Review deeds: general, special, quitclaim, bargain and sale/specific liens> might as well do lis pendens and nolo contendere.

In a special warranty deed, the grantor does not assume responsibility for the title in any way except against the acts by the grantor or the grantor's representative. When litigation is initiated involving a specific parcel of real property, a lis pendens (notice of pending legal action) is filed. The deed must be signed by a competent grantor (not grantee). A deed must be signed by the grantor, have a legal description, have voluntary delivery and acceptance, and a granting clause. Oh, The answer is signed by the husband and wife. The deed must be signed by the grantor. In this case, the grantor (person conveying title) is the husband and wife. Before a legal document can be recorded, it must be notarized. However, in Florida, deeds are not required to be recorded. Convey: transfer title to a property. Judgment: a decision of a court or judge. The conveyor is the owner.

Summary:

Alienation process is voluntary or involuntary and transfers ownership from one party to another.

Voluntary alienation: will or deed. Involuntary alienation: property owner dies intestate no heirs or will, state gets property escheat because no will and no heirs, adverse possession by delinquency of owner, condemnation through eminent domain.

Actual notice: direct knowledge acquired through transaction; constructive notice: recording information in public record.

Chain of title: history of owner property and abstract of title: summary report of what exists in public record.

Title insurance in owner's policy and title insurance in lender's policy. O cannot he inherited or transferred. L can be inherited or transferred. O protects purchase price. L protects loan price.

Grantor and grantee - grantee not sign deed, grantee and 2 witnesses sign deed.

Premises deed: names and date and granting clause conveys the property.

Habendum clause: type of property conveyed

Seisin clause: promise rights to title and promise to convey title

Statutory deeds: quitclaim, bargain and sale, special warranty, and general warranty.

General warranty statutory deed covenants: quiet enjoyment, further assurance, warranty forever

Public restrictions on ownership: police power, eminent domain, and taxation.

Private restrictions on ownership: deed restrictions, easements, lease, lien

Popular leases are general, net, variable, percentage, and ground

Assignment tenants takes over lease entirely.

Sublease tenants compensates for current tenant

General lien affects all debtor property

General liens are judgment, income tax, estate tax.

Specific lien affect property parts.

Specific liens are property tax, special assessment, mortgage, vendor, and construction liens.

Junior lien date and time make priority.

Superior liens trump junior liens.

Superior liens are property tax, special assessment, and federal estate tax - superior over irs tax.

What's great about real estate is it satisfies one of the human needs: shelter, and more to satisfy esteem, acceptance, family, and belonging. Real estate involves lawyers, bankers, appraisers, surveyors, sellers, buyers, and more. Real estate is personal, just like healthcare. Also, real estate has to do with water, food, and sleep). Real estate is what everyone needs.

Title, Deeds, and Ownership Restrictions

Why are there restrictions if you own something? Because of the laws. You can't commit crime on your property or hold someone captive anything like that. What you do has to be socially accepted and good for the welfare of humanity.

"A lien is a claim against property made by someone in order to secure payment of a debt. The lien makes the property collateral against monies or services owed to another person or entity. Collateral is an asset that has been pledged by the recipient of a loan as security on the value of the loan. If the recipient of the loan is unable to repay the loan, the lender will look to the collateral as a source for payment on the debt."

There are voluntary and involuntary liens. Voluntary liens are imposed by a contract between the creditor and the debtor, such as when a lender holds a mortgage on a property, it has a lien against the home. Involuntary liens are imposed by law, such as when a lien is placed on property for outstanding taxes and other unpaid debts."

There are legal ways to transfer property. You can be legally and illegally alienated. You can get title insurance. There is voluntary and involuntary alienation. Title insurance. Two types of notice to title. The essential elements of a valid instrument of conveyance, certain covenants found in deeds, and governmental and private restrictions on ownership.

