Chapter 10 Flashcards
legal term used for transferring title to real estate
Alienation
Transferring title to real estate by the will and consent of the owner
Voluntary alienation
Transferring title to real estate without the will and consent of the owner
involuntary alienation
person dies leaving a will
testate
person who makes the will
Testator(male) Testatrix (female)
Disposition of real property under a will
Devise
disposition of personal property under a will
bequest
party receiving personal property by will
beneficiary
party receiving real property by will
devisee
the legal process of determining a will’s validity, paying the debts of the estate, and distributing the estate’s remaining assets
Probate
person named in a will as a person to oversee the administration of a will’s provision
executor(male) executrix (female)
a will created in the testator’s own handwriting and not witnessed
holographic will
is an amendment or addition to a will
codicil
a will created orally by a person who is near death
nuncupative
Requirements of wills (6)
1) Legal age
2) sound mind
3) writing and signed
4) free will
5) Last will
6) Witnessed
a person who dies without a will
intestate
government powers to take private land for the public good through the process of condemnation
Eminent Domain
when a person dies without a will and has no heirs, the property will pass to the state through the government power
Escheat
A method of acquiring title to real property by using the property without the owner’s consent and following statutory requirement
Adverse possession
Requirements of adverse possession: (4)
1) Use
2) Hostile
3) Open
4) Exclusive
Acquiring additions to real estate as a result of adding a fixture or of accretion
Accession
A tax on the transfer of real property that is assessed by state and local law. The seller in the real estate transaction is usually required to pay the tax
Transfer tax
A written instrument that transfers title to real property from one owner (the grantor) to another (the grantee)
deed
A type of deed that provides the greatest protection to the grantee because the grantor provides various covenants (guarantees) that the title being given is good.
General Warranty Deed
A guarantee in a deed that the grantor has the power and authority to convey title.
Seisin (Seizin)
Gives assurance that there are no encumbrances on the property except those stated in the deed
covenant against encumbrances
A guarantee in a deed that the title being given is good against third parties
Quiet enjoyment
A guarantee in a deed by which the grantor promises to perform any reasonable acts necessary to correct defects in the title being given
further assurance
A guarantee given in a deed that gives assurance that the grantor will pay for expenses to defend the title against claims by third parties
Warranty Forever
A deed that limits the guarantee given by the grantor to encumbrances acquired while title was held by the grantor
Special Warranty Deed
A deed that may come with or without guarantees.
Bargain and Sale deed.
A deed that conveys whatever interest, if any, is held by the grantor and does not provide the grantee with any guarantees
Quitclaim deed
Grantors provide assurance only that there were no encumbrances on the property while they held title
Grant Deed
The party who gives an ownership interest in property
Grantor
The party receiving the property
Grantee
States the grantor’s intention to transfer title and the type of ownership interest conveyed.
Granting Clause (Words of conveyance)
A clause in a deed that defines on limits the estate being granted
Habendum Clause
A voluntary state before a notary of officer of the court by a person who signed a document that indicates that the signature is genuine and made by the signer’s free will
Acknowledgment
The time at which title to real estate passes, when a deed is delivered to and accepted by the grantee
Delivery and acceptance
