Chapter 5 Flashcards
Essential elements of a deed, legal methods is describing property, describe how deeds are transfered after death
Transfer of title to real estate is also called what
Alenation
When the transfer uses a written instrument, the transfer is called a
Conveyance
Unforced transfer of title by sale or gift from an owner to another party
Voluntary alienation
Transfer of title to real property without the owners consent
Involuntary alienation
Legal instrument used by an owner to transfer title to real estate voluntary to another party
Deed
Elements of a deed
Grantor Grantee Words of conveyance- granting clause Consideration Legal description Appurtenances Harbendum clause Designation of limitations Exemptions and reservations affecting title Signature of grantor Delivery and acceptance Acknowledgement Recording
What is a legal description retired for
Public recording
Creating a valid deed of conveyance or lease
Completing mortgage documents
Executing and recording other legal documents
A legal instrument for the voluntary transfer of real and personal property after the owners death
A will or a last will and testament
A will generally takes on of the following forms
Witnesses - in writing and witness by two disinterested people
Holographic - in testator’s handwriting, date and signed
Approved - on pre printed forms meeting requirements of state law
Nuncupative - made orally and written down by a witness generally not valid for the transfer of real property
A court proceeding called ____ generally settled a decedent’s estate whether in testate or intestate
Probate
The probate courts objectives are to
Validate the will, if one exists
Identify and settle all claims and outstanding debts against the estate
Distribute the remainder of the estate to the rightful heirs
If an intestate decedent has no heirs, the estate ____, or reverts, to the state or county after all claims and debts have been validated and settled
Escheats
What accurately located and identifies the boundaries of the subject parcel of property to the degree acceptable by courts of law in the state where the property is located
Constructive notice
A survey
Legal description
Recorded plat
Legal description
A legal description provides a bases for court rulings on:
Special assessments
Encroachment and easements
Property liens
Occupancy
Encroachment and easements
What term describes the person who transfers title to real property?
Deed holder
Grantee
Escrow officer
Grantor
Grantor
