Chapter 21 - Estates, Transfers, and Titles Flashcards
The condensed history of a tile to a particular parcel of real estate, consisting of a summary of the original grand and all subsequent conveyances and encumbrances affecting the property and a certification by the abstracter that the history is complete and accurate.
abstract of title
A formal declaration before notary public or other authorized public officer that authenticates signatures on a document for the purpose of recording.
acknowledgement
Express information of fact; that which is known; direct knowledge.
actual notice
The actual, visible, hostile, notorious, exclusive, and continuous possession of another’s land under a claim of title. Possession for a statutory period may be a means of acquiring title.
adverse possession
A writing based on a lawyer’s reading of an abstract of title that specifies any title defects and names the legal titleholder as the lawyer interprets it; states whether a seller may convey good title.
attorney’s opinion of title
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; a bargain and sales deed.
bargain and sale deed OR deed without warranty
The succession of conveyances from some accepted starting point, whereby the present hold of real property derives the title.
chain of title
A supplement or an addition to a will, executed with the same formalities as a will, that normally does not revoke the entire will.
codicil
A statement of the terms and conditions on which a title insurance underwriter is willing to insure a title insurance policy.
title commitment
Notice given to the world by recorded documents. Al people are charged with knowledge of such documents and their contents, whether or not they actually have examined then. Possession of property also is considered constructive notice that the person in possession has than interest in the property.
constructive notice
A person who has died.
decedent
A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
deed
A form of deed by which real state is conveyed to a trustee. Conveys property into a trust.
deed in trust
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; a bargain and sales deed.
deed without warranty
Title passes when the grantor delivers the deed and the grantee accepts it. The deed may be delivered personally or two a third-party escrow agent; recordation by the county clerk creates an assumption of delivery and acceptance.
delivery and acceptance
Proof of ownership of property, commonly a title insurance policy or an abstract of title with an attorney’s opinion of title.
evidence of title
A written instrument disposing of property on the death of the maker. The testator must be of legal age and sound mind, and not subject to undue influence. The document must be signed and witnessed; also knows as a witnessed will.
formal will
A deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers, a warranty deed offers the greatest protection of any deed; a warranty deed.
general warranty deed
Title that cannot be defeated by a superior claim, set aside, or made void.
good and indefeasible title
Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause generally is worded as “convey and warrant,” “grant, bargain, and sell,” or “remise, release, and quitclaim.”
granting clause
Public record books that are maintained in the county clerk’s office that list all the recorded instruments and reference the volume and page where the exact documents can be found.
grantor/grantee indices
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.
habendum clause
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.
heir
A will that is written, dated, and signed in the testator’s handwriting but is not witnessed.
holographic will
The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the heirs as provided in the state laws of descent.
intestate
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.
voluntary OR involuntary alienation
A person signing a document swears before a notary that the information in the document is true and correct and signs the document in the presence of the notary.
jurat
A document providing for the transfer of title so property owned by the deceased, called the testator.
last will and testament OR will
In Texas, a tract of land that was granted to a settler by the Mexican government; a league consist of 6.919 square miles. Grants or patents from the Republic or State of Texas were called surveys.
league
Good and clear title, reasonably free from the risk of litigation over possible defects.
marketable title
The order in which unpaid debts or obligations will be satisfied if the property goes through a court sale.
priority
The legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are; literally means “to prove.”
probate
A conveyance by which the grantor transfers whatever interest she has in the real estate, without warranties or obligations.
quitclaim deed
The act of entering documents affecting or conveying interest n real estate in the county clear’s records. Until it is recorded, a deed or mortgage is generally is not effective against subsequent purchasers or mortgages.
recording
A deed in which the grantor warrants, or guarantees, the title only against defects arising during 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.”
special warranty deed
The substitution of on creditor for another, with the substituted person succeeding to the legal rights and claims of the original claimant. Subrogation is used by title insurers to acquire the purchaser’s rights to sue to recover any claims they have paid.
subrogation
A court action intended to establish or settle the title to a particular property, especially when a could on the title exists.
suit to quiet title
Having made and left a valid will.
testate
A person who makes a last will and testament.
testator
The right to or ownership of land. 2) The evidence of ownership of land.
title
A policy insuring the owner or mortgagee against loss by reason of defect in the title to a parcel of real estate, or other encumbrances, defects, and matters specifically excluded by the policy.
title insurance
An examination of the public records to determine what, if any, defects are in the chain of title; usually performed by a title company or abstracter.
title search
A deed executed by a trustee conveying land held in a trust.
trustee’s deed
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.
voluntary or involuntary alienation
The part of the deed in which the seller warrants the title conveyed to the buyer.
warranty clause
Financial instrument for a loan.
deed of trust
A gift of real property by will. The donor is the devisor and the recipient is the devisee.
devise
Acquisition of property through inheritance laws when there is no will.
descent
