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WA RE Fundamentals
Transfer of Real Property
60
Real Estate & Planning
Not Applicable
06/19/2010

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
alienation
Definition
process of transferring title to real property (tranferring ownership) from one party to another
Term
patent
Definition

a document which passes title to land from the government to a private party

 

this is the ultimate source of title for all private ownership of land

Term
parties to a deed:
Definition
grantor  &  grantee
Term
deed
Definition
a written instrument that, when property executed, delivered, and accepted, conveys title or ownership of real property from the grantor to the grantee
Term
Most common types of deeds in WA (5):
Definition

1.  warranty deed

 

2.  special warranty deed

 

3.  quitclaim deed

 

4.  court ordered

 

5.  trustee's deed 

Term
general warranty deed
Definition

grantor makes 5 basic promises that warrant against defects in title that arose before or during grantor's tenure:

 

1.  covenant of seisin

2. covenent of right to convey

3. covenant against encumbrances

4. covenant of quiet enjoyment

5. covenant of warranty

 

Term
color of title
Definition
a good faith belief in ownership
Term
seisin
Definition
peaceable possession under color of title
Term
covenant of seisin
Definition
promises that grantor actually owns the property interest they are conveying
Term
covenant of right to convey
Definition

promise that grantor has power to make the conveyance

 

(grantor has title to the interest or is an agent of the owner with authority to transfer interest)

Term
covenant against encumbrances
Definition
warrants that property is not burdened by any easement, mortgage, lien, or other right of a 3rd party, and if it is, it is listed in the deed
Term
covenant of quiety enjoyment
Definition
promises the grantee's possession of the property will not be threatenedy by any lawful claim by a 3rd party, unless it is a spurious claim (has no legal basis)
Term
covenant of warranty
Definition
promise that the grantor will defend the grantee's title against any claims superior to the granee's that exist when the conveyance is made
Term
special warranty deed
Definition
same 5 promises as general warranty deed, however, they are limited to defects that arose during the grantor's tenure only
Term
quitclaim deed
Definition

contains no warranties and does not convey 'after-acquired title'.  it only conveys the interest the grantor has when the deed is delivered (and nothing at all if grantor has no interest at that time)

 

used to cure 'clouds' on title

 

used when grantor is unsure of validity of title and wishes to avoid giving any warranties

Term
cloud
Definition

a title defect, often the result of a technical flaw in an earlier conveyance

 

 

Term
when a quitclaim deed is used to clear a cloud on a title, it is AKA:
Definition
a reformation deed
Term
trusee's deed
Definition
used when property is forclosed under a deed of trust
Term
a valid deed must have these qualities (6):
Definition

1.  be in writing

 

2. identify the parties

 

3. signed by a competet grantor

 

4. have a living grantee

 

5. contain words of conveyance (granting clause)

 

6. include an adequate description of the property

Term
acknowledgement of a deed
Definition

occurs when the grantor swears before a notary public or other officil witness that her signature is genuine and voluntary

 

a deed must be acknowledged to be recorded

Term
delivery of deed
Definition
a deed is effective when it is delivered (so that title is transferred) to the grantee.  It must occur while the grantor is alive.
Term
acceptance of deed
Definition
conveyance of deed is completed when it is accepted by the deliverer
Term
habendum clause is AKA:
Definition

"to have and to hold" clause

 

it states the nature of the interest the grantor is conveying

 

 

Term
exclusions and reservations clause
Definition
lists any encumbrances (easements, liens, private restrictions, etc.) that the grantee will be taking title subject to
Term
3 general requirements for a will:
Definition

1.  in writing

 

2.  signed by the person making it (the testator)

 

3. attested to by at lest 2 competent witnesses

Term
nuncupative will
Definition

an oral will made on one's deathbed with 2 witnesses present and that can only transfer personal property worth less than $1,000.

 

if person recovers, no longer valid

Term
holographic will
Definition

an unwitnessed will written entirely in the testator's own handwriting.

 

Not legal in WA state unless was executed in a state where they are legal and the person later moves to WA and does not create a new will

Term
testator
Definition
one who makes a will
Term
bequeath
Definition
to transfer personal property by will
Term
legatee
Definition
a testator bequeaths personal property to a legatee
Term
devise
Definition
to transfer real property by will
Term
devisees
Definition
reciever of devised real property
Term
codicil
Definition
an amendement to a will
Term
executor
Definition
appointed by the testator to carry out the instructions in the will, under the supervision of the probate court (in WA, the superior court)
Term
probate
Definition
procedure by which a will is proved valid and the testator's directions are carried out
Term
administrator (regarding wills)
Definition
appointed by the courts, if there is no executor named in the will
Term
dedication
Definition

when a private owner gives real property to the public

 

can be voluntary, but often is not

Term
statutory dedication
Definition

when a private owner gives land for public use in exchange for them being able to build, divide it, use it, etc.

 

ex: a land developer must dedicate public streets, sidewalks, etc.

Term
common law dedication
Definition
involuntary; the owner's acquiescence in the public's use of their property for a prolonged period of time
Term
intestate
Definition
when someone dies without leaving a will
Term
intestate succession
Definition
when someone dies intestate, the law provides for the division of their property by this process
Term
heirs
Definition
persons who take property by intestate succession
Term
descent
Definition
when heirs recieve property by intestate succession, they are said to have recieved the property by descent
Term
escheat
Definition

when property is passed back to the state because a person who died intestate has no recongnized heirs

 

abandoned property can also revert to the state through escheat

Term
condemnation
Definition
when government takes private property for public use
Term
eminent domain
Definition

the government's POWER to condemn property

 

requires:

 

1. land used for the public

 

2. owner must recieve just compensation

(fair market value)

Term
quiet title
Definition

this action is used to remove a cloud on the title when it cannot be cleared by more peaceful terms and a quitclaim deed

 

court decides questions of ownership

Term
partition
Definition
this suit is a means of dividing property owned by more than one person when the co-owners cannot agree how to divide it
Term
adverse possession requirements (5):
Definition

1. actual

 

2. open and notorious

 

3. hostile to the owner's interest

 

4. exclusive

 

5. continuous and uninterrupted for specific time period

Term
accession
Definition
any addition to real property from natural or artificial causes; results in involuntary alienation
Term
3 causes of accession (natural):
Definition

1. accretion

 

2. reliction

 

3. avulsion

Term
accretion
Definition
when riparian or littoral land is GRADUALLY enlarged by waterborne soil deposits (called allumion or alluvium)
Term
reliction
Definition
wen riparian or littoral land is enlarged by the GRADUAL retreat of the body of water, landowner acquires title to newly exposed land
Term
avulsion
Definition
when land is violently torn away by flowing water or waves and deposited somewhere else
Term
the effect of recording documents (2)
Definition

1. it gives 'the world' constructive notice

 

2. creates the presumption that the recorded instrument is valid and effective

Term
possession provides notice means:
Definition
the potential purchaser of property is held to have constructive notice of the interests of the parties in possession of the property, even if theose interests are NOT recorded
Term
wild deed
Definition
a deed that is outside of the chain of title; it cannot be located under the grantor-grantee system of indexing
Term
endorsement (regarding title insurance)
Definition
coverage for a specific item not ordinarily covered by a particular type of policy
Term
title report
Definition
a report issued after a title search by a title insurance company, listing all defects and encumbrances of record
Term
constructive notice
Definition
notice of a fact that a person is held by law to have (as opposed to actual notice); there is opportunity to discover the fact in question by searching the public records or 'possession provides notice'
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