Vocab 6 - 20 words Flashcards
(20 cards)
Quitclaim Deed
A deed that operates as a release. It transfers property quickly, but without any warranties on the title of any kind.
Warranty Deed
A deed in which a property owner, when transferring the title, warrants that he owns the property free and clear of all liens.
Special Warranty Deed
A deed in which the grantor warrants only against defects that occurred during their ownership (the grantor of a special warranty deed does not provide a warranty or guarantee against any defects in clear title that existed before their ownership). The opposite of a Warranty Deed.
Bargain and Sale Deed
A deed that “conveys real property without covenants”. The grantor is implied to hold title and possession, but there is no warranty against encumbrances.
Reconveyance Deed
A deed which indicates that the borrower is released from a mortgage debt and transfers the property title from the lender (or beneficiary) to the borrower. Most commonly issued when a mortgage has been paid in full.
Abstract of Title
A summary that provides details of the title deeds and documents that prove an owner’s right to dispose of land, together with any encumbrances that relate to the property.
Cloud on Title
A defect in title- for example, an unreleased lien or encumbrance that might invalidate or impair a title.
Quiet Title Action
Court action to remove a cloud or another claim that has been placed on title to property, thus “quieting” any challenges or claims to the title.
Alienation of Title
A loss of title. The opposite is acquisition of title (gain possession of title).
Standard Policy of Title Insurance
Insurance policy most buyers get to protect themselves from forgery in the chain of title or defective delivery of a deed. A standard policy DOES NOT cover a site inspection or a survey.
Extended Policy of Title Insurance
Insurance policy with increased coverage. Helps with a dispute over property lines which are disclosed by a survey. Covers improvements on adjoining land.
Appurtenant Easement
Easement attached a property which allows the owner the use of the neighbor’s land- for example, using your neighbor’s driveway to get to your garage. “Runs with the land”, so the easement passes to the next owner.
Mechanic’s Lien
Lien filed for to benefit someone who worked on the property. Only considered valid if they have been verified and recorded. Take priority depending on when work began- they may take priority earlier than their date of recording. Notices for mechanic’s liens can be for completion, cessation, and non-responsibility.
Judgement Lien
Lien imposed upon someone by a court. It is a general involuntary lien.
Variance
Request to deviate from zoning laws- for example, when a landowner wants a building 3 feet higher than the zone’s height restrictions allow. Variance is done lot by lot.
Down Zoning
Changing a zone from commercial to residential.
Grandfather Clause
Allows a property to continue it’s existing use, even if it doesn’t comply with zoning laws.
Intestate
Without a will.
Testate
Having a will.
Holographic Will
Handwritten will.
