Voluntary vs Involuntary Alienation and Deeds Flashcards

Voluntary vs Involuntary Alienation and Deeds Flashcards involuntaryLand may also be transferred without an owner's consent in order to satisfy debt. In such cases the debt is foreclosed, the property is sold, and the proceeds of the sale are applied to pay off the debt. Debts that could be foreclosed include mortgage loans, real estate taxes, mechanics' liens, or general judgments against the property owner.Special Warranty DeedA deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise." Alienation- the act of transferring a title, ownership, an estate, or an interest in real estate from one party to the next.- voluntary or involuntary Quitclaim Deeddeed that conveys an individual's property rights to another but has none of the covenants of the warranty deed- holds no protections voluntary alienation- transfer of title with the owner's consent.- initiated by public grant, executing a will, gifting, selling the property or by a dedication.Warranty DeedA deed in which the grantor makes formal assurance as to quality of title.- grantor makes a series of legally binding promises called covenants and warranties to the grantee agreeing to protect the grantee against any prior claims and demands of all persons whomsoever in regards to the conveyed land.legal deed must contain1) must be in writing2) clearly identify grantor and grantee3) description of property - operative words of

conveyance must be present: metes and bounds,

rectangular survey, recorded play, vertical land description...ie necessary legal language to identify.4) signature of both grantor and grantee5) it must be legally delivered and accepted bythe grantee6) must be notarized

• forms of covenants for title1) covenant of seisin - warranty that the grantor has

possession of the land being transferred or has a right to the possession of the land.2) covenant of right to convey - promise that the grantor owns the land ad can transfer ownership3) covenant of quiet enjoyment - promise that grantee will enjoy property without fear of eviction.4)

covenant of warranty - protect buyer from future claims of title to the property5)covenant of further assurances - grantor will make conveyance necessary to vest in the grantee of the deed the title intended to be conveyed.grant-the act of conveying ownership dedication- voluntary transfer of property from an individual to the government, mainly for public purposes.- similar to eminent domain except the owner is giving property up voluntarily.

deedA document that transfers ownership of property from one party to another.- must include identification of the grantor ad grantee, and description of the property