Flashcards in From Principles Workbook Unit 3 Deck (75)
title to real property is held by one person or entity
ownership in severalty. can be owned by one individual or by a single entity (a corp, partnership, LLC or REIT)
when two or more people own a property
called concurrent ownerships or co-ownership. two most common forms are tenancy in common or joint tenancy
difference between tenants in common and joint tenancy
joint tenancy has right of survivorship... TIC doe snot
what is a cooperative?
building owned by a corporation. each resident owns shares of stock in the corp and has a proprietary lease in the individual unit
a deed is the document used to
transfer real property
a valid deed must identify:
- the parties
- have a competent grantor
- contain words of conveyance
- contain a legal description of the property
- state teh consideration that was given
- be properly executed
- be delivered and accepted
- must be in writing
what are the three main types of deeds?
- grant deed
grant deed implies
certain implied (unwritten) warranties. this deed provides the greatest protection for a grantee(typically the buyer who is receivign title to real property)
quitclaim deed conveys
no warranties of any kind. it simply conveys whatever itnerest the grantor has when the deed is delivered. a quitclaim deed may be used as a "problem solveR' to clear clouds on the title
adverse possession must be
open, continuous, exclusive, actual, and notorious (Hostile) for a period of 5 years
ownership by married couples or couples registered under domestic partnership law
act of conveyign real estate ownership
is from individuals, using a deed
is from the government to individuals, using a land patent
is from individuals to teh government.
purpose of a deed
the voluntary transfer of an interest in property between the giver/grantor and the receiver/grantee
a seller of real property will always be required to provide a
every deed conveys
whatever interest is held by the grantor, unless it specifically states that it is conveying a lesser interest
competent grantor is
18 years old and sane and sober
essential elements of a valid deed are:
- competent grantor
- execution by the grantor (all parties)
- identifiable grantee (need not be competent)
- delivery to and acceptance by the grantee
- description of land (prop description)
- words of conveyance
when does title pass?
upon acceptance of the grantee
what does a deed need to be effective and transfer title?
Delivered & accepted!
what are the four voluntary deeds?
- grant deed
- quitclaim deed
- gift deed
- warranty deed
waht are three involuntary deeds?
- sheriff's deed
- tax deed
- trustee's deed
characteristics of grant deed
- implied warranties
- most common in CA
- grantor has disclosed all encumbrances
- conveys after-acquired title
characteristics of quitclaim deed
- best for the grantor
- no covenants or warranties "what i've got you got"
- used to clear clouds on title (problem-solver)
- used when grantor wants no future claims or liability
a trustee or sheriff's deed transfers title at
the end of a foreclosure proceeding or statutory redemption period