Chapter 5 Flashcards
The sales prices of property are not publicly published
Non-disclosure state
An entity created to hold property
Trust
The person who manages the assets within a trust, according to the trust stores wishes and the best interest of the beneficiaries
Trustee
The person who pledges assets to a trust
Trustor
A contract that was never valid
Void
When a client gives a warranty deed to a buyer, they guarantee the bundle of rights to the buyer
Assurance of the quality of title
The transfer of real property from one person to another
Alienation
A document in which a person list assets and who should get each asset up upon their death
A will
A contract that could be rendered invalid, depending on the circumstances
Voidable
A male person who passed away with a will
Testator
The way in which a property is held
Title
A female person who passed away with a will
Testatrix
The moment which property or ownership in goods passes from the seller to the buyer is significantly important because it has several legal implications
Transferring ownership
A handwritten well it must be witnessed to be valid
Holographic will
An exception or addition to the rights in a deed
Habendum clause
A deed that includes a warranty from the settler that you received the entire bundle of rights that a company ownership of the property
General or full warranty deed
An oral or deathbed will needs to be witnessed by two people
Nuncupative will
I will stipulating what should be done with one’s assets when one is not deceased, but it’s incapacitated
Living will
A deed which the grantor warrants the title against defects in cleared title occurring only during their ownership of the property
Special warranty deed
A deed with specific purpose
Special purpose, deeds
A trust in which the trustor has the power to take back the trust
Revocable trust
A deed that does not convey the bundle of rights
Quick claim deed
The process of determining who should receive the assets of a deceased person
Probate
The person dies with a will
Testate
A trust in which the truster is not able to take back the trust once it has been formed
Irrevocable trust
The conditions in which a person dies without any will
Intestate
A deed which a property is being conveyed at the behalf of the court, the court has older that the property be sold
Judicial deed
Any gift from the estate of a person who has passed away
Legacy
The most common type of will typically attorney drafted
Formal written will
A female person assigned to be in charge of an estate
Executrix
A male person assigned to be in charge of an estate
Executor
A male person assigned to be in charge of an estate
Executor
Used in the case of a mortgage, doesn’t give them rights to the property
Deed of trust
Acquisition of ownership of an estate by inheritance
Decent
The act of lead real estate to someone by the terms of a will
Devise,
A person who makes a will
Devisor
A deed returned by lenders to the homeowner when a mortgage is paid off, which then returns rights to the homeowner
Deed of conveyance
The voluntary transfer of ownership of properties, such as when the owner sells it
Voluntary alienation
A change to an existing will it needs to follow the rules and regulations to be valid?
Codicil
The grantor signature needs to be on the deed
Important signatures
The transfer of ownership of property eminent domain and foreclosures are examples of this
Involuntary alienation
The way in which of property is described by law and by legal terms
Legal description
“ I hear by convey and warrant…
This clause are similar in the deed, states the purpose of the document
Granting clause
The grant warns that she will defend the buyer against anyone who claims a superior title to the property
Covenant of warranty forever
Whenever the rights that accompany, a general warranty deed
The grantor warrants that he has the rightful ownership in the right to convey property
Covenant of seisin
One of the rights that a company, a general warranty deed, grantor warrants that the grantee will have an impaired use unrestricted
Covenant of quiet enjoyment
One of the rights that accompany, a general warranty deed, grantor warrants that he or she will take action to protect the grand title if it is found defective
Covenant of further assurance make
An occurrence in which a local, state or federal government seizes private property and compensate the owner
Condemnation
Both parties are given something to the transaction
Consideration
One of the rights that accompany, a general warranty deed, the grantor warns that there are no encumbrances against the title
Covenant against encumbrances