Abstract of title: summary of title deeds and documents that prove the owner's right to dispose of real property, together with encumbrances that relate to the real property
Acknowledgement: formal declaration made before an authorized person like a notary stating that the execution was of one's own free will
Actual notice: the direct knowledge by a potential property purchaser of the terms of the transaction. An actual notice can be expressed or implied and relates to the title and title search, liens, land surveys, and other financial interests in the property, these details should be in public record.
Adverse possession: you get a property if you live in it long enough, you acquire the title.
Alienation: to which capacity can a property be sold to one party from another
Assignment: transfer assignment, who gets what -- from the assignor to the assignee. Detailed in the contract.
Chain of title: who owned what and when... the chain is linked with all the owners of a property
Condemnation: the state takes your title and seizes your property.. the feds and local gov. can also take your property... you get paid when your place is condemned and the gov. turns the private property once yours into public use, but doesn't have to get your approval. When I think condemned I think roof caving in water dripping... The term “condemnation” is used to describe the formal act of the exercise of the power of eminent domain to transfer title to the property from its private owner to the government. This use of the word should not be confused with its sense of a declaration that real property, generally a building, has become so dilapidated as to be legally unfit for human habitation due to its physical defects. This type of condemnation of buildings (on grounds of health and safety hazards or gross zoning violation) usually does not deprive the owners of the title to the property condemned but requires them to rectify the offending situation or have the government do it for the owner at the latter's expense.
Construction lien: a construction person who built something without payment can put a construction lien. Also, a mechanic and an architect can put a lien on you lol. A lien is there until you pay them.
Constructive notice: if you have your eyes closed, a notice can come to you and say what you had missed. A notice lets you know what you didn't know before. Constructive notice aka legal notice part of the judicial process. Like if you buy something or are looking into something and you never looked up liens or debts owed and the legal process gives you this information. sort of backs up nolo contendere.

deed: paper that transfers title to property: signed, sealed, attested and delivered. how one owner gets ownership of owner. transferring deed is like transferring title.
easement: use someone's land without owning it or trespassing. Easement is shared property. You can fish on a private pond. Share a well. You sell someone your back land you have to specify in the deed which acres and where they are allowed. Gov. wants a new highway? Your land turns condemned (paid for) and then easemented. Sometimes you can allow someone on your property just by giving them an easement.
easement appurtenant: easement that lasts forever, even if an owner leaves. servient giving, dominant taking (benefiting). if there is a road on a land to another land (the road is an easement) and remains so with new owners.
easement by necessity: when someone has to get to their property by encroaching on another's property. there must be necessity. (same owner at one point, one land became two and an easement needed to form, need is high and outweighs the burden on the servient).
easement by prescription: sometimes easements are formed over time and obey necessity but never recorded to title easement in the deed.
easement in gross: individual is benefiting from the easement and not the entire property
eminent domain: the government can pay you to turn private property into public... say a highway on your lawn. Eminent domain is the inherent power of the state to seize a citizen’s private property, or seize a citizen's rights in property with due monetary compensation, but without the consent of the owner. The property is taken either for government use or by delegation to third parties who will devote it to public or civic use or, in some cases, economic development. The most common uses of property taken by eminent domain are for railroads, public utilities and highways. Some jurisdictions require that the government body offer to purchase the property before resorting to the use of eminent domain.
encroachment: intrusion on a person's rights (or territory)
equitable title: valid in equity as distinct from law, your right to obtain full ownership of a property or property interest
escheat: transfers a persons property (once dead) to the crown or the state, if no heirs are named. escheat is so no property is unclaimed.

Escheat occurs when Property reverts to state ownership when an individual dies without a will and without heirs. When you die without a will you would have died “intestate”
further assurance: a clause in a deed that says the seller is providing all documents and knowledge of the property to the purchaser... i assure this property is what it says it is...
general lien: real property included not just one asset. general denotes all knowing.
A general lien is a lien on all property, both real and personal of a debtor, not just a specific property.

Examples would be

Judgment liens

Corporation or franchise tax liens

Inheritance tax

Income tax

Debts of a deceased person
general warranty deed: if the buyer and seller are unfamiliar with each other, make sure that: seller owns the title, seller is allowed to sell the title. property not already sold, property is free of debt or other claims, seller is responsible for faults with the property. cover the properties full history. Create a warranty deed here: https://www.rocketlawyer.com/form/warranty-deed.rl
grantee: a person to whom a grant is conveyed
granting clause: word in the deed "clause" that transfer the present interest to the grantee
grantor: a person or institution that makes a grant or conveyance... a grant of land, a grant of probate. probate: official providing of a will. conveyance: transfering property from one owner to another.
gross lease: landlord pays the tenant's building property tax, insurance and maintenance. opposite net lease. gross profit: income without deduction of tax or other contributions
ground lease: develop property on the land during the lease after which the entire property is turned back over to the owner... property owner owns the property... unless exception... usually a long term lease to justify the cost of new building but not pay for land and rights and property etc.
habendum clause: part of deed or conveyance that states the estate or quantity of interest to be granted the term of the lease (that is to be had). this part of the contract transfer property with no restrictions... the to have and to hold clause, that the new owner can own it and heir it... habendum clause linked to fee simple.
intestate: not having made a will before death.

