Transfer and Closing

Question 1

Execution

Answer 1

Completion of an act or process

Question 2

Principal

Answer 2

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

Question 3

Impound Accout

Answer 3

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

Question 4

Abstract of Title

Answer 4

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

Question 5

Escrow Instructions

Answer 5

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

Question 6

Marketable Title

Answer 6

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

Question 7

Good and Indefeasible Title

Answer 7

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

Question 8

Beneficiary Statement

Answer 8

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

Question 9

Will

Answer 9

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

Question 10

Actual Notice

Answer 10

Notice given by possession of property

Question 11

ALTA Policy

Answer 11

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

Question 12

Grantee

Answer 12

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

Question 13

Love and Affection

Answer 13

The consideration used in a gift deed

Question 14

Warranty Deed

Answer 14

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

Question 15

Quitclaim Deed

Answer 15

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

Question 16

Guarantee of Title

Answer 16

An assurance of clear title

Question 17

Closing Disclosure

Answer 17

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

Question 18

Sheriff’s Deed

Answer 18

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

Question 19

Title Insurance

Answer 19

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

Question 20

Gift Deed

Answer 20

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

Question 21

Closing

Answer 21

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

Question 22

Extended Title Policy

Answer 22

An extended title insurance policy

Question 23

Vesting

Answer 23

The way title will be taken

Question 24

Codicil

Answer 24

A change in a will before the maker’s death

Question 25

Holographic Will

Answer 25

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

Question 26

Administrator/Administratrix

Answer 26

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

Question 27

Escrow

Answer 27

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

Question 28

Grantor

Answer 28

The person conveying or transferring the property

Question 29

Intestate

Answer 29

Dying without leaving a will

Question 30

Devise

Answer 30

A gift of real property by will

Question 31

Legacy

Answer 31

A gift of personal property by will (see bequest)

Question 32

Standard Policy

Answer 32

A policy of title insurance covering only matters of record

Question 33

Escrow Holder

Answer 33

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

Question 34

Title Commitment

Answer 34

A contract to issue a title insurance policy

Question 35

Chain of Title

Answer 35

A chronological history of a property’s ownership

Question 36

Settlement Statement

Answer 36

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

Question 37

Executor/Executrix

Answer 37

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

Question 38

Preliminary Title Report

Answer 38

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

Question 39

Title Plant

Answer 39

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

Question 40

Proration

Answer 40

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

Question 41

Constructive Notice

Answer 41

Public notice given by recording a document with the county recorder

Question 42

Witnessed Will

Answer 42

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

Question 43

Testaor/Textatrix

Answer 43

A person who has made a will

Question 44

Acknowledgement

Answer 44

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

Question 45

Title

Answer 45

Evidence of ownership of land

Question 46

Recording

Answer 46

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

Question 47

Public Grant

Answer 47

The transfer of title by the government to a private individual

Question 48

Bequest

Answer 48

A gift of personal property by will (see legacy)