Chapter 5 Flashcards
A deed that simply states that the grantor has title to the property and the right to convey it but does not contain any express covenants or warranties to the title’s validity
Bargain and Sale Deed
Ownership history of a specific property
Chain of Title
Anything that incurs legal detriment or the forgoing of a legal benefit
Consideration
An assurance made by the grantor that no liens or encumbrances other than those of public record exist against the property
Covenant Against Encumbrances
An assurance made by the grantor that the grantor will execute any future documents needed to perfect the grantee’s title
Covenant of Further Assurances
An assurance made by the grantor that he or she is in full possession of the interest being conveyed by a deed and thus has the right to convey it
Covenant of Seisin
A written document that evidences ownership
Deed
A fee charged by the public records authority to record a document in the records system
Documentary Stamp Tax
Process of placing one’s signature on a legal document
Executed
A type of deed that transfers ownership of property to the grantee
Grant Deed
The party who receives a freehold estate in real property from a grantor
Grantee
The party who transfers a freehold estate in real property to a grantee
Grantor
An index of grantors who have given interest in real estate to another and people who have received such an interest (grantees)
Grantor and Grantee Indexes
A title in real estate that a reputable title insurance company is willing to insure. An insurable title most frequently is one without major defect
Insurable Title
Specific language that uniquely identifies a parcel of real estate
Legal Description
A title free and clear of all past, present, and future claims that would cause a reasonable purchaser to reject such a title
Marketable Title
A deed used to transfer any interest a grantor may or may not have in a property, without implying that the grantor has a valid interest to convey
Quitclaim Deed
Similar to a general warranty deed, except the covenants and warranties apply only to events that occurred during the grantor’s period of ownership
Special Warranty Deed
The legal right of ownership
Title
A written history of a property’s chain of title
Title Abstract
An insurance policy that protects property owners and lenders against undiscovered defects in a property’s chain of title
Title Insurance
An attorney’s opinion of the quality of title for a specific property
Title Opinion
A property for which there are no defects
Title Perfect of Record
The process of verifying the quality of title
Title Search
A system of land registration used by a few states as an alternative to grantor/grantee indexes
Torrens System
A deed that transfers title from a grantor to a grantee and obligates the grantor to certain promises specified in the document or by reference to statute
Warranty Deed
A warranty deed that omits some or all of the promises typically made by the grantor to the grantee
Warranty Deed Without Covenants
An assurance made by the grantor to always defend the title conveyed to the grantee
Warranty Forever
