Transfer and Closing

Question 1

Acknowledgement

Answer 1

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 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

Testator/Textatrix

Answer 3

A person who has made a will

Question 4

Preliminary Title Report

Answer 4

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

Question 5

Public Grant

Answer 5

The transfer of title by the government to a private individual

Question 6

Closing Disclosure

Answer 6

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 7

Vesting

Answer 7

The way title will be taken

Question 8

Proration

Answer 8

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 9

Execution

Answer 9

Completion of an act or process

Question 10

Warranty Deed

Answer 10

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 11

Actual Notice

Answer 11

Notice given by possession of property

Question 12

Escrow

Answer 12

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

Question 13

Marketable Title

Answer 13

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

Question 14

Impound Account

Answer 14

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

Question 15

Recording

Answer 15

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

Question 16

Administrator/Administratrix

Answer 16

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

Question 17

Sheriff’s Deed

Answer 17

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 18

Abstract of Title

Answer 18

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

Question 19

Gift Deed

Answer 19

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

Question 20

Holographic Will

Answer 20

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

Question 21

Witnessed Will

Answer 21

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

Question 22

Constructive Notice

Answer 22

Public notice given by recording a document with the county recorder

Question 23

Good and Indefeasible Title

Answer 23

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

Question 24

Codicil

Answer 24

A change in a will before the maker’s death

Question 25

Guarantee of Title

Answer 25

An assurance of clear title

Question 26

Title Commitment

Answer 26

A contract to issue a title insurance policy

Question 27

Extended Title Policy

Answer 27

An extended title insurance policy

Question 28

Title Insurance

Answer 28

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

Question 29

Title Plant

Answer 29

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

Question 30

Settlement Statement

Answer 30

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

Question 31

Grantor

Answer 31

The person conveying or transferring the property

Question 32

Standard Policy

Answer 32

A policy of title insurance covering only matters of record

Question 33

Bequest

Answer 33

A gift of personal property by will (see legacy)

Question 34

Title

Answer 34

Evidence of ownership of land

Question 35

Will

Answer 35

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

Question 36

Grantee

Answer 36

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

Question 37

Intestate

Answer 37

Dying without leaving a will

Question 38

Closing

Answer 38

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 39

Chain of Title

Answer 39

A chronological history of a property's ownership

Question 40

Legacy

Answer 40

A gift of personal property by will (see bequest)

Question 41

Devise

Answer 41

A gift of real property by will

Question 42

Executor/Executrix

Answer 42

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

Question 43

Love and Affection

Answer 43

The consideration used in a gift deed

Question 44

Escrow Holder

Answer 44

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

Question 45

Quitclaim Deed

Answer 45

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

Question 46

Escrow Instructions

Answer 46

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 47

ALTA Policy

Answer 47

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

Question 48

Beneficiary Statement

Answer 48

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