Deeds (Estates/Transfers/Titles) Flashcards
A grantor must be what?
- Competent
- Clearly identified in the deed
- Alive at the time of transfer
A legal document that grants ownership to a piece of real estate or other property asset:
Deed
What is the purpose of a legal description of real property?
Provides accuracy and consistency over time
A personal representative’s deed is also called what?
Executor’s deed
What type of deed is used to convey property to a third party trustee as collateral for a loan?
Deed of trust
What kind of deed is used to convey land to a condominium developer?
Master
What law stipulates who inherits / what share they receive when a title owner dies without a will?
Laws of descent
Where Will the estate go if an intestate decedent has no heirs?
To the State of Texas
A Notorious Possession notice does what?
Gives constructive notice to the public that a party other than the owner is claiming to own the property
What must the adverse possessor NOT do to claim legal title?
Pay for the property
*Adverse possession is essentially squatting - aquiring property without paying by extended open use
Color of title can best described as what?
A document that appears to be a legitimate claim of title, but due to a title defect, cannot transfer or convey ownership
What does an adverse possessor do to claim legal title?
Occupy the property continuously for a statutory period of time
How can a property owner avert the danger of involuntary alienation by adverse possession?
By periodically inspecting the property within statutory deadlines and evicting any trespassers found
Commonly, the maker of the will (testator) names a female to oversee the estate. What is that person called?
Executrix
Legal Title
Possession of all ownership interests to a property
Equitable Title
The interest or right to obtain legal title to a property along with a sale or mortgage contract between the legal owner and a buyer or creditor.
Alienation
Transfer of title
(Can be voluntary or involuntary)
Conveyance
Transfer of property using a written document
Voluntary alienation
Unforced transfer of title by sale or gift from an owner to another party.
Involuntary alienation
Transfer of title to real property without the owner’s consent.
Special Warranty Deed
Deed with seller guarantee that they have not personally done anything to adversely impact the title being conveyed to the buyer.
General Warranty Deed
A Deed with seller guarantee that nothing has been done to negatively impact the property
Grantee
The person who receives the property from the grantor.
Habendum clause
“To have and to hold”
Describes the type of estate/legal rights being conveyed.
(type of property and property use)
Full covenant and warranty deed.
Deed in which the grantor gives certain covenants or warranties promising that the grantee will have unchallenged ownership of the property.
Quitclaim deed
Transfer of real and potential interests in a property, whether an interest is known to exist or not, with grantor making no claim to any interest in the property being conveyed and offers no warrants to protect the grantee.
Dedication by deed
When a subdivision developer turns the subdivision road or the common ground in the subdivision over to the local government, usually by quitclaim deed.
Special purpose deed
Deed tailored to the requirements of specific parties, properties, and purposes.
Adverse possessor
Someone who enters, occupies, and uses another’s property without the knowledge or consent of the owner, or with the knowledge of an owner who fails to take any action over a statutory period of time.
Claim of right
Right claimed by an adverse possessor occupying and maintaining a property as if they were the legal owner.
Color of title
When a grantee has obtained defective title, or received title by defective means, but occupies the property as if they were the legal owner.
Notorious possession
Giving constructive notice to the public, including the legal owner, that a party other than the legal owner is occupying and claiming to own the property. Also referred to as hostile possession.
Estoppel
Prevents someone from arguing something contrary to a claim made or act performed by another person which can prevent an owner from re-claiming a property that was transferred under false pretenses.
Last will and testament
Legal instrument for the voluntary transfer of real and personal property after the owner’s death.
Executor
Male assigned to oversee the settlement of the estate.
Executrix
Female assigned to oversee the settlement of the estate.
Testate
A person who has died having left a valid will.
Intestate
A person who has died without leaving a valid will.
