Unit 7 Transfer Of Title

Question 1

Define Acknowledgment

Answer 1

A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. 105

Question 2

Define adverse Possession

Answer 2

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. 111

Question 3

Define Bargain and sale deed

Answer 3

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. 107

Question 4

Define Deed

Answer 4

A written instrument that, when executed and delivered, conveys title to or an interest in real estate. 102

Question 5

Define Deed of trust

Answer 5

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); also called a deed of trust. 108

Question 6

Define Devise

Answer 6

A transfer of real property by will. The decedent is the devisor, and the recipient is the devisee. 112

Question 7

Define General warranty deed

Answer 7

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. 106

Question 8

Define Grantee

Answer 8

A person who receives a transfer of real property from a grantor. 102

Question 9

Define Granting clause

Answer 9

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. 104

Question 10

Define Grantor

Answer 10

The owner transferring title to or an interest in real property to a grantee. 103

Question 11

Define Habendun

Answer 11

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. 104

Question 12

Define Intestate

Answer 12

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. 110

Question 13

Involuntary alienation

Answer 13

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. 102, 110

Question 14

Define Probate

Answer 14

A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are. 112

Question 15

Define Quitclaim deed

Answer 15

A conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations. 107

Question 16

Define Reconveyance deed

Answer 16

A deed used by a trustee under a deed of trust to return title to the trustor. 108

Question 17

Define special warranty deed

Answer 17

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, generally using the language, “by, through, or under the grantor but not otherwise.” 107

Question 18

Define testate

Answer 18

Having made and left a valid will. 111

Question 19

Define testator

Answer 19

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. 112

Question 20

Define Title

Answer 20

(1)The right to ownership or the ownership of land. (2) The evidence of ownership of land. 102

Question 21

Define Transfer tax

Answer 21

Tax stamps required to be affixed to a deed by state and/or local law. 109

Question 22

Define Trustee’s deed

Answer 22

A deed executed by a trustee conveying land held in a trust. 107

Question 23

Define Voluntary alienation

Answer 23

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. 102, 110

Question 24

Define Will

Answer 24

A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator. 112

Question 25

Define good and indefeasible title

Answer 25

A title that cannot be annulled or rendered void.

Question 26

Define offeror/offeree

Answer 26

The person who makes the offer is the offeror. The person to whom the offer is made is the offeree. 204

Question 27

Define tax deed

Answer 27

An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. See also certificate of sale. 227