Escheat occurs when Property reverts to state ownership when an individual dies without a will and without heirs. When you die without a will you would have died “intestate”
junior lien: second mortgage using your house as collateral while you still have a loan on your house.
lender's policy: titles and mortgages
lien: right to keep possession of property belonging to another person until a debt owed by that person is discharged.
A lien is a hold or a claim on the property of another to satisfy an unpaid debt.

When you think of lien, you owe money.

Just keep saying to your self:

Lien money - Lien money - Lien money - Lien money – until whenever you see the word a lien a dollar sign pops into your head.

Remember all liens are attached to the property, not the owner, so when you take on a new property, you want to make sure to have the appropriate liens removed before transferring title.

Liens are classified as

General or specific

Voluntary or Involuntary

Statutory or equitable
mechanic's lien: A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property.
net lease: tenant associated with extra costs of property. single net: tenant pays rent and property taxes. double net: tenant pays rent plus property taxes and insurance. triple net: tenant pays for rent and property taxes, plus insurance and maintenance.
opinion of title: A title opinion is the written opinion of an attorney, based on the attorney's title search into a property, describing the current ownership rights in the property, as well as the actions that must be taken to make the stated ownership rights marketable. Attorney says who owns the policy.
owner's policy: An Owner's Policy is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and lasts for as long as you have an interest in the property. Only an Owner's Policy protects the buyer should a covered title problem arise. Mr. Seller and (presumably) Mrs. Seller arrived at settlement to execute the deed to Mr. & Mrs. Buyer. A while later, the real Mrs. Seller's attorney mails a letter to Mr. & Mrs. Buyer claiming the property still belongs to Mrs. Seller, who had been separated at the time of the purported sale and unaware of the perfidy of Mr. Seller.
percentage lease:
A type of lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises. It is a term used in commercial real estate. Percentage lease agreements can often decrease the base rate while simultaneously providing the lessor with additional upside potential.

INVESTOPEDIA EXPLAINS 'Percentage Lease'
A percentage lease is a lease where the rental is based on a percentage of the monthly or annual gross sales made on the premises, usually coupled with a base rent. This is a common lease type for retail stores operating in leased spaces, where the tenant pays a base rent regardless of profits/losses plus a percentage of revenue earned as a result of conducting business on the premises.
police power:
Police power is the state’s inherent right to regulate an individual’s conduct or property to protect the health, safety, welfare, and morals of the community.

Unlike the exercise of eminent domain, no compensation need be paid. Common examples of police power are Zoning, Building codes and rent control.
quiet enjoyment:
Quiet enjoyment is a right to the undisturbed use and enjoyment of real property by a tenant or landowner. The right to quiet enjoyment is contained in covenants concerning real estate. Generally a covenant is an agreement between two parties to do or refrain from doing something.
In the covenant of quiet enjoyment, the landlord promises that during the term of the tenancy no one will disturb the tenant in the tenant's use and enjoyment of the premises. Quiet enjoyment includes the right to exclude others from the premises, the right to peace and quiet, the right to clean premises, and the right to basic services such as heat and hot water and, for high-rise buildings, elevator service. In many respects the implied covenant of quiet enjoyment is similar to an Implied Warranty of habitability, which warrants that the landlord will keep the leased premises in good repair. For example, the failure to provide heat would be a breach of the implied covenant of quiet enjoyment because the lack of heat would interfere with the tenant's use of the premises and would also make the premises uninhabitable, especially in a cold climate.
quitclaim deed: a formal relinquishing of a claim. A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers any interest to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
seisin: possession of land by freehold. Richard Fitzhugh did not take seisin of his lands until 1480. permanent and absolute tenure of land or property with freedom to dispose of it at will. Often contrasted with leasehold. (sees-in) n. an old feudal term for having both possession and title of real property. The word is found in some old deeds, meaning ownership in fee simple (full title to real property).
specific lien:
As a general rule specific liens are debts that are directly tied to the property.

A specific lien is against one property.

