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Cards In This Set
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Voluntary Alienation
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Voluntary transfer of title - gift or selling of property
Deed is the document by which its transferred |
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Requirements for a valid deed (and cont.)
Grantor Grantee |
- Conveys property to a grantee (must be of legal age and sound mind)
- Receives from a grantor (must be precise) |
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Deed must contain a:
Granting Clause: |
- States the grantor's intention
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Habendum Clause:
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Begins with 'to have and to hold'
- When necessary to define the ownership to be had by grantee i.e. if its less than a fee simple absolute |
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Consideration:
Legal Description of Real Estate: Exceptions and Reservations: Signature of grantor: Acknowledgment: Delivery and Acceptance: |
- Nominal i.e. $
- Surveryed - Easements, Encumbrances - - Declaration that person signing does so voluntarily and signature is genuine (before notary public) - Title not transferred until deed is delivered and accepted by grantee |
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Types of Deeds:
General Warranty deed: Special Warranty deed: Quitclaim Deed: (Bargain and Sale) (Deed of Trust) (Trustee's Deed) (Reconveyance Deed) (Deed executed pursuant to a court order) |
General - 5 covenants. Greatest protection to buyer
Special - 2 Warranties (No covenants) --> "Grantor remises, releases, alienates and conveys" Quitclaim - No covenants, No warranties, conveys only interest --> Used for less than Fee Simple / to cure a title defect / transfer b/w family members |
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Involuntary Alienation:
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Usually carried out by operation of law
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Transfer by Adverse Posession
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"Squatter's Rights" - possession by claimant must be:
- Open - Notorious (known by others) - Continuous - Hostile (w/o true consent) - Adverse |
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Transfer of deceased person's property
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Testate: with a will
Intestate: without a will --> Will must be executed and prepared according to state laws. Only valid and probated will can convey title to Real Estate. |
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Codicil is:
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Any modification, addition etc to a will by testator before their death - contained in a separate document.
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Probate is a formal judicial process that:
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- Proves / confirms validity of will
- Determines precise assets of deceased - Identified persons to whom assets pass ** Probate proceedings must occur in county in which deceased resided |
