Across
- 3. The grantor makes no warranties about title, so the grantee receives only what the grantor has, if anything.
- 5. A deed usually contains ____ - express promises by the grantor about the state of title.
- 7. A promise that the grantor will defend grantee against any claim of superior title; for example, if a third party holds better title than the grantee does, the grantor must defend the grantee’s title.
- 10. The most common mortgage substitute is the _____, which is just like a mortgage with power of sale. The _____ is a three-party relationship between borrower, a third party, and the lender.
- 13. The _____ is the traditional security instrument. The borrower conveys an interest in real property to the lender as security for the performance of an obligation, usually payment of a promissory note. Once the borrower repays the loan in full, the _____ is automatically extinguished. But if the borrower defaults, the property will be sold at foreclosure and the sales proceeds will be used to pay off the loan.
- 16. The _____ is another alternative to the mortgage. In this type of contract, the buyer promises to pay the purchase price to the seller in installments over a fixed period of time. The buyer is allowed to take possession of the property, but the seller retains title until all payments are made. The _____ is often used when the buyer lacks a down payment or the credit rating necessary to obtain a traditional loan secured by a mortgage. It may also be helpful for a seller because she can reach a larger pool of prospective buyers and thus potentially obtain a higher price.
- 17. The grantor warrants title against all defects the arose after he obtained title.
- 18. The land burdened by the easement is the _____ tenement or _____ land; the owner of the servient tenement is the _____ owner.
- 20. The most common _____ is the borrower’s duty to repay a loan, as evidenced written by a promissory note.
- 21. A promise that the grantee’s possession of the property will not be disturbed by anyone holding superior title; for example, this covenant is breached if the grantee is evicted because of a defect in her title.
Down
- 1. The land benefited by the easement is called the _____ tenement or _____ land; the easement holder is called the _____ owner.
- 2. a promise that the grantor will take all future steps reasonably necessary to cure title defects that existed at closing.
- 4. A promise that the grantor owns the estate he purports to convey; for example, this covenant is breached if the grantor purports to convey a fee simple but only owns a life estate.
- 6. Land cannot be used unless the owner has adequate access to it, which may require _____ across land owned by another. Although most _____ are the product of agreement, courts will sometime one without the consent of the burdened owner. Basic types: express, implied by prior existing use, by necessity, prescriptive, by estoppel (or irrevocable license).
- 8. The grantor warrants title against all defects, whether the arose before or after he obtained title.
- 9. An _____ easement benefits the holder is her use of a specific parcel of land, the dominant tenement (most easements are _____).
- 11. A promise that the grantor had the right to convey title; for example, this covenant is breached if the grantor is a trustee who lacks the authority to transfer title to the trust property.
- 12. A promise that there are no encumbrances on the title, other than those expressly listed in the deed; for example, this covenant is breached if there is a prior mortgage on the property.
- 14. An easement in _____ is not connected to the holders use of any particular land, rather it is personal to the holder.
- 15. A _____ easement allows the holder to prevent the servient owner from performing an act on the servient land.
- 19. An _____ easement allows the holder to perform an act on the servient land (most easements are _____).