Chapter 7 Part 1: Conveyance of Real Propety and Title Closing

Question 1

Real Property

Answer 1

Land and improvements plus all legal rights, powers, and privileges inherent in ownership of real estate.

Question 2

Alienation

Answer 2

Transfer of the title to real property

Question 3

Voluntary Alienation

Answer 3

Voluntary transfer of property, during or after the life of a titleholder.

Question 4

Involuntary Alienation

Answer 4

Situations that force a property owner to transfer title against his will. This may occur during or after the life of an owner. During the life of an owner, title to real property may be transferred by involuntary alienation because of a lien foreclosure sale, a creditor filing, a petition in bankruptcy, condemnation under eminent domain, and adverse possession. Involuntary alienation after death is escheat.

Question 5

Conveyance

Answer 5

The deed and transfer of title to real property.

Question 6

Consideration

Answer 6

Something of value such as money.

Question 7

Habendum Clause

Answer 7

Describes the estate granted and always must be in agreement with the granting clause. The clause begins with the words, “To have and to hold.”

Question 8

Acknowledgement

Answer 8

When a grantor appears before a public officer, such as a notary public, and state that signing the deed was voluntary.

Question 9

Delivery and Acceptance

Answer 9

To effect a transfer of a title by deed, there must be (this). The grantor must deliver a valid deed, and the grantee must accept the deed.

Question 10

Metes and Bounds

Answer 10

Metes are distances from point to point and bounds are the directions from one point to another.

Question 11

Description by Monument

Answer 11

Used in place of the metes and bounds method. Surveyors use this description when describing multiple-acre tracts of land that might be expensive to survey.

Question 12

Bargain and Sale Deed

Answer 12

There is an implied representation on the part of the grantor that he has a substantial title and possession of the property.

Question 13

Quitclaim Deed

Answer 13

Contains no warranties. It is simply a deed of release.

Question 14

Dedication

Answer 14

Occurs when land or an easement is given for use to the public by an owner.

Question 15

Lien Foreclosure Sale

Answer 15

Without consent of the property owner who incurred the debt resulting in a lien.

Question 16

Right of Redemption

Answer 16

When real property owners have the opportunity to satisfy liens against their property before foreclosure proceedings.

Question 17

Accretion

Answer 17

The gradual building up of land in a watercourse over time by deposits of silt, sand and gravel.

Question 18

Avulsion

Answer 18

The loss of land when a sudden or violent change in a watercourse results in its washing away.

Question 19

Erosion

Answer 19

Wearing away of land by water, wind or other processes of nature.

Question 20

Riparian Rights

Answer 20

Belong to the owner of property bordering a flowing body of water.

Question 21

Littoral Rights

Answer 21

Apply to the property bordering a stationary body of water, such as a lake or a sea.

Question 22

Adverse Possession

Answer 22

When a person other than the owner claims title to real property.

Question 23

Tacking

Answer 23

An individual who takes title to the property through inheritance or otherwise, assumes the title subject to the claim of the former adverse possessor.

Question 24

Testate

Answer 24

If a person dies and leaves a valid will, he dies… (this).

Question 25

Executor

Answer 25

A person appointed in a will to carry out provisions of the will.

Question 26

Probate

Answer 26

The judicial determination of a will’s validity by a court supervision over distribution of the state.

Question 27

Intestate

Answer 27

If no valid will exists, a person is said to die (this).

Question 28

Escheat

Answer 28

Occurs when no one is eligible to receive the property of the decedent as provided by statute. In the absence of heirs, the state takes title to the property of the deceased.

Question 29

Title

Answer 29

The ownership rights to real property.