Conveyances and Recording Flashcards
acceptance
the act of which a grantee receives the deed and title passes
adverse possession
actual, visable, hostile, notorious, exclusive and continuous possession of property under claims of title. (10 years - squatters rights)
bargain and sale deed
a deed that carries with no warranties against liens but does imply the grantor has title
deed
written instrument that when executed (signed and delivered) transfers title to real estate
deed in trust
conveys title to a trustee to create a land trust (save taxes)
delivery
before transfer can take effect actual or implied deliver of a deed must take effect
descent
inheritance according to the law if you do not have a will
escheat
if you die without a will with out heirs property reverts to the state
general warranty deed
grantor fully warrants the sale with 5 covenants - good clear title - highest and best
grantee
person receiving title
granting clause
words in the deed that tells the type of deed that it is
grantor
the person who is transferring title (seller)
habendum clause
the words “to have and to hold” type of ownership grantor is conveying
intestate
die without a will
involuntary alienation
transfer of property without your permission (foreclosure)
Market approach (valuation)
the value is established based on recent sales of comparable, nearby properties. Based on these the appraiser forms and opinion of value.
Market approach (valuation)
If there have been no recent sales for the market approach, the cost aproach (sometimes called the depreciated replacement cost) looks at how much it would cost to replace the land and existing structures, after factoring in depreciation.
Income approach (valuation)
considers the investment value of the property, that is how much one would pay at the moment of valuation in light of the property’s income.
marketable title
seller owns property and has the right to sell it
minor
has not reached the age of majority and can not legally contract
probate
the court determine who inherits your property
quitclaim deed
transfers interest in property with no warranties
reconveyance deed
transfers title back t the grantor ofter payoff
recording
making a document public record
special warranty deed
guarantees only defects during grantors ownership
testate
having made a valid will
tastator
someone who made a valid will
title
the right to and evidence of ownership in real estate
transfer tax
(ak does not have) tax stamps that must be attached to the deed on conveyance upon transfer
trust deed
creates a mortgage type lean against a property to protect a loan
trustees deed
transfers property with your permission (usually with a deed)
will
a written document that when properly witnessed transfers title after your death
abstract of title
condensed history of all the transfers
actual notice
express information of a fact
ALTA Policy
a title insurance policy that confirms to the American Land Title Association uniform standards (the lender’s title policy)
attorney’s opinion of title
an abstract that has been examined by an attorney and deemed valid
bulk transfer
selling a major part of a business in its entirety (w/ alll innards)
caveat emptor
let the buyer beware (before 1991 no one represented buyers)
certificate of title
an opinion of title by an attorney
chain of title
the succession of conveyances on a property
constructive notice
notice given to the world by recording
evidence of title
proof of ownership - Only 4 ways
Abstract / Attorney Opinion / Certificate of Title / Title Insurance
Financing statement
puts the security interest in chattels in a commercial sale, required by UCC
marketable title
seller owns the property and has the right to sell it
recording
making a document public record
security agreement
puts security agreement on chattles with a full description of the chattels - Inventory, one step further than the financing statement
subrogation
substituting one creditor for another in the order of repayment (sometimes they do not want to be paid off first )
suit to quiet title
a legal action to clear a cloud on a title
torrens system
evidencing title by registration with a public registrar of title (mortgage liens only valid when original)
Uniform Commercial Code
codification of laws to make commercial purchases similar throughout the US
ad valorem tax
real estate tax takes 1st priority
assessment roll
spreading the taxes over taxing body, everyone pays their fair share
attachment
taking property into legal custody after winning in court
bail bond
a voluntary specific lean to guarantee a court appearance
corporation franchise tax
tax on a corporations assets to allow them to operate within a states
equalization factor
a number set by a local taxing authority to make taxes similar from one area to another
equitable lien
a lien from a court case based on fairness
estate taxes
federal taxes on a deceased persons assets
general lien
a lien against all property both real estate and personal
inheritance taxes
state taxes on a deceased persons assets
IRS tax lien
a general lien on all of your property for non payment o IRS taxes
involuntary lien
a lien imposed without your permission
judgment lien
lien placed after a formal decision by a court
lien
a right given to a creditor to have your debt paid by the sale of your property
mechanics lien
lien in favor of a contractor or supplier for labor or maintenance on your property (starts from the contract date)
mill
one tenth of 1 cent. 15 cents is 1.5%
mortgage lien
a lien in favor of the lender for security of the loan
priority
the order of repayment of loans
redemption
buying back property after forclosure
redemption period
a time allowed by state to redeem property after foreclosure (typically 1 year)
special assessment
a tax or levy against a property for some public improvements
specific lien
lien effecting only 1 property
statutory lein
a lien imposed by law (ex. tax lien)
subordination agreement
an agreement between lien holders to change the priority of the lein
surety bail bond
insurance policy to guarantee a court appearance
tax foreclosure
legal procedure to sell property for taxes
tax lien
lien against your property for non payment of taxes. Does not need to be recorded.
voluntary lien
lien placed with your permission
tax sale
court ordered sale of real property for delinquency
lis pendens
written notice that a lawsuit has been filed concerning real estate
