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CE Shop Final Study CardsDeed Legal instrument of conveyance. Proof of ownership
Voluntary Alienation Conveyance of real property with the owner's consent
Types:
- Deed
- Will
Involuntary Alienation Conveyance of real property without the owner's consent
Types:
- Adverse possession
- Court-ordered partitioning of property
- Descent
- Eminent domain
- Escheat
- Foreclosure
- Natural Processes
- Regulatory taking
Conveyance After Death A will puts in writing the wishes of the homeowner. Operation of Law takes
precedent over the will
Dying Intestate Dying without a will
Dying Testate Dying with a will
Types of Wills - Statutory Wills: Also known as Simple Wills, used when the homeowners wishes are
fairly straightforward. May be prepared by an attorney.
- Holographic Wills: Handwritten and unwitnessed. Must be completely in the homeowner's
handwriting, signed, and dated. Most states don't recognize this type of will.
,- Oral Wills: Spoken to witnesses rather than in writing. In states where these are accepted, certain
rules apply (such as homeowner being close to death at time of giving Oral Will).
Types of Deeds - General Warranty Deed: (also called a full covenant and warranty deed) offers the
greatest warranty to buyers.
- Special Warranty Deed (aka. Bargain and Sale Deed): Typically warrants only against title defects
acquired during the grantor's ownership of the property. It may contain covenants of warranty.
- Quitclaim Deed: Doesn't make any warranties to the grantee. The quitclaim deed is typically used
to clear up a simple cloud on title or if the deed is held by two parties, and one needs to be
removed.
- Deed of Trust: Conveys legal property title to a third-party trustee, who holds it for the beneficiary.
The trustee is authorized to foreclose on the property and will likely convey the property using a
Trustee's Deed when the borrower doesn't repay the loan.
- Disclaimer Deed: Allows a party to sign over his or her interest in a shared property to the other
owner.
- Public Grant (via a Land Patent): May be used to grant power, license, or real property from the
state or federal government to a private individual or individuals.
- Other types include Executor's Deed (used to convey property from a decedent's estate), and a
Sheriff's or Referee's Deed (used to convey foreclosed property or property sold for tax liens and
implies ownership)
Covenants (Promises) of a General Warranty Deed - Covenant of seisen: The grantor holds title to
the property.
- Covenant of right to convey: The grantor has the legal capacity to convey title and has legal title to
the property.
- Covenant against encumbrances: The grantor assures the grantee that no encumbrances exist
other than those identified in public records or the deed itself.
, - Covenant of quiet enjoyment: The grantor assures that the grantee's use and enjoyment of the
property won't be burdened because of a title defect.
- Covenant of further assurances: The grantor promises to provide any additional assurances that the
grantee reasonably requires and will correct any title defects.
- Covenant of warranty: In this most important covenant, the grantor agrees to warrant and defend
the title against the lawful claims of others.
Affidavit of Value - In Arizona, all transactions involving property value must be accompanied by a
completed affidavit or an exemption number.
- Real property buyers, sellers, or their agents can fill out the form.
- The form is number 82162 and is found on the Arizona Department of Revenue website.
Adverse Possession Allows someone to claim the property of another after using it for an extended
period of time.
Thresholds of adverse possession - The possessor must reasonably believe that he or she is entitled
to the property.
- Actual possession of the property must exist (meaning the possessor must physically occupy the
property).
- The possession must be well known to others (open and notorious).
- The possession of the property must be without permission of the true owner (hostile)
- Possession can't be shared with the actual owner (exclusively).
- The possession must be continuous and uninterrupted for the statutory period of time (without a
significant break in use).
- The possessor must initiate a court action to "quiet title." This means that he or she must legally
"quiet" or put down all other legal claims to the property.
Title Insurance - Protects sellers by enabling them to provide a clear, marketable title.
- In the event of a claim, the title company will either pay the debt or take the claimant to court. If
the title company pays the claim, it may seek reimbursement from the party that caused the loss
(subrogation).
Preliminary title report (aka title commitment or title binder) - Describes the property
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