Examples would be

A trust deed or mortgage

Property tax

Assessment

Mechanics lien
sublease: a lease of a property by a tenant to a subtenant.
subordination agreement: A legal agreement which establishes one debt as ranking behind another debt in the priority for collecting repayment from a debtor. The priority of debts is extremely important if the debtor defaults on payments or declares bankruptcy.

Debts which have a higher priority have a legal right to be repaid in full before lower priority debts receive any repayments. Often, the debtor does not have enough funds to pay all debts, and lower priority debts may receive little or no repayment. Therefore, subordinated debts are much more risky, and lenders will require a higher interest rate as compensation. Subordination agreements may be used in a variety of circumstances, including complex corporate debt structures. For an individual, the most frequent example of a subordination agreement is when an individual attempts to refinance the first mortgage on a property which has a second mortgage. The second mortgage has a lower priority than the first mortgage, but these priorities may be upset by refinancing the loan. Therefore, a subordination agreement must be enacted by the second mortgage holder to ensure that the new refinanced mortgage has the first priority for repayment.
superior lien: If you don’t pay the fees and special assessments imposed by your homeowners’ association, in most cases, a lien will usually automatically attach to your property. In certain states, homeowners’ association liens are given “super lien” status. Super Lien. A super lien is a category of lien that, pursuant to state statute, is given a higher priority than all other types of liens. When it comes to HOA assessment liens, a super lien refers to that portion of a homeowners' association lien that is given higher priority than even the first-mortgage holder, placing the interest of the HOA in front of the first mortgage.
testate: made a valid will before die (wills, trusts)
title: right to claim ownership to a property or to a rank or a throne
title insurance: title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Title insurance is principally a product developed and sold in the United States as a result of an alleged comparative deficiency of land records in that country. It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.^[1] The vast majority of title insurance policies are written on land within the United States. Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate.
title search: In real estate business and law, a title search or property title search is the process of retrieving documents evidencing events in the history of a piece of real property, to determine relevant interests in and regulations concerning that property.

In the case of a prospective purchase, a title search is performed primarily to answer three questions regarding a property on the market:

Does the seller have a saleable interest in the property?
What kind of restrictions or allowances pertain to the use of the land? These would include real covenants, easements and other equitable servitudes.
Do any liens exist on the property which need to be paid off at closing? These would be mortgages, back taxes, mechanic's liens, and other assessments.
A title search is also performed when an owner wishes to mortgage his property and the bank requires the owner to insure this transaction.

Anyone may do a title search. Documents concerning conveyances of land are a matter of public record. These documents are maintained in hard copy paper format or sometimes scanned into image files. The information within the documents is typically not available as data format as the records are descriptions of legal events which contain terms, conditions, and language in excess of data.

In the United States, the buyer of a property will usually purchase title insurance, which protects the buyer from any title problems that may arise after sale, such as liens that were missed during the title search. The title insurance company issues a report and an insurance policy in support of its findings. However, title searches are most often carried out before contracting is completed between parties, and sometimes during the escrow phase of a closing.
variable lease: Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is the index lease, which allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator. Price can go up.
warranty forever: a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time: the car comes with a three-year warranty | as your machine is under warranty, I suggest getting it checked.
• (in contract law) a promise that something in furtherance of the contract is guaranteed by one of the contractors, esp. the seller's promise that the thing being sold is as promised or represented.
• (in an insurance contract) an engagement by the insured party that certain statements are true or that certain conditions shall be fulfilled, the breach of it invalidating the policy.
• (in property law) a covenant by which the seller binds themselves and their heirs to secure to the buyer the estate conveyed in the deed. for all time, forever.

Some more definitions can be found here: http://thismatter.com/money/real-estate/deed-types.htm

A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.[1]

Broadly put, a lease agreement is a contract between two parties, the lessor and the lessee. The lessor is the legal owner of the asset, the lessee obtains the right to use the asset in return for rental payments.[2]

The narrower term rental agreement can be used to describe a lease in which the asset is tangible property.[3] Language used is that the user rents the land or goods let or rented out by the owner. The verb to lease is less precise as it can refer to either of these actions.[4] Examples of a lease for intangible property are use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-phone provider).

The term rental agreement is also sometimes used to describe a periodic lease agreement (most often a month-to-month lease) internationally and in some regions of the United States.[5]

Let's learn the various types of acquiring a title. Having vested interest in a property gives you title and you can have limited ownership or the full bundle of rights: land, property, and rights (titles, deeds, laws... things your can't build a house on or pump water from). The title or the deed conveys property to the owner and it's in public record, who owns what is available knowledge to all. Ownership transfers through title.

