Michigan Real Estate Ch. 7 - Transfer of Title to Real Property Questions and Answers 100% Accurate
6 views 0 purchase
Course
Michigan Mechanic
Institution
Michigan Mechanic
Michigan Real Estate Ch. 7 - Transfer of Title to Real Property Questions and Answers 100% Accurate
Abstract title
- condensed history of the title
- provides a summary of all links in the chain of title plus any other public record matters affecting the title
- includes legal description of pr...
Michigan Real Estate Ch. 7 - Transfer of
Title to Real Property Questions and
Answers 100% Accurate
Abstract title - answer- condensed history of the title
- provides a summary of all links in the chain of title plus any other public record matters
affecting the title
- includes legal description of property & summarizes every related instrument in
chronological order
- one form of commercial title evidence
- once completed an attorney must examine it to ensure the chain of title is clear and
unbroken
- rarely used in MI
Leasehold policy - answer- protects the lessee (leaseholder) &/or mortgagee against
defect in the lessor's title
- used in MI in commercial transactions
acknowledgement - answergrantor must appear before a public officer (notary public)
and state that the signing of the deed was done as a voluntary act. (Mi requires deed be
acknowledge to be recorded)
Lien foreclosure sale - answer- When real property is sold at a public auction to satisfy a
specific or genera lien against lithe property
- is without consent of property owner who incurred the debt
- ordered by the court or authorized by state law
- title conveyed to purchaser by sheriff's deed
Adverse possession - answer- A person other than the owner that can claim title to real
property
Marketable (merchantable) title - answera title that is readily salable in a locality
Alienation - answer- Transfer of title to real property
- property is separated from the owner
- may be voluntary or involuntary
- transfer may be during an owner's life or upon owner's death
, Bargain and sale deed - answer- may or may not have covenants of warranty
- have an implied covenant on the the part of the grantor that he/she has a title and
possession of the property
- grantees should require these types of deed have specific warranties
Mortgages policy - answer- protects only the mortgagee
- the mortgagee is insured against defects int he title to property pledge as security in
the mortgage
- policy decreases as the loan principle decreases
- paid by the purchaser
Notary public - answera public officer who is eligible to take an acknowledgment
beneficiary - answerThe recipient of the gift of PERSONAL property
Owners policy - answer- for the protection of the new owner
- written for the amount the new owner paid for the property
- remains the same for the life of the policy unless owner gets an inflation rider
- remains in effect for the duration of insured's ownership of property and after death to
benefit heirs
- premium paid by seller
Bequest - answerA gift of PERSONAL property by will
Personal representative - answerThe person appointed by the court to distribute the
property of a person dying intestate
Bona fide purchaser - answer- a buyer of property who relies on the records and is
unaware of an unrecorded prior document
- his real estate is protected because of recordings
Plat - answermap
Certificate of title option - answer- once the attorney examines the abstract of title, he
gives a written one of these which states what person or entity owns the real estate and
the quality of the title
Premises clause - answer- general introductory info such as date, names of
grantor/grantee, consideration, granting clause, deed restrictions & covenants, legal
description and any "subject to" clause
Chain of title - answer- tracking the successive conveyances of title starting with the
current deed and going back an appropriate time (40-60 years), often researching back
to original title
Principal meridians - answer- the 36 north-south lines dividing the country
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
