Flashcards in Unit 9-Title, Deeds and Ownership Resrictions Deck (82)
a person who has a vested interest in property is said to have this...
what is a DEED?
It is an instrument of conveyance specifically stating ownership in property. Simply..it conveys LEGAL TITLE
An interest in real estate in which an individual receives the title at a future date is a contract for?
The act of TRANSFERRING TITLE or an interest in real property from one person to another is called?
Describe the 2 types of alienation?
Under owners control/consent. Gift or sale
by operation of law
this written instrument is used to
convey interest in real property and legal title.
sell or gift real property to another during the owners lifetime.
this legal instrument is used to convey title to REAL and PERSONAL property after a persons death
What does it mean when a decedent dies "TESTATE?"
It means they prepared a will.
What does it mean when a decedent dies "INTESTATE?"
it means they had no will.
Would a will be a form of voluntary or Involuntary Alienation and why?
It is Voluntary because the testator (male) or testatrix(female) intended to gift the property.
In a gift of real property, the real property is called?
the person receiving the gift of real property is the?
what is DESCENT?
it is the passing of property to the legal descendants (heirs) of a person who dies INTESTATE (without a will)
Is Descent voluntary or involuntary alienation and why?
It is involuntary because the STATE determines the disposition of property.
This process provides for the government to take the property of an owner who dies INTESTATE with no known heirs.
it ensures the property is always owned by someone.
ESCHEAT TO THE STATE
What is ADVERSE POSSESSION?
Occurs when an owner of record fails to maintain possession for 7 or more years and property is seized by another.
By sleeping on their rights as an owner, and not using the legal means available to remove a "hostile trespasser" he/she loses rights to the property.
What is another word for the legal process called Eminent Domain
what is CONDEMNATION?
it is the government's power to take land from an owner through a legal process for public purpose.
must the government pay for land taken by Eminent Domain?
is Eminent Domain a form of voluntary or involuntary alienation and why?
It is involuntary because regardless of whether the owner wants to part with the property, the government must exercise their power.
Describe the 2 types of Notice To Legal Title
-direct knowledge acquired during the course of the transaction
- accomplished by recording a document in PUBLIC RECORDS. Recording an instrument of conveyance puts the world on notice regarding an owners interest in real property.
This must FIRST be done by the GRANTOR before a deed can be recorded
The deed must be ACKNOWLEDGED and witnessed and certified by a notary.
What is the purpose of the ACKNOWLEDGMENT
it declares before a notary that the signing of the document is a voluntary act.
Does the RECORDING of a document require any witnesses? How many?
YES. It requires 2...one of which can be the notary.
A recorded legal document giving constructive notice of a PENDING LEGAL ACTION that involves real estate is known as
What information is included in a LIS PENDENS?
Names of parties, object of action, and legal description of property.
A COMPLETE successive record of a property's ownership starting with the earliest owner is called the
CHAIN of TITLE
how far back can a chain of title go in the state of FL?
a condensed history disclosing items about property that are of public record is an...
ABSTRACT of TITLE