Equitable title: you get the title in the future. equitable title is between the contract and the title. Alienation is the transfer of the title from one owner to another through legal consent or involuntary consent. Deed: voluntary: in contract and then deed. If you have a will, and then you die, you voluntarily alienated your property to someone and dying with a will is a testate: the testator (male) or testatrix (female): voluntary inheritance is a gift: A gift of real property is a devise and the recipient of the gift is the devisee. A gift of personal property is a bequest and the recipient is the beneficiary. Intestate; you died without a will, Florida probate law says who gets what property: Adverse possession is a doctrine under which a person in possession of land owned by someone else may acquire valid title to it, so long as certain common law requirements are met, and the adverse possessor is in possession for a sufficient period of time, as defined by a statute of limitations. You become the adverse possessor if you adversely use someone's property (notoriously, hostile, or openly), and you stay there for a long time, then you can claim adverse possession. Gov (public) needs private -- condemned or eminent domain -- taken over by gov. Now public property. Intestate with no heirs (descent and probate) probate proves your will, heirs get it. Intestate with not heirs escheat and the gov. gets it. escheat |esˈCHēt|chiefly historical
noun
the reversion of property to the state, or (in feudal law) to a lord, on the owner's dying without legal heirs.
• an item of property affected by this.
Escheat provides for a government, normally a state government, to take the property of an owner who dies intestate and without any known heirs entitled to receive the property. The power of escheat is a practical solution to ensure that property is always owned by someone. In many states, this power extends to personal property as well as to real property. escheat. A law that provides for the State of Florida to take the property of an owner who dies intestate and without any known heirs.
Adverse possession occurs when the true record of property fails to maintain possession. You lose the right to your property if you let someone take over your property legally you will lose it and the following must occur because the possession is transfered:
Hostile Open Taxes Claim of Title Adverse Possession Notorious Flaunting. The gov. can legally take your land through condemnation -- land owner must be compensated, even if the owner wants to keep it, the gov. can buy it and you become an involuntary alien or involuntarily alienated from your property.

Haha the giving of property through sticks and dirt. Now, it's a more formal process than a public address of witnesses and declarations of titles: An actual notice is something you see or hear in the transaction of ownership of a property: like, hey there's a construction lien on this foyer for $500, now the buyer knows the seller owes. So if the man proclaimed that the property was rightfully his and the townspeople witnessed, then an actual notice was formed. Nowadays, if a lien is filed for the world to become aware of, then the constructive notice is the term. Say the pool guy never gets paid for adding a spa, he gets a constructive notice. An acknowledgement is a formal declaration that the grantor is signing a free act witnessed by the notary. You are letting the world know your intentions for real property when you sign an acknowledgement. People involved in the transaction are all legally bound to its words. To record a conveyance means the public is protected and the holder of the title is protected from fraud.

A chain of title is the complete successive record of a property's ownership. Beginning with the earliest owner, title may pass to many individuals. Each owner is "linked" to the next so that a "chain" is formed. A chain of title can be traced through linking conveyances from the present owner back to the earliest recorded owner. Who owns what. How long who owned something. What is there is weak link or missing link in the chain? Perform a title search to find out. Title search company here: http://www.titlesearchflorida.com/. Search mortgages, car, deeds, will, and divorce decrees. You may think there is title to since forever but the state determines the year one chain link. "Florida's Marketable Record Titles Act limits the search to 30 years." Only necessary to search from the current owner to the root "30 years". Because the law only extends that far to "extinguish certain interests". A title search establishes ownership and if there is a gap in the chain the court calls a suit to quiet title to hear evidence from claimants of property... and gives a final judgment. The court may need to see a quitclaim deed to establish ownership. "Once a Final Order is received by the real estate broker on an Escrow Disbursement Order (EDO), how long should it take before he or she releases the Escrow funds?
While there is no rule that addresses a specific number of days in which to disburse the funds, the broker should disburse the funds promptly upon receiving the Final Order. If after a reasonable amount of time the broker does not comply with the Final Order, the broker can be prosecuted for a violating a lawful order of the Florida Real Estate Commission." A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers any interest to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee. Abstract of title is summary report of what title search found in records. An abstractor prepares an abstract. An abstract shows a history of 30 years but does not show encroachments (intrusion of person's territories or rights) or forgeries (producing a copy of an original), only liens (right to keep possession of property until paid off) and encumbrances (a mortgage or other charge on property and assets). An attorney can study the abstract of a title made by an abstractor and give an opinion of title. An opinion is not guaranteed. A wrong attorney may get sued for negligence because the opinion is back by legal training and experience... be good at what you do... be good at your job. Opinions list defects, liens, and encumbrances, and easements too. Because the abstract of title and opinion of title is so limited, the title insurance was formed:
A contract that protects the policyholder from losses arising from a defect in the title. Title insurance is not mandatory in FL. But having it protects you from any mistake in the chain such as a forged document (Policies do not cover exceptions (exclusions) listed in the policy, such as an unrecorded easement or a lien arising after the policy was issued). Sometimes someone never says they are married and the unnamed spouse wants possession of the property, or if someone became really old with no mental competence down the line. A title insurance company will pay up to the title insurance amount if a defect is found. Nolo contendere right.
An associate/broker should:
Consult with an attorney for an opinion of title from an abstract of title from the title insurance company as well to make sure a title is what it is. A title is marketable. If it's good to go. You should also tell the potential buyer of all conditions.
Title attorney: http://www.tampatitle.com/
Title insurance: http://www.bayshoretitle.com/

