Unit 7 - part 3 Flashcards Preview

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Flashcards in Unit 7 - part 3 Deck (13):
1

involuntary alienation

Title to property may be transferred without the owner's consent.

- escheat
- condemnation by power of Eminent Domain
- foreclosure
- adverse possession

2

escheat

The power of a state to acquire title to property of a person who dies without will or heirs.

3

Adverse possession

Adverse possession is the loss of your property or some rights to your property because of continued use by someone else. The original owner can lose complete title (ownership) to the property or only a right to use part of the property, such as an easement called a prescriptive easement or easement by prescription.

The basic premise of adverse possession is that someone other than the owner uses a piece of property openly, publicly, and without the owner’s consent for a specified period of time.

Title may be taken away from owner who:
- fails to use the property
- doesn't inspect the property for a certain number of years.

4

What does the acronym ONCHA stands for?

Usually the possession by the claimant for adverse possession must have the following characteristics, which can be remembered as ONCHA.

The property use must be
• Open - obvious to anyone who looks,
• Notorious - known by others,
• Continuous - uninterrupted,
• Hostile - without the true owner's consent
• Adverse - against the true owner's right of possession.

5

color of title

A person has "color of title" to a piece of property when, for one reason or another, the document evidencing title (a deed, for example) is invalid.

"Color of title" is a phrase used in real estate to refer to title that may have the appearance of good and valid title to property, but in actuality, there is either no title or a vital defect in the title that makes it ineffective.

6

testate

A person who dies testate has prepared a will.

7

intestate

person who dies without a valid will.

8

testator

the person who makes a will

9

devise, devisee

The gift of real property by willis known as a devise.
a clause in a will leaving real estate to someone.

person who receives real property by will is known as a devisee

10

Demise

Demise is to convey an estate for years (leasing or letting)

Transfer of real estate by a lease or will. Traditionally, the transfer was limited to a term of years but the expression has come to refer to outright gifts as well.

Its technical meaning is to convey land by deed to another for a limited time period.

11

Probate

Probate is the formal judicial process for verifying the validity of a will and accounting for the decedent's assets

12

holographic will

holographic will is a will and testament that has been entirely handwritten and signed by the testator.

13

nuncupative will

A verbal will that must have two witnesses and can only deal with the distribution of personal property.

A nuncupative will is considered a "deathbed" will, meaning that it is a safety for people struck with a terminal illness and robbed of the ability or time to draft a proper written will.