Ch. 7 Flashcards
Acknowledgment
A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.
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 e a means of acquiring title.
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.
Deed
A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
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 deed of trust.
Devise
A transfer of real property by will. The decedent is the devisor, and the recipient is the devisee.
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.
Grantee
A person who receives a transfer of real property from a grantor.
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.
Grantor
The owner transferring title to or an interest in real property to a grantee.
Habendum Clause
That 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.
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 state law of descent.
Involuntary Alienation
The act of transferring property to another. Alienation is involuntary, as through eminent domain or adverse possession.
Probate
A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are.
Quitclaim Deed
A conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations.
Reconveyance Deed
A deed used by a trustee under a deed of trust to return title to the trustor.
Special Warranty Deed
A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of the grantor’s 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.”
Testate
Having made and left a valid will.
Testator
A person who has made a valid will. A woman might be referred to as a testatrix, although testator can be used for either a man or a woman.
Title
(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land.
Transfer Tax
Tax stamps required to be affixed to a deed by state and/or local law.
Trustee’s Deed
A deed executed by a trustee conveying land held in a trust.
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.
Will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