You can get these types of insurance from a title insurance company:
1) Owner's: covers the full amount of the property -- protects owners and heir from forged documents down the chain and defects in the title. You pay a one-time premium and the insurance policy your purchased (owners) is exclusive to you only as the owner. the next owner will need own title insurance.
2) Lender's: covers the full amount of the unpaid mortgage -- lender is protected from potential defects. You can transfer this insurance to someone else. So the next investor is the next mortgagee. You can only get the unpaid mortgage amount back if there is a defect in the title... (lender's policy)... So usually if you get a loan for a property you HAVE TO get lender's insurance. "
Florida uses a standardized title insurance policy called the American Land Title Association (ALTA) form"

Why You Need Title Insurance

When you purchase your home, how can you be sure that there are no problems with the home's title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is what a title search and title insurance are for.

The Title Search

After your sales contract has been accepted, a title professional will search the public records to look for any problems with the home's title. This search typically involves a review of land records going back many years. More than 1/3 of all title searches reveal a title problem that title professionals fix before you go to closing. For instance, a previous owner may have had minor construction done on the property, but never fully paid the contractor. Or the previous owner may have failed to pay local or state taxes (See below for some other common title problems). Title professionals seek to resolve problems like these before you go to closing.
All about title insurance: http://www.homeclosing101.org/whyneed.cfm

Deeds, not Mr. Deed's in the things you do, but Deed Title of Ownership of Real Property

Describe elements, topics, clauses, and types of deeds. A deed conveys title to real property. One person has a title and now another person has it (pointing out the ownership of a property). The grantor gives and the grantee receives. To be valid, a deed must be signed by a competent grantor and witnessed by two competent people. The grantee does not sign the deed. In order for a deed to be valid, the wording is immaterial although the intent is important:
CEDDING
C - consideration (the valuable or good) E - execution (signed by the grantor and two witnesses) D - description of property, D - delivery and acceptance (voluntary) I - interest or estate being conveyed (habendum clause) to have and to hold the absolute transfer of title N - names of grantee and grantor (but grantee no need sign) G -granting and other appropriate clauses

Clauses in a deed

Deeds have clauses. 1) premises names and dates 2) granting clause what is bargained or exchanged 3) habendum clause (to have and to hold) fee simple forever. if the seller is retaining mineral rights then the deed will say so. 4) seisin says that the grantor owns the property rights/seisin I am the lawful and legal owner an this deed is true and accurate. You now own the land herein and described above in the premise, granting clause, names, addresses, and habendum clause. (habendum clause to have and to hold as an estate in the fee simple way forever). 5) property is free of encumbrances and liens except as noted in the deed. If there are any liens, the grantee will know about them here, in this clause, at the bottom of the deed. A covenant is a contract drawn up by deed.; a clause in a contract. A covenant is not a marketable title. A clause is as good as a grantor and if a grantor is unreliable then the clauses are of little or no value.

