Chapter 3C Flashcards
Deed
Legal document signed at closing that transfers the ownership of a property from seller to buyer
Grantee
The buyer in a transaction.
Grantor
The seller in a transaction.
Involuntary Alienation
Loss of property through attachment, condemnation, foreclosure, sale of taxes or other involuntary transfer of title.
Voluntary Alienation
Transfer of title to an asset with the consent of the owner.
Acknowledgement
A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person’s act and deed.
Consideration
Anything given to induce another to enter into a contract such as money or personal services
Conveyance
The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.
Delivery and Acceptance
Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.
Habendum Clause
A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the “to have and to hold’” clause.
Lot and Block
Method of identifying legal description of property.
Merger Doctrine
Stands for the proposition that the contract for the conveyance of property merges into the deed of conveyance
Description (Schedule A)
Consists of the written words which delineate a specific piece of real property.
Executor
A person or institution appointed by a testator to carry out the terms of their will.
Survey
The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.
Full Covenant and Warranty Deed
A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title.
Bargain and Sale Deed
A deed conveying real property without covenants.
Executor
A person or institution appointed by a testator to carry out the terms of their will.
Decedent/Testator
Dead person
Title
A fancy term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable intrest
Marketable Title
A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer
Accession
A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials.
Accretion
The addition of land through processes of nature, as by water or wind.
Ad Valorem Taxes
According to valuation.
Adverse Possession
A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim or right for the required statutory period.
Alluvion
The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accretion) and thus its value over time.
Assessed Value
A valuation placed upon property by a public officer or a board, as a basis for taxation
Assessing Unit
A city, county, town or village with the authority to value real property for purposes of taxation
Approved Assessing Unit
A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations
Assessments
A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.
Assessment Review Board
An independent tribunal established to hear assessment appeals.
Conveyance
The act of transferring the legal title of property from one person to another.
Dedication
An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.
Dedication by Deed
Land that has been put aside for a public use by a deed which states exactly what the property will be used for.
Homestead
The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by an property owned by others.
Delivery and Acceptance
Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.
Public Grant
A term that is used for a gift of land that is from the government.
In Rem
A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.)
Land Patent
A supreme title to land which was originally acquired within the United States of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever.
Levy
An assessment of tax.
Metes and Bounds
A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.
Reference to a Plan
A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.
Special Assessment
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited
Special Assessment Districts
A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.
Survey
The process by which a parcel or land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.
