Chapter 6 - Deeds Flashcards
Acknowledgement
Party has signed in front of a public official (notary public or judge) signifying that the document was signed voluntarily and that signature is genuine
Adverse Possession
Open, hostile, notorious, adverse possession of land that leads to conveyance of title. 10 years of continued use required under NY State Law.
Bargain and Sale Deed
Provides limited warranty and guarantee of title. Requires title insurance. Most common type of deed in NYC.
Block and Lot
Legal description in subdivisions broken up into blocks and lots.
Consideration
Anything of value inducing another person into a contract
Conveyance
Act of transferring interest from one person to another
Dedication
Dedication of private property for public use - land for streets within new subdivision development, dedicates land for park to municipality
Deed
Document conveying interest in real property - land, improvements, and bundle of rights
1) competent grantor
2) identifiable grantee
3) conveyance
4) consideration
5) legal description
6) Habendum clause
7) limitations
8) exceptions and reservations
9) signatures - acknowledged by notary/attorney/judge
10) delivery and acceptance from grantor to grantee
Devise
Transfer of title through will when a person dies testate (with a will)
Delivery and Acceptance
In deed, the delivery of the deed from grantor to grantee and their acceptance of it. Final step in conveying title.
Executor
Person named in will designated to carry out the provisions of the will. Property is distributed in probate, which is supervised by surrogate court.
Foreclosure
Process of involuntary transfer of property when landowner defaults on debts secured by real property.
Full Covenant and Warranty Deed
Full warranty and guarantee of title, greatest protection.
Grant
Act of transferring interest in real property by a written instrument (deed)
Grantee
Buyer
Grantor
Seller
Habendum Clause
To have and to hold - describes the type of estate granted.
Involuntary Alienation
Transfer of title against the will of/without action by the owner. EX: eminent domain, foreclosure, adverse possession.
Metes and Bounds
Legal description of property. Licensed surveyor describes property in distance (metes) and compass direction (bounds). Relative to fixed, easily identifiable Point of Beginning (POB) and working clockwise.
Plat
Survey map of a subdivision recorded in the county where it is located.
Quitclaim Deed
Provides no warranty.
Referee’s Deed
Judicial deed. Provides no warranty. Used in foreclosure or bankruptcy proceedings.
Sheriff’s Deed
Judicial deed. Provides no warranty. Used in sheriff’s sale at foreclosure.
Survey
Process of locating and measuring the boundaries of a property, identifying encroachments, easements, and improvements associated with it.
