Property Transfer Flashcards
Deeds
A deed is a document that provides evidence of transfer of interest in a property from one person to another.
Deed restrictions
which limit the use of the property, can be enforced through legal action through the grantor, neighbor, tenant or a lender.
Generally, a deed with the following would be valid
The name of the grantor Consideration conveyance Habendum clause A legal description; exceptions or reservation; signature of the grantor; Delivery and acceptance by the grantee
Habendum clause
which means to “have and to hold” and defines the ownership taken by the grantee;
An acknowledgment is
the verification of the fact of execution or the signing of a document. It is not the verification of the content of the document that is signed.
The three section of the deed are:
Premise
Habendum and
Testimonium
The premise contains
the names of the parties, a property description, the consideration, and the granting clause. The premise may also contain “subject to” clauses and a reddendum.
Reddendum
is Latin for “that which must be given back or yielded.” For example, ‘I sell you my 100-acre farm except for the cemetery, and I reserve the right to visit the family cemetery whenever I choose.’
The testimonium
is the ending portion of the deed, which contains the signature of the grantor and the date on which it was signed. The testimonium would also contain the acknowledgment and attestation.
Wills
Testate means a person died leaving a will. Devise is the act of giving real estate through a will; the party receiving the property is the devisee. The conveyance of leaving personal property through a will is called bequest.
A legatee
is the person who receives the personal property in a will.
A codicil
is a change in a will; it modifies or explains the will in some way.
Intestate
refers to someone who has died without a will.
A person who receives real property from someone who has died intestate is said to have received the property by
descent
A holographic
is a handwritten will
