Chapter 14 & 15 Flashcards
Acknowledgement
A formal declaration made before a notary public or other authorized person, by a person who has executed an instrument, that such execution is his free act and deed.
The signer “acknowledges”
The notary “notarizes”
Actual Notice
Consists of expressed information of a fact.
VS constructive notice which is implied by law.
Attestation
The act of witnessing in writing another’s execution of an instrument; to affirm to be true or genuine.
Bona Fide purchaser
Acting in good faith; without fraud; genuine; real.
Constructive Notice
Notice given by the public records; legal presumption of notice given by the public records. Also called legal notice.
VS Actual Notice - expressed information of a fact
Constructive - implied by law
Notary Public
Authorized public official, who determines that the person is satisfactorily identified as the same person whose signature now appears.
Recording
The act of writing or entering an instrument into a book of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; often called “constructive notice”.
Register
Land Court must be registered.
Formal legal written instruments which affect real property should be recorded or registered in the Bureau of Conveyance.
Venue
The geographic area in which a court has legal jurisdiction.
Administrator
A person appointed by the court to administer the estate of a deceased person who died intestate, or left no will; a personal representative.
Alienation
The transferring of real property from one person to another; to transfer.
Bargain and Sale Deed
A deed used to convey title to real property; which usually does not include warranties; if any, they are generally an assertion by the grantor that he has possession of the property.
Similar to quitclaim but it at least does imply grantor has marketable title.
Conveyance tax
Tax paid by seller upon transfer of deed.
Must be paid within 90 days of any disposition of real property. Seller pays?
Covenant
An agreement written into deeds and other instruments which promises or guarantees that something shall or shall not be done; an agreement stipulating certain uses or non-uses of property.
Decedent
Person who died.
Deed
An instrument in writing, duly executed and delivered by the grantor that conveys to the grantee sone right or interest in or to real estate.
Needed elements: written instrument, legal capacity of grantor, name of both, recital of consideration, words of conveyance, description, grantor’s signature, delivery and acceptance
Not essential- date, acknowledgement, recording, (grantee’s signature)
Delivery and Acceptance Decent
Deed must be delivered by grantor and accepted either actually or constructively by the grantee. Release of control.
Devise
A gift of realty by will.
Escheat
The reverting of property to the state when heirs capable of inheriting are lacking; or the property is abandoned.
Executor
A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person; a personal representative.
General Warranty Deed
Most commonly used in Hawaii. Offers purchaser the greatest protection. The warranties in a deed are called covenants:
Covenant of Seisin
Covenant Against Encumbrances
Covenant of Quiet Enjoyment
Covenant of Further Assurance
Warrant Forever
Habendum Clause
The portion of a deed beginning “to have and to hold” which usually follow the granting clause, and explains or limits the estate granted.
Intestate
A person who dies without a will, or with one which is defective in form.
Nominal Consideration
One bearing no relation to the real value of the contract. An example is a property deeded for $10.
