Chapter 6 - Deeds

Question 1

Acknowledgement

Answer 1

Party has signed in front of a public official (notary public or judge) signifying that the document was signed voluntarily and that signature is genuine

Question 2

Adverse Possession

Answer 2

Open, hostile, notorious, adverse possession of land that leads to conveyance of title. 10 years of continued use required under NY State Law.

Question 3

Bargain and Sale Deed

Answer 3

Provides limited warranty and guarantee of title. Requires title insurance. Most common type of deed in NYC.

Question 4

Block and Lot

Answer 4

Legal description in subdivisions broken up into blocks and lots.

Question 5

Consideration

Answer 5

Anything of value inducing another person into a contract

Question 6

Conveyance

Answer 6

Act of transferring interest from one person to another

Question 7

Dedication

Answer 7

Dedication of private property for public use - land for streets within new subdivision development, dedicates land for park to municipality

Question 8

Deed

Answer 8

Document conveying interest in real property - land, improvements, and bundle of rights

1) competent grantor
2) identifiable grantee
3) conveyance
4) consideration
5) legal description
6) Habendum clause
7) limitations
8) exceptions and reservations
9) signatures - acknowledged by notary/attorney/judge
10) delivery and acceptance from grantor to grantee

Question 9

Devise

Answer 9

Transfer of title through will when a person dies testate (with a will)

Question 10

Delivery and Acceptance

Answer 10

In deed, the delivery of the deed from grantor to grantee and their acceptance of it. Final step in conveying title.

Question 11

Executor

Answer 11

Person named in will designated to carry out the provisions of the will. Property is distributed in probate, which is supervised by surrogate court.

Question 12

Foreclosure

Answer 12

Process of involuntary transfer of property when landowner defaults on debts secured by real property.

Question 13

Full Covenant and Warranty Deed

Answer 13

Full warranty and guarantee of title, greatest protection.

Question 14

Grant

Answer 14

Act of transferring interest in real property by a written instrument (deed)

Question 15

Grantee

Answer 15

Buyer

Question 16

Grantor

Answer 16

Seller

Question 17

Habendum Clause

Answer 17

To have and to hold - describes the type of estate granted.

Question 18

Involuntary Alienation

Answer 18

Transfer of title against the will of/without action by the owner. EX: eminent domain, foreclosure, adverse possession.

Question 19

Metes and Bounds

Answer 19

Legal description of property. Licensed surveyor describes property in distance (metes) and compass direction (bounds). Relative to fixed, easily identifiable Point of Beginning (POB) and working clockwise.

Question 20

Plat

Answer 20

Survey map of a subdivision recorded in the county where it is located.

Question 21

Quitclaim Deed

Answer 21

Provides no warranty.

Question 22

Referee’s Deed

Answer 22

Judicial deed. Provides no warranty. Used in foreclosure or bankruptcy proceedings.

Question 23

Sheriff’s Deed

Answer 23

Judicial deed. Provides no warranty. Used in sheriff’s sale at foreclosure.

Question 24

Survey

Answer 24

Process of locating and measuring the boundaries of a property, identifying encroachments, easements, and improvements associated with it.

Question 25

Voluntary Alienation

Answer 25

Transfer of land ownership that property owner undertakes with free will - sale, gift, dedication of private property for public use, or grants of land from the government.

Question 26

Descent

Answer 26

Transfer of title to natural heirs when person dies intestate (without will).

Question 27

Escheat

Answer 27

Government power allowing the state to seize property when a person dies intestate (without will) and without natural heirs.

Question 28

Avulsion

Answer 28

Land lost due to sudden acts of nature like floods and earthquakes

Question 29

Reliction

Answer 29

Body of water recedes and exposes land that was previously underwater

Question 30

Accretion

Answer 30

Gradual addition to dry land by forces of nature - added land is alluvion