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Transfer of Title - GA Salesperson Exam Prep Edge: National & State Portions: GA Salesperson Exam Prep Edge: National & State Portions Questions with 100% CORRECT Answers$6.99
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Transfer Of Title - GA Salesperson Ex\' Prep Edge:
GA Salesperson Exam Prep Edge: National & State Portions
Deed, The deed is the document, Title officially changes hands when, The most common deed types are, General warranty deed (full covenant and warranty deed), The general warranty deed provides 6 covenants (promises)., 3 Covenants provide pre...
Transfer of Title - GA Salesperson Exam Prep Edge:
National & State Portions:
GA Salesperson Exam Prep Edge: National & State
Portions
Deed - Ans is a written and signed legal instrument of conveyance.
The deed is the document - Ans that legally transfers (conveys) title to real property from the owner
(grantor) to the new owner (grantee).
Title officially changes hands when - Ans the grantor delivers the deed to the grantee and the
grantee accepts it.
The most common deed types are - Ans -general warranty
-special warranty
-quitclaim deeds
General warranty deed (full covenant and warranty deed) - Ans offers the greatest warranty to
buyers and is the preferred type of deed in most situations.
The general warranty deed provides 6 covenants (promises). - Ans By statute, some states have
combined the covenant of seisin and the covenant of the right to convey; in those states, only five
covenants exist).
3 Covenants provide present warranties: - Ans Covenant of seisin
Covenant of right to convey
Covenant against encumbrances
Covenant of seisin - Ans The grantor holds title to and possession of the property.
Covenant of right to convey - Ans The grantor has the right to convey both title to and possession of
the property.
Covenant against encumbrances - Ans The grantor assures the grantee that there are no
encumbrances against the title other than those identified in public records or the deed itself.
3 covenants provide future warranties: - Ans Covenant of quiet enjoyment
Covenant of further assurances
Covenant of warranty or warranty forever
Covenant of quiet enjoyment - Ans The grantor assures that the grantee's use and enjoyment of the
property will be unimpaired and unrestricted, subject to public police powers and private deed
restrictions.
Covenant of further assurances - Ans The grantor promises to take whatever actions necessary
(within his power) to correct any title defects.
Covenant of warranty or warranty forever - Ans In this most important covenant, the grantor
promises to protect and defend the title against lawful claims made by others.
A special warranty deed - Ans typically warrants only against title defects acquired during the
, grantor's ownership of the property. It guarantees that the grantor owns and may convey the
property, and warranties that the property is free of any debts or encumbrances not noted in the
deed. A special warranty deed is most often used in conveying commercial properties.
A bargain and sale deed - Ans is most often used in tax or foreclosure sales. It generally has no
expressed warranty against encumbrances but does typically imply a warranty that the grantor has
title and the right to covey.
A quitclaim deed - Ans carries with it no warranties to the grantee. It only releases any of the
grantor's property rights to the grantee. The quitclaim deed is typically used to clear up a simple
cloud on title.
Other types of deeds include - Ans court-ordered deeds, such as the executor's deed (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).
A deed in trust (or deed of trust) - Ans conveys real estate to a trustee for the beneficiary named in
the trust agreement. For example, in states that use a non-judicial foreclosure process, the deed is
conveyed to a trustee who holds it until the mortgage loan is paid in full OR until the borrower
defaults and the lender must foreclose.
Deeds must be in writing and must include the following elements: - Ans -A specifically named and
identified legally competent grantor (possesses mental capacity and is of legal age). The grantor's
name must be exactly the same throughout the deed.
-A specifically named grantee who can be identified based on the name in the deed.
-Act of conveyance (the granting clause such as "... does hereby bargain, grant, deed, and
convey ...") which signifies the grantors intent to convey the property.
-Named consideration, such as "for one dollar" or "for good and valuable consideration;" the
consideration indicates that the grantor received something of value in exchange for the title.
-A legal description
-Any limitations or subject-to clauses. This clause describes any interest that the grantor has
reserved for him-/herself. It also describes deed restrictions and encumbrances that "run with the
land."
-A habendum clause, which defines the type of interest and rights the grantee will have. Not every
deed needs the habendum clause, but if the interest is less than fee simple, this is generally where it
is described.
-The grantor's signature.
-The signed deed is delivered to and accepted by the grantee.
-Deeds are acknowledged to be suitable for recording. Acknowledgment means that the party
signing (in the case of a deed, the grantor) has gone before a competent party (typically a notary)
and indicated that the signature is their own and that they signed voluntarily.
Title insurance protects - Ans buyers and lenders (through separate policies) against financial loss
that might be incurred because of title defects discovered after closing.
Sellers are required - Ans to provide clear, marketable title to properties conveyed. Title insurance
protects sellers by enabling them to do so.
The lender's policy offers - Ans protection of as much as the mortgage loan balance.
The title policy will include a schedule of exceptions, which describes items the policy doesn't
cover, such as: - Ans -Any liens recorded after the effective date of the title policy, including
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