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REAL ESTATE > Transfer And Closing > Flashcards

Transfer And Closing Flashcards

1
Q

Chain of Title

A

A chronological history of a property’s ownership

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2
Q

Legacy

A

A gift of personal property by will (see bequest)

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3
Q

Testator/Textatrix

A

A person who has made a will

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4
Q

Closing

A

The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid

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5
Q

Preliminary Title Report

A

An offer to issue a policy of title insurance in the future for a specific fee

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6
Q

Administrator/Administratix

A

A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will 

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7
Q

Guarantee of Title

A

An assurance of clear title

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8
Q

Constructive Notice

A

Public notice given by recording a document with the county recorder

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9
Q

Holographic Will

A

Written in the maker’s own handwriting, dated, and signed by the maker

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10
Q

Extended Title Policy

A

An extended title insurance policy

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11
Q

Grantor

A

The person conveying or transferring the property

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12
Q

Title Plant

A

The storage facility of a title company which holds and stores the complete title records of properties in its area

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13
Q

Will

A

A written instrument by which a person makes a disposition of his or her property to take affect after his or her death

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14
Q

Intestate

A

Dying without leaving a will

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15
Q

Settlement Statement

A

A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction

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16
Q

Principal

A

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller

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17
Q

Vesting

A

The way title will be taken

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18
Q

Proration

A

The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement

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19
Q

Sheriff’s Deed

A

A deed given to a buyer when property is sold through court action in order to satisfy a judgment for money or foreclosure of a mortgage

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20
Q

Gift Deed

A

Used to make a Gift of property to a grantee who is usually a close friend or relative

21
Q

Closing Disclosure

A

Settlement statement created by the consumer financial protection bureau that must be used for any conventional residential mortgage loans that will be sold to Fannie Mae or Freddie Mac, or that are subject to RESPA

22
Q

Standard Policy

A

A policy of title insurance covering only matters of record

23
Q

Execution

A

Completion of an act or process

24
Q

Recording

A

The act of filing written documents affecting the title to real property with the county recorder

25
Q

Marketable Title

A

Good or clear salable title reasonably free from risk of litigation over possible defects

26
Q

Beneficiary Statement

A

A statement of the unpaid balance of a loan and the condition of the debt

27
Q

Acknowledgement

A

A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will

28
Q

Escrow

A

The deposit of funds or documents with a neutral third-party who is instructed to carry out the provisions of an agreement

29
Q

Quitclaim Deed

A

Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title

30
Q

ALTA Policy

A

American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer

31
Q

Title

A

Evidence of ownership of land

32
Q

Good and Indefeasible Title

A

Title that cannot be defeated, set aside, or made void by a superior claim

33
Q

Escrow Instructions

A

Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed

34
Q

Public Grant

A

The transfer of title by the government to a private individual

35
Q

Grantee

A

The person receiving the property or to whom it is being conveyed

36
Q

Actual Notice

A

Notice given by possession of property

37
Q

Love and Affection

A

The consideration used in a gift deed

38
Q

Impound Account

A

A trust account set up for funds set aside for future, recurring cost relating to a property

39
Q

Devise

A

A gift of real property by will

40
Q

Codicil

A

A change in a will before the maker’s death

41
Q

Warranty Deed

A

A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California

42
Q

Title Commitment

A

A contract to issue a title insurance policy

43
Q

Abstract of Title

A

A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate

44
Q

Escrow Holder

A

An independent third party that acts as a neutral agent of both buyer and seller

45
Q

Bequest

A

A gift of personal property by will

46
Q

Title Insurance

A

An insurance policy that protects the insured against loss or damage due to defects in the property’s title

47
Q

Witnessed Will

A

One prepared by an attorney, that is typed and signed by the laker and two witnesses

48
Q

Executor/Executrix

A

A person named in the will to handle the affairs of a deceased person

REAL ESTATE (5 decks)

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