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Chapter 9

Terms in this set (205)

______ are the legal documents that transfer ownership of real property interests from one party to another
Deeds
Upon consummation of the real property transaction, the deed is recorded at the local ______ ______ (not required in Texas) or ______ _____ where the property is physically located.
county courthouse / recorder's office
In a deed, the party conveying the property is called the ______, while the party receiving the property is called the ________.
grantor / grantee
Often, the grantee will want to require that the deed contain certain covenants of ______ or ______, that the grantor possesses good and marketable title, with the right to convey the property free and clear from undisclosed _________
title / assurances / encumbrances
Different types of deeds offer varying levels of a grantor's covenants of _____
title
A deed must be ____ ______ to satisfy the Statute of Frauds.
in writing
The ______ __ _____ is a law that requires some documents, including deeds, be in writing and signed to be enforceable in a court of law. Texas, as well as many other states and counties, have this law.
Statute of Frauds
What are the 6 things a deed needs to be considered valid?
LEDCCC
1. Legal description
2. Execution (grantor must sign the deed)
3. Delivery and acceptance
4. Competent parties
5. Consideration (given by grantee to grantor)
6. Conveyance
Can a street address be used as a legal description?
No
Only the _____ must sign the deed
grantor
The final step in passing title to a property is when the deed is _______ and ______.
delivered / accepted
Texas does not have a ________ ___, meaning the buyer does not have to disclose to the public the amount that was paid for the property. Because of this, the sales price is not on the deed.
disclosure law
________ is always stated as, "for ten dollars and other good and valuable consideration," or a similar statement. A _____ deed may use the term, "for ten dollars and love and affection."
consideration / gift
________ are considered separate articles, stipulations, or provisions in a deed.
Clauses
What are 3 of the most common clauses that appear on deeds?
1. The Habendum Clause
2. A Subject to Clause.
3. Warranty Clause
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