Chapter 19: Essentials Of New Jersey Real Estate. Key Terms Part 1 Flashcards Preview

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Flashcards in Chapter 19: Essentials Of New Jersey Real Estate. Key Terms Part 1 Deck (22):
1

Acknowledgment

A declaration to a notary or other official, to prevent forgeries.

2

Bargain and sale deed

A deed implying that grantor owns the property.

3

Bargain and sale deed with covenants

A deed stating grantor has not encumbered the property.

4

Benchmark

A permanent reference more or point established for use by survey or's in measuring differences in elevation.

A marker place by US geological survey to, stating elevation.

5

Covenant

A legal promise; an agreement written into deeds and other instruments promising performance or nonperformance of certain acts or stipulating certain uses or non-uses of the property.

6

Datum

A mean sea level in New York Harbor: also local zero elevation point.

7

Deed

A document used to transfer title to a parcel of real property.

8

Delivery and acceptance

The actions that actually transfer title.

9

Grantee

The one who receives property through a deed.

10

Grantor

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

11

Granting clause

The clause in a deed that makes the transfer.

12

Habendum clause

The part of the deed beginning with the word to "leave and to hold" following the granting clause and defining the extent of ownership the grantor is conveying.

13

Legal description

A description sufficient to identify a parcel with certainty that is excepted by a court of law.

14

Metes and bounds

A description using boundaries and directions. A legal description of a parcel of land that begins at a well marked point and follows the boundaries, using directions and distances around the tracked back to the place of beginning. Like a clock.

15

Monuments

A fixed natural or artificial object used to establish real estate boundaries for a mete and bounds description.

16

Point of beginning

Spot at which a Metes-and-bounds description commences

17

Quitclaim deed

A deed releasing any interest grantor may have without claiming seisin (ˈsēzən: possession of land by freehold)

18

SEISIN..ˈsēzən

possession of land by freehold.

19

Rectangular survey system

A system established in 1785 by the federal government providing for surveying and describing land by reference to principal meridian and baselines outside the 13 original colonies.

20

Section

1 mile Square

21

Township

6 mile Square

22

Warranty deed

A deed in which the grantor fully warrants good clear title to the premises.