Stringham - Deeds & Transfer (1) Latest 2024/2025 Updated Questions and Answers Guaranteed 100% Success.

Establish the Validity of a deed: acknowledgment - (Notarized/witnessed) does not have to be recorded; signature of the grantor is being notarized Elements of a deed: delivery: 3 ways - 1. Actual delivery 2. Constructive (recorded) 3. 3rd party (hold in escrow or trust) Elements of a deed: consideration - Amount paid is usually hidden by "ten dollars and other good and valuable consideration" Elements of a deed: signature - Signature of only the grantor(seller/owner) of the property Elements of a deed: description - Legal description that separates it from everything else (NOT address) Title - Form of how we own something Alienation of Title - Transfer ownership (voluntary or involuntary); selling the property Deed - Actual instrument that shows that we own something Title - Form of how we own something Essential elements of a deed - 1. Intent 2. Signature 3. Granting Clause 4. Name of the parties 5. Description 6. Consideration7. Written 8. Delivery Elements of a deed: intent - Grantor must intend to give ownership to someone else Elements of a deed: granting clause - "I transfer", "I grant", "I convey" Elements of a deed: name of the parties - BOTH grantor and grantee Elements of a deed: written - Must be done in writing Elements of a deed: delivery - Must be delivered to the grantee via 3 ways Establish the Validity of a deed - 1. Recording 2. Acknowledgment 3. Date 4. Habendum Clause Establish the Validity of a deed: habendum clause - "To have and to hold Clause", "subject to", "exceptions and reservations"; keeping or reserving certain rights for ourself as the grantor Establish the Validity of a deed: recording - Not legally required, it fasted and safest form of delivery; highly recommended Establish the Validity of a deed: date - Does not need to be valid, but important and should be done Types of deeds - 1. Quit claim deed 2. Bargain & sale deed3. General or Full Warranty 4. Special Warranty 5. Grant Deed 6. Deeds having to do with probable 7. Deeds having to do with foreclosure 8. Gift deed 9. Patent deed Types of deeds: quit claim deed - Grantor knows the history/chain of the title; most often in divorces and quick asset shifting. Grantor usually has not interest whatsoever. Types of deeds: bargain and sale - Similar to quit claim; implies grantor has interest in the property Types of deeds: general or full warranty - Most complete transfer of ownership with the greatest protection; includes 5 warranties; grantor guarantees the history of the deed to be clean General or full warranty: covenant of seizin - Grantor promises that they hold the title and has the right to convey it; liability to the seller General or full warranty: covenant against encumbrances - No encumbrances, except those that have been revealed to the grantee and are accepted in the deed General or full warranty: covenant of quiet enjoyment - Grantor guarantees that the grantee has the property free of interference from acts or claims of 3rd parties General or full warranty: covenant of further assurance - Grantor promises to perform any acts necessary to perfect the title if anyone makes a claim against it General or full warranty: covenant of warranty forever - Grantor will pay expenses is any person asserts a rightful claim to the property; if unsuccessful, grantee may sue grantorTypes of deeds: special warranty - Warrants against defects arising during the period of the grantors ownership; not the chain/history. (only gives Cov of Seizin[right to convey], and Against Encumbrances) Types of deeds: grant deed - Often used in place of a warranty deed; gives less protection; usually in California, Idaho and North Dakota; title insurance gives adequate protection Types of deeds: having to do with probate(court process) - Court transfers title if owner dies and needs to retitle to heirs. -administrators deed; no will -executors deed; will Usually special warranty deeds; executor/administrator has not encumbered the property Types of deeds: foreclosure - Special warranty or Bargain and sale deeds; -sheriffs deed; judicial(court order) -trustees deed; non-judicial(borrower agreed not to go to court) -tax deed; tax foreclosure Types of deeds: gift deed - Property for love and affection; if creditors could prove that it's meant to avoid the property being used to satisfy a debt, courts prefer property back to grantor