Transfer Of Title/Deeds Flashcards Preview

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Flashcards in Transfer Of Title/Deeds Deck (98):
0

Abstract of title

A summary of the history of ownership of a parcel of property including each consecutive conveyance ,liens other encumbrances and the current status of each

1

Acceptance

The agreement of one party to set of terms offered by the second party

2

Accretion

The gradual increase to land on a shore Riverbank by natural forces

3

Acknowledgment

Process with an authorized officer usually a Notory public witnesses a signature and attest that the signer has stated that signing is his or her free act and the intent to protect against a duress

4

Adverse possession

The process of gaining title to real property by open continuous and notorious occupancy for 20 years and Massachusetts known as squatters rights Similar to establishing an easement by prescription

5

Attorney in fact

One who authorizes to act for another. In real estate transaction this is done through a power of attorney does not need to be in attorney-at-law

6

Attorney-at-law

A law professional was taken and passed the bar exam

7

Avulsion

The lost of land due to a sudden violent act of nature

8

Bargain and sale deed

Grantor affirms they hold title and Grant whatever the interest they have with no warranties. Often used by fiduciaries such as a estate executors of officers of the court

9

Basel line

An imaginary line running east to west use by surveyors in the government ( rectangular ) survey method of property description

10

Book

Deeds and other documents relating to property transfer Are recorded at the County registry of deeds in Massachusetts and become a specific page in a specific book in the record system. A deed has a specific booking page reference

11

Certificate of title

Document issued by the land court under the Torrens system to verify the court decision and the property owners title

12

Chain of title

The history of ownership of each owner as grantor and grantee used in a title search for parcel of real property

13

Codicil

Supplement or addition to a will

14

Condemnation

The administration or judicial procedure used when taking land by local state or federal government for the public good call eminent domain

15

Condemnee

The property owner having title taken by eminent domain

16

Condemnor

The agency taking title to property by eminent domain

17

Consideration

Something given in exchange for something from another. Can be article or a promise to do something. In real estate is usually money exchange for property as in any deed or money exchange for promise to perform as in a purchase and sale agreement

18

Contract for deed

Contract for real estate where the buyer occupies the property during a period while making payments and receives a deed when all payments are complete

19

Covenant against encumbrances

Promise made by the grantor in a warranty deed that the property is free of all encumbrances not stated in the deed

20

Covenant of further assurance

Promise made by the grantor in a warranty deed that they will take any further action necessary to correct any title defects

21

Covenant of quiet enjoyment

Promises made by the grantor in a warranty deed that the grantee who hold the property free from the claims of third parties

22

Covenant of right to convey

Promise made by The grantor in a warranty deed that they have the right to convey title

23

Covenants of Seisen

Promise made by the grantor in any warranty deed that they are in possession hold title

24

Cover of warranty

Promise made by the grantor any warranty deed that they will defend against any claim against the title by a third-party

25

Deed

Written instrument that transfers ownership of real property from one party to

26

Deed in trust

Deed used when a grantor( trustor ) transfers title to a trust controlled by a trustee for the benefit of a beneficiary

27

Deed restrictions

Provisions in a deed that limits the future use of the property

28

Deficiency

The amount of a debt not covered on security for loan is not sufficient. At the time of a foreclosure the debt not covered is a deficiency

29

Delivery

A legal act of transferring property. Must include the grantors intent to transfer

30

Descent

Acquisition of an estate by means of inheritance ( without a will )

31

Devise

Transfer of property by means of a will. The owner ( divisor ) transfers to the recipient ( devisee )

32

Divisee

The person who receives the benefit of a will

33

Divisor

The person whose property is distributed under the terms of a will

34

Eminent domain

The right of the government ( Federal state or municipal ) to take title to private property for the common good ; though process known as condemnation

35

Erosion

The gradual decrease in land on a shore or river bank by natural forces

36

Escheat

Process by which property reverts to the state when no will or heirs exists or when the property is abandoned

37

Escrow agent

A neutral third-party in a transaction who holds documents for monies until certain acts are completed by the individuals involved in a contract

38

Et Al

And others

39

Ethan Ux

And wife

40

Excise stamps

Massachusetts tax stamps do when a deed is recorded at the Registry of Deeds at $2.28 per $500 selling price

41

Executor

A male appointed by an individual to carry out the direction in there will

42

Executors deed

Deed used by the executor to an estate to sell property held by the estate

43

Executrix

A female appointed by individual to carry out the directions in there will

44

Foreclosure

The forced sale of a piece of real property by the lienholder when terms of the contract has not been met

45

Gen. warranty deed

Form of deed where the grantor make certain warrants or guarantees to the grantee. The grantor will defend the title against all claims including those against prior owners ( not commonly found in Massachusetts )

46

Government survey

Method of land description using a grid of imaginary east west lines called baselines and north-south lines called meridians. This grid results in 6 miles x 6 miles townships that are further broken down into sections

47

Grantee

One who is receiving title to real property from grantor

48

Grantee grantor indexes

Public record books maintained at the County registry of deeds that lists the grantors and grantees property transfers along with the book and page number of the associated real estate documents

