THE DIFFERENT TYPES OF DEEDS Flashcards

THE DIFFERENT TYPES OF DEEDS Flashcards Root titleThe beginning of owener ship of realty by a private individual.VALDIDATIONIn order for a deed to be valid, all must be present - legally competent grantor, identifiable grantee, Granting clause, how the title was taken (determined by the grantee and specified in the deed) Consideration, Exceptions and restrictions, Legas address or description, grantors signature, delivery and acceptance by the grantee DEEDA deed is a written document by which a grantor conveys and transfers an ownership interest in real property to a grantee. Although a grantor is a person transferring the realty and the grantee is the person receiving the realty, the former is not always the seller and the latter may not always be the buyer.Deed is recorded to give constructive notice to the world. Then would become part of public record.Transfer of title by deed is only valid when its in writing.Chain of TitleLists all grantors and grantees of realty since the patent, but does not list other activity such as liens, encumbrances

or other activity.Example:The chain of title shows the

successive changes of ownership, each one linked to the next so that chain is formed Sheriff's Deedis given to the buyer by the court to affect the sale of property following a foreclosure in certain states or the outcome of a court hearing to pay off a debt.Trustee's deeda deed used by the trustee to convey the property to another party other than to the trustor. Bargain and sale deed - aka Grant, Cloud on titleAny document, claim, unreleased lien or encumbrance that impair or injure the title to property or cast doubt on the

validity of the title. Example: Clouds on title are usually

revealed by a title search and may be removed from a record by a quitclaim deed or a quiet title proceeding initiated by the owner Quitclaim Deedis used to convey only the grantor's rights or interest in real property. The Quitclaim deed offers the least protection to the grantee because the grantor does not carry any covenants or warranties, and the deed does not state any nature of the rights. It is often used to remove a possible defect on title, or cloud, such as correcting a misspelled name on a warranty deed. Another common use for the

Quitclaim Deed is during a divorce or between family members to remove or eliminate an interest of a spouse in the property. The quitclaim contains similar language to a deed, with the important exception that rather than using the words "grant and release," it contains language such as "remise, release and quitclaim." PatentOriginal conveyance of title from the government to an individual.VacationGovernment giving back realty to a private citizen.warranty deedis a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer), is in contrast to a

quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.DedicationThe transfer of privately owned land to the public without consideration, with the intent that the land will be accepted

and used for public purposes. Example: A landowner may

dedicate the entire fee simple interest or an easement such as a public right of way across the landowners property