Transfer and Closing

Question 1

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

Answer 1

Preliminary Title Report

Question 2

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

Answer 2

Grantee

Question 3

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

Answer 3

Abstract of Title

Question 4

A gift of personal property by will (see Legacy)

Answer 4

Bequest

Question 5

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

Answer 5

ALTA Policy

Question 6

A contract to issue a title insurance policy

Answer 6

Title Commitment

Question 7

Evidence of ownership of land

Answer 7

Title

Question 8

A person who has made a will (men/women)

Answer 8

Testator/Testatrix

Question 9

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

Answer 9

Quitclaim Deed

Question 10

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

Answer 10

Executor/Executrix

Question 11

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

Answer 11

Holographic Will

Question 12

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

Answer 12

Beneficiary Statement

Question 13

A gift of real property by will

Answer 13

Devise

Question 14

The transfer of title by the government to a private individual

Answer 14

Public Grant

Question 15

A policy of title insurance covering only matters of record

Answer 15

Standard Policy

Question 16

An extended title insurance policy

Answer 16

Extended Title Policy

Question 17

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

Answer 17

Escrow Instructions

Question 18

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

Answer 18

Proration

Question 19

Notice given by possession of property

Answer 19

Actual Notice

Question 20

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

Answer 20

Closing Disclosure

Question 21

Dying without leaving a will

Answer 21

Intestate

Question 22

A change in a will before the maker’s death

Answer 22

Codicil

Question 23

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

Answer 23

Closing

Question 24

The way title will be taken

Answer 24

Vesting

Question 25

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

Answer 25

Title Plant

Question 26

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

Answer 26

Witnessed Will

Question 27

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

Answer 27

Title Insurance

Question 28

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

Answer 28

Administrator/Administratrix

Question 29

An assurance of clear title

Answer 29

Guarantee of Title

Question 30

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

Answer 30

Marketable Title

Question 31

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

Answer 31

Escrow Holder

Question 32

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

Answer 32

Acknowledgement

Question 33

Public notice given by recording a document with the county recorder

Answer 33

Constructive Notice

Question 34

The person conveying or transferring the property

Answer 34

Grantor

Question 35

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

Answer 35

Good and Indefeasible Title

Question 36

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

Answer 36

Principal

Question 37

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

Answer 37

Sheriff's Deed

Question 38

Completion of an act or process

Answer 38

Execution

Question 39

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

Answer 39

Will

Question 40

The consideration used in a gift deed

Answer 40

Love and Affection

Question 41

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

Answer 41

Warranty Deed

Question 42

A gift of personal property by will (see bequest)

Answer 42

Legacy

Question 43

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

Answer 43

Escrow

Question 44

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

Answer 44

Gift Deed

Question 45

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

Answer 45

Impound Account

Question 46

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

Answer 46

Recording

Question 47

A chronological history of a property's ownership

Answer 47

Chain of Title

Question 48

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

Answer 48

Settlement Statement