Chapter 7 Part 1: Conveyance of Real Propety and Title Closing Flashcards
Real Property
Land and improvements plus all legal rights, powers, and privileges inherent in ownership of real estate.
Title
The ownership rights to real property.
Alienation
Transfer of the title to real property
Voluntary Alienation
Voluntary transfer of property, during or after the life of a titleholder.
Involuntary Alienation
Situations that force a property owner to transfer title against his will. This may occur during or after the life of an owner. During the life of an owner, title to real property may be transferred by involuntary alienation because of a lien foreclosure sale, a creditor filing, a petition in bankruptcy, condemnation under eminent domain, and adverse possession. Involuntary alienation after death is escheat.
Conveyance
The deed and transfer of title to real property.
Consideration
Something of value such as money.
Habendum Clause
Describes the estate granted and always must be in agreement with the granting clause. The clause begins with the words, “To have and to hold.”
Acknowledgement
When a grantor appears before a public officer, such as a notary public, and state that signing the deed was voluntary.
Delivery and Acceptance
To effect a transfer of a title by deed, there must be (this). The grantor must deliver a valid deed, and the grantee must accept the deed.
Metes and Bounds
Metes are distances from point to point and bounds are the directions from one point to another.
Description by Monument
Used in place of the metes and bounds method. Surveyors use this description when describing multiple-acre tracts of land that might be expensive to survey.
Bargain and Sale Deed
There is an implied representation on the part of the grantor that he has a substantial title and possession of the property.
Quitclaim Deed
Contains no warranties. It is simply a deed of release.
Dedication
Occurs when land or an easement is given for use to the public by an owner.
Lien Foreclosure Sale
Without consent of the property owner who incurred the debt resulting in a lien.
Right of Redemption
When real property owners have the opportunity to satisfy liens against their property before foreclosure proceedings.
Accretion
The gradual building up of land in a watercourse over time by deposits of silt, sand and gravel.
Avulsion
The loss of land when a sudden or violent change in a watercourse results in its washing away.
Erosion
Wearing away of land by water, wind or other processes of nature.
Riparian Rights
Belong to the owner of property bordering a flowing body of water.
Littoral Rights
Apply to the property bordering a stationary body of water, such as a lake or a sea.
Adverse Possession
When a person other than the owner claims title to real property.
Tacking
An individual who takes title to the property through inheritance or otherwise, assumes the title subject to the claim of the former adverse possessor.
