Vocabulary: Chapter 9- Transfer of Title Flashcards Preview

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Flashcards in Vocabulary: Chapter 9- Transfer of Title Deck (25)
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1

Acknowledgment

A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document

2

Adverse Possession

The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. Possession for a statutory period may be a mens of acquiring title

3

Bargain and Sale Deed

A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion

4

Deed

A written instrument that, when executed and delivered, conveys title to or an interest in real estate

5

Deed of Trust

An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a Trust deed

6

Devise

A gift of real property by will. The donor is the devisor, and the recipient is the devisee

7

General Warranty Deed

A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed

8

Grantee

A person who receives a transfer of real property from a grantor

9

Granting Clause

Words in a deed of conveyance that state the grantor's intention to convey the property at the present time. This clause is generally worded as "convey and warrant";"grant";"grant, bargain, and sell";or the like

10

Grantor

The owner transferring title to or an interest in real property to a grantee

11

Habendum Clause

The part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying

12

Heirs

One who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will

13

Intestate

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent's heirs as provided in the stat law of decent

14

Involuntary Alienation

The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession

15

Probate

A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are

16

Quitclaim Deed

A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations

17

Reconveyance Deed

A deed used by a trustee under a deed of trust to return title to the trustor

18

Special Warranty Deed

A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise."

19

Testate

Having made and left a valid will

20

Testator

A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender

21

Title

(1) The right to ownership or the ownership of land.
(2) The evidence of ownership of land

22

Transfer Tax

tax stamps required to be affixed to a deed by state and/or local law

23

Trustee's Deed

A deed executed by a trustee conveying land held in a trust

24

Voluntary Alienation

The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession

25

Will

A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator