Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Real Estate - Ch. 6
Transfer of Title
| Term | Definition |
|---|---|
| acknowledgment | A formal declaration made before a duly authorized officer, usually a notary public, by a Person who has signed a document. |
| adverse possession | The actual, open, notorious, hostile, and continuous possession of another’s land under a claim of title. Possession for a statutory period may be a means of acquiring title. |
| bargain and sale deed | A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed. |
| deed | A written instrument that, when executed and delivered, conveys title to or an interest in real estate. |
| deed of trust | An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender). |
| devise | A transfer of real property by will. The decedent is rhe devisor, and the recipient is the devisee. |
| general warranty deed | A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. |
| grantee | A person who receives a transfer of real property from a grantor. |
| granting clause | Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause is generally worded as “convey and warrant”; “grant”; “grant, bargain, and sell”; or the like. |
| grantor | The owner transferring title to or an interest in real property to a grantee. |
| habendum clause | That part of a deed beginning with the words “to have and to hold,” following the granting clause and defining the extent of ownership the grantor is conveying. |
| intestate | The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent’s heirs, as provided in the state law of descent. |
| alienation | The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession. |
| probate | A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are. |
| quitclaim deed | A conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations. |
| reconveyance deed | A deed used by a trustee under a deed of trust to return title to the trustor. |
| special warranty deed | A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of the grantor’s tenure and ownership of the property and not against defects existing before that time. |
| testate | Having made and left a valid will. |
| testator | A person who has made a valid will. A woman might be referred to as a testatrix, although testator can be used for either a man or a woman. |
| title | (1) The right to ownership or the ownership of land. (2) The evidence of ownership of land. |
| transfer tax | Tax stamps required to be affixed to a deed by state and/or local law. |
| trustee’s deed | A deed executed by a trustee conveying land held in a trust. |
| will | A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator. |
Created by:
katiestapley
Popular Standardized Tests sets