Real 4000 Test 1 Chapter 3 Exam
Questions and Answers
Deeds - -special form of written contract used to convey a permanent
interest in real property
- can convey the full fee simple absolute or a lesser interest such as life
estate, conditional fee, or an easement
- through deed restrictions, the deed can "carve out" reductions in the rights
conveyed
- Requirements of Deed - -1. Grantor and Grantee
2. Recital of consideration
3. Words of Conveyance
4. Covenants
5. Habendum Clause
6. Exceptions and reservations clause
7. Description of Land
8. Acknowledgement
9. Delivery
- Grantor - -the person or entity conveying the real property interest to the
grantee
- must meet conditions for a deed
- technically could convey property to an unborn grandchild
- Grantee - -the recipient of a conveyance of a real property interest
- only needs to be identifiable
- Recital of Consideration - -Statement in a deed of the amount that is being
paid for the property.
- Words of conveyance - -early in the deed will be words such as "does
hereby grant, bargain, sell and convey unto..." that serve to assure the
grantor clearly intends to convey an interest in real property and indicates,
the type of deed offered by the grantor.
- Covenants - -legally binding promises for which the grantor becomes liable
- Covenant of seizen - -a promise that the grantor truly has good title and
the right to convey it
- Covenant against encumbrances - -a promise that the property is not
encumbered with liens, easements, or other such limitations except as noted
in the deed
, - Covenant of Quiet Enjoyment - -a promise that the property will not be
claimed by someone with a better claim to title
- Habendum Clause - -That part of a deed beginning with the words "to
have and to hold," following the granting clause and defining the extent of
ownership the grantor is conveying.
- exceptions and reservations clause - -a clause in a deed that can contain a
wide variety of limits on the property interest conveyed
- may contain any "deed restriction" the grantor wishes to impose on the use
of the property
- Description of land - -must be unambiguous and enduring.
- 3 methods - metes an bounds, plat lot and block number, government
rectangular survey
- does not include address and parcel number
- acknowledgement - -- purpose is to confirm that the deed is, infact, the
intention and action of the grantor
- accomplished by having the grantors signature notarized
- required for deed to be placed in public records
- Delivery - -refers to an observable, verifiable intent that the deed is to be
given to the grantee
- normally this is accomplished when the grantor hands the deed to the
grantee at closing
- may also occur through third parties
- No deed can convey what a grantor.... - -does not possess
- General Warranty Deed - -Deed that offers the most protection in which
grantor fully warrants good clear title to the premises.
- Special Warranty Deed - -identical to a general warranty deed except that
the covenant against encumbrances applies only to the time that the grantor
owned the property
- Quitclaim Deed - -A deed to relinquish any interest in property which the
grantor may have, without any warranty of title or interest.
- used to add a spouse to title or remove a divorcing spouse
- deed of bargain and sale - -No covenants, but still is regarded as implying
ownership
- Judicial Deed - -A deed issued through a court-ordered proceeding.
Questions and Answers
Deeds - -special form of written contract used to convey a permanent
interest in real property
- can convey the full fee simple absolute or a lesser interest such as life
estate, conditional fee, or an easement
- through deed restrictions, the deed can "carve out" reductions in the rights
conveyed
- Requirements of Deed - -1. Grantor and Grantee
2. Recital of consideration
3. Words of Conveyance
4. Covenants
5. Habendum Clause
6. Exceptions and reservations clause
7. Description of Land
8. Acknowledgement
9. Delivery
- Grantor - -the person or entity conveying the real property interest to the
grantee
- must meet conditions for a deed
- technically could convey property to an unborn grandchild
- Grantee - -the recipient of a conveyance of a real property interest
- only needs to be identifiable
- Recital of Consideration - -Statement in a deed of the amount that is being
paid for the property.
- Words of conveyance - -early in the deed will be words such as "does
hereby grant, bargain, sell and convey unto..." that serve to assure the
grantor clearly intends to convey an interest in real property and indicates,
the type of deed offered by the grantor.
- Covenants - -legally binding promises for which the grantor becomes liable
- Covenant of seizen - -a promise that the grantor truly has good title and
the right to convey it
- Covenant against encumbrances - -a promise that the property is not
encumbered with liens, easements, or other such limitations except as noted
in the deed
, - Covenant of Quiet Enjoyment - -a promise that the property will not be
claimed by someone with a better claim to title
- Habendum Clause - -That part of a deed beginning with the words "to
have and to hold," following the granting clause and defining the extent of
ownership the grantor is conveying.
- exceptions and reservations clause - -a clause in a deed that can contain a
wide variety of limits on the property interest conveyed
- may contain any "deed restriction" the grantor wishes to impose on the use
of the property
- Description of land - -must be unambiguous and enduring.
- 3 methods - metes an bounds, plat lot and block number, government
rectangular survey
- does not include address and parcel number
- acknowledgement - -- purpose is to confirm that the deed is, infact, the
intention and action of the grantor
- accomplished by having the grantors signature notarized
- required for deed to be placed in public records
- Delivery - -refers to an observable, verifiable intent that the deed is to be
given to the grantee
- normally this is accomplished when the grantor hands the deed to the
grantee at closing
- may also occur through third parties
- No deed can convey what a grantor.... - -does not possess
- General Warranty Deed - -Deed that offers the most protection in which
grantor fully warrants good clear title to the premises.
- Special Warranty Deed - -identical to a general warranty deed except that
the covenant against encumbrances applies only to the time that the grantor
owned the property
- Quitclaim Deed - -A deed to relinquish any interest in property which the
grantor may have, without any warranty of title or interest.
- used to add a spouse to title or remove a divorcing spouse
- deed of bargain and sale - -No covenants, but still is regarded as implying
ownership
- Judicial Deed - -A deed issued through a court-ordered proceeding.