49

Grantor

One who is giving the title to real property to a grantee

50

Habendum Clause

That section of a deed beginning with " to have and to hold " which follows the granting clause and defines the extent of ownership the grantor is conveying such as feesimple orl life estate

51

Installment contract

Contract for real estate where the buyers occupies the property during a period while making payments and receives a deed when all payments are complete

52

Intestate

Property owner dies without a will or with a will that is defective. Property changes ownership through the state laws of descent

53

Involuntary alienation

Transfer of ownership against the owners will as in a foreclosure

54

Judicial deed

Deed issue by a court appointed official

55

Land contract

Contract for real estate where the buyer occupies the property during a period while making payments and received a deed when all payments are complete

56

Land Court certificate

Document issued by the land court as a result of a court decision under the Torrens system

57

Legal description

Description of property sufficient to identify what is being conveyed three types are 1: metes and bounds 2: lot and block 3: government survey

58

Lis Penden

Latin meaning "action pending. " Recorded legal document that gives notice that legal action is in process that may affect the subject property

59

Lot and block

Method of land description that refers to a specific lot within a grouping of lots on a block on a map or plat and has been recorded at the registry

60

Meridian

An imaginary line running north and south used by surveys in the government ( rectangular ) survey method of property description

61

Metes and bounds

Method of land description that "walks" the perimeter of the property and describes the distance ,compass points and boundaries Most common method of land description in Massachusetts

62

Page

When used in reference to recording deeds refers to the number assigned to a deed or other document within a specific book ( as in book xxx page XX ) to specify location at the Registry of Deeds

63

Plat

A map or plan of subdivided land showing individual lots in their boundaries and dimensions

64

Point of beginning( POB )

The starting point in the metes and bounds method of property description

65

Prescription

Method of establishing an easement by open continuously notorious use. In Massachusetts the time of usage is 20 years minimum ( similar to acquiring title by adverse possession )

66

Probate court

That part of court system that deals with wills and inheritances

67

Quick claim deed

A deed where the grantor ( seller ) transfers with the interest he or she has an real property without any warranties. The quick claim deed is the most common form of deed in Massachusetts, however the Massachusetts quitclaim deed does contain some limited warranty

68

Rangeline

An imaginary line running north and south in the government survey method of land description parallel to major north-south lines called meridians

69

Range strip

A strip of land between two north- South range lines measuring 6 miles wide and use in the government survey method of land description

70

Recording

Process of entering into public record the deed and other documents associated with the transfer of real property ( the deed is so recorded at the registry of deeds and receives a book and page number where the deed has been filed )

71

Registered land

Property that under the Torrents system has been to land court received a judgment and now has a certificate of title documenting the land court decision

72

Registry of Deeds

County agency that records files and controls deeds liens and other paperwork relating to title of real property ( known in some states as recorders office or bureau of conveyance )

73

Residual

That which is left over in.Foreclosure those monies in excess of outstanding debt and other costs

74

Section

In the government survey method of land description East-West Township lines meet North-South range lines in 6 miles x 6 miles Township which is further subdivided into 36 1 mile x 1 mile parcels call section

75

Sheriffs Deed

Deed used when property is sold by a sheriff by Court order

76

Special Agent

( Limited agent ) one who is authorized to perform one specific task

77

Statue of frauds

State law that requires certain documents to be in writing to be Enforceable

78

System

?

79

Tax deed

Deed used to convey property taken by the government for non-payment of taxes

80

Tax Stamps

Massachusetts tax stamps do when a deed is recorded at the Registry of Deeds at $2.28 per $500 of selling price

81

Testate

An individual who dies with a will die testate; without a will intestate

82

Testator

One who dies testate- with a will

83

Title reference

A filing system at the county Registry of Deeds that records a document such as a deed in a specific book and on a specific page in that book ( example book XXX , page XX )

84

Title search

Process of reviewing public records at the Registry of Deeds to determine the state of ownership of a piece of real property

85

Torrens system

A system of registering title to real property ( used in Massachusetts and other states ) to verify ownership or title. Results in a certificate of title

86

Township

A division of property on the government ( rectangular ) survey method of land description 6 miles x 6 miles containing 36 sections each 1 mile x 1 mile

87

Township line

An imaginary line running east west in the government survey method of land description parallel to major east-west lines call baselines

88

Township strip

Strip of land between two East-West Township lines measuring 6 miles and using the government survey method of land description

89

Transfer by descent

?

90

Trustee

The party in charge of administrating a trust after it has been established

91

Trustees deed

Deed used to convey title from the trust by the trustee to a new grantee

92

Trustor

The grantor who conveys title to establish a trust

93

Vendee

The buyer of real estate. The buyer Under an installment contract

94

Vendor

The seller of real estate. The seller under an installment contract

95

Voluntary alliance

Transfer of title with the owners consent as in transfer by deed

96

Warranty deed

Form of deed with the grantor makes a certain warrants or Guarantees to the grantee. The grantor will defend the title against all claims including those against prior owners ( not commonly found in Massachusetts )

97

Will

A written instrument disposing of property after an individual's death ( testator)