Statutory deed: short form: covenants and clauses implied to exist just as written in long form
1) Quitclaim deed shortest
2) Bargain and sale deed
3) Special warranty deed
4) General warranty deed longest

1) Quitclaim: An instrument that releases the grantor of any rights in the property that the grantor may have and is used to clear clouds on the title and to cure title defects. The grantor makes no claims on the condition of the title being conveyed. Quitclaim clears clouds like a lien following you around or an encumbrance. Maybe a mortgage was paid in full but unrecorded: quitclaim. To get rid of all liens and encumbrances the grantor gives up all rights to the property. Quitclaim = "remise, quitclaim, release", although the quitclaim does not contain a freehold seisin. A grantor can sign a quitclaim with intent to transfer interest but no guarantee to transfer title.
A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers any interest to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.

Videos:
https://www.youtube.com/watch?v=J5QAsSmBkLE
https://www.youtube.com/watch?v=l3pcVQ_5ozI

2) Bargain and Sale Deed:
Granting clause, habendum clause, and seisin. There are no warranties from the grantor to defend the title in the future. The grantor is conveying rights to the grantee but there may be a cloud. Seller not purchasing title insurance and do due diligence before auction, say an out of town seller wants to sell parcels of land. Third party owner not a liver like a bank or auction company. Bargain and sale conveys real property without covenants. It says the grantor had an interest in the property but does not guarantee the title. Sometimes the owner does not have a good title.

3) Special warranty deed: the grantor owns the title and the property and during the possession there were no encumbrances or liens. The current grantor has not clouded the title. The period prior to foreclosure is not in the grantor (lender's hand or corporation).

4) The general warranty deed is most comprehensive and exclusive. It says that for now and forever you can fully enjoy your property, that the grantor will definitely sign the title and you can get title insurance because the general deed contains all the covenants and clauses and guarantees for you to get title protection in the future. You have covenant of seisin (to have and to hold) and covenant against encumbrances: 1) quiet enjoyment: peaceful possession, nobody trying to claim your title 2) further assurance: the grantor will sign and deliver the legal instruments pertaining to the property title and deed 3) warranty forever: the grantor will forever warranty and defend the title against unlawful claims.

Then you can have a guardian's deed: a guardian acts on behalf of a minor and is a fiduciary. A guardian needs to sell or convey a minor's property. Committee deed hired to manage an incompetent owner like a committed owner.

When an owner does not sign a deed: all foreclosed property in Florida goes up for auction.

When an Owner Does Not Sign a Deed

All foreclosures on real property in Florida must follow prescribed legal procedures that eventually lead to a public auction of the property. The final judgment given to the lender that authorizes sale of the property usually requires that the sale be under the direction of the clerk of the circuit court. A certificate of title, prepared by the plaintiff's (lender's) attorney and given as a result of judicial foreclosure, will show ownership and any outstanding liens and encumbrances. No covenants are given, and the buyer assumes all risks for title defects. Extreme caution should be taken when purchasing property at a foreclosure sale.

By default, a deed without the title becomes a general deed.

If a sale contract does not specify the type of deed to be given by the seller, Florida law requires that the property be conveyed by a general warranty deed. A deed is an instrument used to convey (transfer) an estate or interest in real property (it is a conveyance instrument). Transfer of title to property is not effective until the conveyance instrument (usually a deed) is delivered to and accepted by the grantee.
In Florida, all deeds to real property are subject to a state documentary stamp tax. Deeds conveys transfer of property from one owner to another. Effective once delivered to the grantee. All deeds get the state documentary stamp tax.

I want to know these terms so well it's like I wrote them.

"The covenant of seisin is a promise that the grantor owns the property and has the right to convey title."

I will get my happy ending.

There are limitations and restrictions for ownership: Public and private:
Freehold estates are owned fee simple. They are private and public: public examples of restriction are eminent domain, police power, and right of taxation. Private restrictions on freehold estates are leases, liens, easements, and deed restrictions.
Freehold gov: police power, eminent domain, and right of taxation
Private restrictions: liens, leases, deed restrictions, easements.

Public pets: police power, eminent domain, taxation
The constitution says that the state can step in and take care of the general health, welfare or safety of its citizens. The government can make regulations on private real property through zoning, building codes, health standards, city planning, and rent controls. The state tells cities, towns, and local governments what they can control. Police power is all encompassing of what the government can do to your personal property.
"In United States constitutional law, police power is the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants." (wiki) Your use and occupancy of real property can be restricted and regulated and you won't get paid for your limitations.

Friday, March 13, 2015

Real Estate School Is Gruelling, and Fun! I like Real Estate.