property & didn't cause any issues w/ the title. Grantor isn't responsible for any issues they did not cause.
26
What is a general warrantee deed?
The seller promises to take responsibility for ANY issues with the title. -Covenant of seisen: Grantor promises they have good & clear title & may convey ownership. -Covenant against encumbrances: Promise the property is unencumbered. -Covenant of further assurance: promise to help the buyer obtain good title in the future. -Covenant of quiet enjoyment: Promise to help the buyer w/ any future court issues. Covenant of warrantee forever: Promises go forever.
27
What is a bargain & sale deed?
Used when the grantor has the right to convey the property, but doesn't own it.
28
What are deeds of trust?
Used to transfer interest in real estate into trusts. They are used in some states in lieu of mortgage, since putting the property into a trust that the lender has access to can expedite & simplify the foreclosure process.
29
What is a reconveyance deed?
Trustees use to return property to trustors. (Removes property from a trust.)
30
What is a trustees deed?
Deed executed by a trustee to convey real estate to anyone besides the trustors.
31
What are deeds executed pursuant to a court order?
Any deeds issues as a result of a will or court order.
32
What does the Habendum Clause have to do with deeds?
This clause (meaning to have and to hold) transfers any limited estate being granted.
33
Title insurance
Insurance for the ownership of the property. Is basically the general warrantee protections provided by a third party. Optional. Two types: mortgagee insurance (bank) & mortgagor insurance (borrower). Protects things not found in public record. -Standard coverage: forged deeds, incompetent parties, delivery issues, improper martial settlements. -Extended coverage: tenant/squatter issues, survey issues, unrecorded easements, unrecorded liens, water/mineral rights issues, etc. Paid up front at closing (usually $2-$4 per $1000).
34
Torrens System
Also known as "land court". Legal venue for unsnarling title issues. "Action to quiet title"-The lawsuit about real estate ownership. (Where your action to quiet title is.) Certificate of title: Final finding by the land court; establishes the owner of the property. *Who ever is granted property will definitely want to record this quickly to make public record to avoid further issues.
35
What is a will?
How we dispose of the belongings of the deceased.
36
What does testate mean?
You die with a will.
37
What does intestate mean?
You die without a will.
38
What is probate?
Legal system by which your property will be distributed to your heirs.
39
How does probate handle testate?
Executor named in the will who will carry out your last wishes.
40
How does probate handle intestate?
Court appoints administrator who will distribute the deceased's property in accordance to the laws of decent & distribution.
41
What if someone passes away with no will and no heirs?
The property will escheat to the state.
42
What is a devisee?
Someone who is granted real property in a will.
43
What is a legatee?
Someone who is granted personal property in a will.
44
What does devising mean?
Transferring real property to heirs.
45
What does bequeathing mean?
Transferring personal property to heirs.
46
What is a codicil?
An amendment to a will.
47
What does holographic mean in terms of wills?
Handwritten will.
48
What is a nuncupative will?
It is a verbal will (usually not enforceable).
49
What is a formal will?
A will that is written and witnessed.
50
What does et con mean?
With husband.
51
What does et ux mean?
With wife.
52
What does et al mean?
With others.
53
Adverse possession
Legal term for squatter's rights. If a piece of property is used openly & without permission for more than a predetermined amount of time (varies by state), the squatters may take legal title to that property. ONCHA>20 years (in MA) Doesn't apply to registered land (certificate of title from land court); doesn't apply to public land.
54
Dedication
Donation of land for the public use (donating land for a public park, etc.). Can be temporary or permanent, fee simple, an easement, etc. (flexible).
55
What is an alienation of title?
Any loss of ownership.
56
What is involuntary alienation?
Forced loss of ownership (like a foreclosure).
57
What is voluntary alienation?
Not force; is chosen (like choosing to sell your own property).
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