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REE 3433 Final Review CH. 10 (1).
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REE 3433 Final Review CH. 10 (1).
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REE 3433 Final Review CH. 10The buyer in a real estate closing: - ANS-Pays the purchase price.
The seller in a real estate closing: - ANS-Conveys the title promised in the contract.
Designated referees that supervise real estate closings are: - ANS-1) Title Company
2) Closing Attorney
3) Escrow Agent
"New York Style" Closing - ANS-Parties exchange documents at a closing table.
Advantage is that last-minute problems can be resolved because everyone is present.
"Western Style", "California Closing", or Escrow Closing - ANS-Parties deliver executed
documents and deliver to an escrow agent via overnight mail/escrows. Advantage is
that all documents prepared and examined by escrow agent in advance, thereby, all but
eliminating last-minute problems.
Escrow agents oversee: - ANS-1) The buyer-seller purchase and sale
2) The seller's prepayment of the existing loan
3) The documentation and funding of the buyers new loan
A deed is: - ANS-A written instrument by which one individual conveys title of real
property to another individual. It is also a conveyance of land, tenements, or
hereditaments, from one individual to another.
Florida Statute of Frauds basically states: - ANS-That no estate or interest of free hold
can be created, made, granted, transferred or released in any other manner than by
instrument in writing, signed in the presence of two subscribing witnesses.
General Warranty Deed - ANS-An instrument that transfers real property from one
person to another and in which the grantor
promises that title is good and clear of any claims.
, Covenant of Seisen - ANS-An assurance that the grantor has the very estate in quantity
and quality which he purports to convey.
Livery of Seisin - ANS-"Transfer of Possession"
Covenant of the Right to Convey - ANS-Is a promise that the grantor has the right to
convey the state or interest that he or she purports to convey.
Covenant of Quiet Enjoyment Against Encumbrances - ANS-The grantor promises there
are no encumbrances against the grantor's title and promises to indemnify the grantee
for any loss resulting from the existence of encumbrances not specifically excluded from
the grant.
Encumbrance - ANS-Right or interest held by a third party which diminishes the value of
the estate but does not divest the grantee of title.
Covenant to Warranty and Defeat the Title - ANS-The grantor promises to defend the
title to the land and all the fixtures against all lawful claims and demands.
Covenant of Further Assurances - ANS-The grantor promises he will perform all
reasonable acts necessary to perfect title for the grantee.
Special Warranty Deed - ANS-A written instrument that conveys real property in which
the grantor only covenants to warrant and defend the title against claims and demands
by him or her and all persons claiming by, through, and under him or her.
A grantor who acquired his title by a "Forged Deed" is: - ANS-Not liable for a breach of
a covenant of a Special Warranty Deed, because the grantor wasn't the one who
committed the forgery.
Quitclaim Deed - ANS-An instrument of conveyance of real property that passes any
title, claim, or interest that the grantor has in the premises but does not make any
representations as to the validity of such title.
Tax Deed Sale - ANS-The sale of property for past due
real estate taxes and for the fees associated with the sale.
Tax Lien Certificate - ANS-Ensures the bidder that the Tax Lien will be paid off, with
interest.
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