Unable to write your name?

When a competent grantor, who is unable to write, executes a deed using a mark, an affidavit should be obtained from the witnesses, stating which of the following:
I. The contents of the deed were read to the grantor.
II. The grantor, by making the mark, consented to the effect of the deed.
III. The mark was made voluntarily.
IV. The mark was made using an “X”.

The answer is I, II, III

For more information on the proper Notarization of someone signing by a mark, please see the attached link http://members.usnotaries.net/news.asp?AssetID=600

Minor Child

Do You Know….

Exam Stress left

 

In a transaction involving a minor, which of the following would suffice for insuring title to real property owned by the minor child, being sold to a third party?

 

1.  Obtain the signature of the natural guardian(s) on the deed, assuming the equity of the minor does not exceed $15,000.00.
2.  Record an Order Removing Minority, showing the minor has been emancipated, and obtain the signature of the minor.
3.  Record a marriage certificate showing the minor is or was a married person and obtain the signature of the minor.
4.  Obtain the signature of the Plenary Guardian of the incapacitated person.

 

a. 1
b. 1, 2
c. 1, 2, 3
d. 2, 3, 4

 

The answer is: c.

Note: No legal advice or suggestions are being given.

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What does “POB” and “POE” mean in legal descriptions?

Point-of-BeginningIn a metes and bounds survey, the location of the starting point is referred to as the Point of Beginning or POB, which should be exactly  the same as the Point of Ending or POE.  Some surveys will only refer to the Point of Beginning and then return to the Point of Beginning rather than referencing this as the Point of Ending.  Either way, this will create a closed tract of property, provided that the proper calls or dimensions have been met.  If the description does not “close”, there could be a defect of the legal description.  If the intent of the description is obvious, some states have Title Standards that allow for clear title if the incorrect description was contained in a legal on a deed.  If the intent of the legal description can not be determined, then a corrective deed may be required.

 

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Agreement for Deed

Access_Title_Agency_Agreement_for_DeedAn agreement for Deed, also known as a Contract for Deed or an Installment Land Contract, is a transfer of real interest in property. The Seller is referred to as a “Vendor” and the Purchaser is called the “Vendee”. The interest acquired by the Vendee is an equitable interest. Legal title is transferred from the Vendor to the Vendee by a Warranty Deed at the time the Vendee has fulfilled all of their payments and obligations under the agreement. The Deed may be held in Escrow at the time of the closing of the agreement (for ease) with terms for release once the obligation is met. Transfer taxes are due at the time of the recording of the Deed. A Memorandum of the Agreement may be recorded in lieu of the Agreement so that the terms are not disclosed and remain private to the parties.

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Power of Attorneys

Powers of Attorney

Florida Uniform Title Standards govern how title agencies and their Underwriters assess marketable title. Too often when we are provided with a Power of Attorney for a real estate transaction, it has broad, general language and does not contain the specific powers needed to insure the type of transaction.

A gives to B a power of attorney authorizing B “to generally act for me and in my name, place and stead, in any state and in relation to all matters, to do any and all things and to execute any and all instruments which I might or could do if personally present.” Does B have the authority to convey land owned by A? No.

If a Power of Attorney is necessary to accomplish a real estate transaction, the document must reflect the powers being conveyed such as the authority to sell, convey or mortgage.

Note: No legal advice or suggestion is being given. Present a copy of the Power of Attorney for underwriting review as early as possible. The above is an excerpt only from the Florida Uniform Title Standards.

 

Insuring Title Acquired by a Tax Deed

Tax Sale

Generally speaking, underwriters of title insurance will require one of the following to insure a transaction coming out of a tax sale:

1. The tax deed holder must file a Quiet Title Action and let the appeal process run out; or

2. The prior owner (who lost the property) must Quit Claim their interest in the property to the tax deed holder.

If a cloud on the chain of title shows a tax deed, it must be at least 20 years old to consider insuring over it.

Note: No legal advice or suggestions are being given as to the preferred or recommended way to handle. We would consult with our underwriting council to seek approval prior to insuring. The above is an excerpt only from an Underwriting Manual.

 


Vesting or Taking Title on Deeds

naples-florida_title_deed_insurance

Multiple Party Deed

A few ways in which more than one party may hold title are as follows:

Tenants by the Entirety:  Only a husband and wife may hold title in this manner.  Provided the couple remains continuously married, the surviving spouse becomes the 100% owner of the property upon the death of their spouse.

Tenants in Common:  Title can be held by two or more individuals or legal entities in equal or unequal percentages.  Upon the death of one of the owners, their interest passes under the term of their will and not automatically to the other people with whom they are in title.

Joint Tenants with Rights of Survivorship:  Title must be held in equal interests (ie:  50/50 or 25/25/25/25) by individuals.  Title passes automatically to the co-owners upon the death of any owner.

Life Estate with Remainder Interest:  Title passes automatically to the holder of the remainder interest upon the death of the holder of the life estate interest.

Note:  No legal advice or suggestions are being given as to the preferable or recommended way to hold title.  Consult with an attorney prior to deciding how to hold title.  The above is an excerpt only from an Underwriting Manual.