Deeds Flashcards
Devise
Conveyance of real property in a will
Bequest or legacy
Conveyance of personal property in a will
Testate
A person who dies, leaving a will
Intestate
A person who dies leaving no will
Escheat
When a person dies without a will, and without airs, so the property passes to the state
A sheriff deed
Comes from judicial or forced foreclosure
Trustees deed
Comes from non-judicial or agreed-upon foreclosure
Nuncupative will
A death bed will, requires three witnesses that are not beneficiaries of the will
Holographic will
Handwritten will it is written entirely in the hand writing of the testator I need not be witnessed it should be dated and can pass both real and personal property
Codicil
Change or addition to an existing will. Follows same rules as original will.
Living will
Allows the testator to donate body organs to science. Give instructions relative to the use of life support systems, etc..
Trust
Legal entity, like a business, it’s created on paper. Arrangement that we have made how Property is held.
Living trust
We have enacted it, and put it into affect during the life of the trustor, the person that actually created it. 
A revocable trust
Can be changed by the trustor at any time
Irrevocable trust
Once this trust is set up the trust or loses the right to change it
Testamentary Trust
Takes effect after death does not allow one to avoid probate. How assets are to be managed
Habendum clause
In real estate contracts, the habendum clause refers to the transfer of ownership of a property and any accompanying restrictions. Because the clause begins with the phrase, “To have and to hold,” the habendum clause is sometimes called the “to have and to hold clause.
Possession
The right to occupy and possess the propert
Use or control
How you can use the property
Quiet enjoyment
The right of the owner or lessee to use the property without defect in title
Disposition
The right to keep or sell or lease the property.
Fee simple
This is the most complete form of ownership. Fee estate, fee simple absolute.
