Estates, Transfers and Titles Flashcards
27In this chapter, we will illustrate the types of estates (ownership) that you may have, the ways in which you can hold title, and the methods of transferring real property.
An (BLANK) is an interest, share, right, or equity in real estate that varies from the minimal right of a renter to the maximum right of a full owner.
ESTATE
What are the 2 types of estates?
- Freehold
- Less-than-freehold
Freehold estates are (BLANK) property.
real
Less-than-freehold estates are (BLANK) property. Less-than-freehold estates come with certain rights for the use of real property.
personal
What are the 2 types of freehold estates?
- FEE ESTATE
- LIFE ESTATES
An estate in (BLANK) is the greatest interest a person can hold in the form of ownership; it is of indefinite duration, freely transferable, and inheritable.
FEE
A FEE SIMPLE DEFEASIBLE estate IS a fee estate that is subject to particular (BLANK) imposed by the grantor of the estate.
Limitations
A (BLANK) estate is an ownership interest in real property that only exists for the life of any designated person or persons. A life estate holder may lease the property to someone else, but if the designated person dies, the estate ends and all rights, including any tenant rights, revert back to the original owner/grantor.
LIFE
The party (grantor) granting a life estate is said to hold an ESTATE IN (BLANK)
REVERSION / REMAINDER
Less-than-freehold estates are commonly referred to as (BLANK) and (BLANK) agreements.
**Leases & Rental **
The 4 types of less-than-freehold estates are…
- Estate for years
- Estate from period-to-period
- Estate at will
- Estate at sufferance
Alienation also means to (BLANK), sell or push away.
Transfer
Besides a sale, what are the 7 other ways to transfer real property…
- Deed (grant deed / quitclaim deed)
- Will (witnessed, holographic will or living trust)
- Probate (superior court procedure)
- Intestate Succession (no will)
- Accession (natural causes, encroachment, permanent fixtures)
- Occupancy (adverse possession, abandonment and prescription)
- Dedication (voluntary)
(BLANK) is the document used to effect the transfer of title to property from one person to another
CONVEYANCE
A (BLANK) is a written instrument that conveys and evidences title.
DEED
A (BLANK) DEED is a document that transfers title (evidence of property ownership),with the key word being “grant.
GRANT
A (BLANK) DEED is a deed that conveys all the present rights or interest that a person MAY have in a property, but provides no promises. These deeds are used in situations where there is a cloud on the title.
QUITCLAIM
(BLANK) ESTATES are personal rights to the use of real property for a period of time. They are more commonly referred to as leases or rental agreements, which give tenants various rights to use real property for a specified period.
LESS-THAN-FREEHOLD
An ESTATE FOR (BLANK) is a lease for a fixed period of time, agreed to in advance. This period can be from a few days up to 99 years.
Less-than-freehold estate
YEARS
An ESTATE FROM (BLANK) is a renewable agreement to rent or lease a property for a period of time, where the rental or lease amount is fixed at an agreed to sum per week, month, or year.
Less-than-freehold estate
PERIOD-TO-PERIOD
An ESTATE AT (BLANK) is a rental agreement that can be terminated by either party (lessor or lessee) at any time, although by California law, there must be at least a 30-day notice to vacate (so there is no true “estate at will” in California).
WILL
An ESTATE AT (BLANK) occurs when the person renting or leasing a particular property remains after the expiration of the stated term without the landlord’s consent.
SUFFERANCE
The deed is NOT the title, but is “(BLANK)” of the title.
EVIDENCE
A deed does not take effect until it is delivered and accepted. For title to be transferred,the grantor must sign and and deliver the deed with the intention of passing title immediately.What following are the three basic methods of delivery:
- MANUAL DELIVERY
- DELIVERY THROUGH RECORDING
- CONDITIONAL DELIVERY
A VALID DEED has all the following essential elements:
A way to TRANSFER property
A. It must be in writing.
b. The parties (grantee and grantor) must be properly named and have legal capacity.
c. The property must be adequately described (need not be legal description).
d. There must be a granting clause (action clause).
e. It must be signed by the granting party (grantor).
A (BLANK) is a document, created by a person, stating how that person’s property is to be conveyed or distributed upon his or her death. A (BLANK) (Male) or (BLANK) (Female) is one who makes a will.
TRANSFER BY WILL
WILL
TESTATOR/TESTARIX
There are two types of wills that can legally dispose of real and personal property:
A way to transfer property (REAL AND PERSONAL)
HOLOGRAPHIC & WITNESSED WILLS
A (BLANK) WILL is a typed document usually prepared by an attorney, dated, signed by the property owners, and declared to be a will by at least two witnesses (three signatures total)
TYPED UP WILL
WITNESSED
A (BLANK) WILL is entirely handwritten by the owner, dated, and signed.Since it is in the owner’s own handwriting, no other formalities and no witnesses are required.
HANDWRITTEN
HOLOGRAPHIC
(BLANK) is a Superior Court procedure to determine a will’s validity, any creditors’ claims, and establish the identity of the beneficiaries. There are charges for the courtprobate action and fees for any related attorney costs.
A way to transfer property (REAL AND PERSONAL)
PROBATE
If there is no will, the procedure used for transferring the deceased’s property to his or her heirs is called (BLANK).
a way to transfer property
INTESTATE SUCCESSION
“(BLANK)” is the term used if there is no will and there are no heirs; the property will go to the state of California .(BLANK) is not automatic. There is a five-year period during which heirs can make claims to the state for the property
ESCHEAT
(BLANK) occurs when an owner acquires title to additional land by natural causes; that is, additions to the property by natural growth.
another way to transfer real property
ACCESSION
Placement of improvements and permanent fixtures on property that do not legally belong to the person who placed them is called (BLANK).
ENCROACHMENT
TRANSFER BY OCCUPANCY
Ownership of real property, or the use of real property, can be gained through three types of occupancy:
- ABANDONMENT
2.ADVERSE POSSESSION
3.PRESCRIPTION (by use)
(BLANK) is the gift (appropriation) of land, by its owner, for some public use.
another way to transfer property
DEDICATION
(BLANK) is the right to ownership of land and the evidence of that ownership
FORMS of OWNERSHIP
TITLE
(BLANK) is the placing of a person’s (or persons’) name on the deed and is the method by which one holds title.
VESTING
(BLANK) is the sole and separate ownership of property by one individual or by a corporation.
FORMS/METHODS OF OWNERSHIP
SEVERALTY
When two or more people own property together with the right to will or sell it (however,without survivorship rights or community property rights), it is called (BLANK)
FORMS/METHODS OF OWNERSHIP
TENANCY IN COMMON
(BLANK) occurs when two or more people have identical interests in the whole property with the same right of possession and the right of survivorship. (BLANK) can NEVER be willed.
FORMS/METHODS OF OWNERSHIP
JOINT TENANCY
TENANCY IN (BLANK) refers to two or more people who are co-owners in a business.
FORMS/METHODS OF OWNERSHIP
PARTNERSHIP
(BLANK) refers to all the property acquired by a husband or wife during their marriage other than separate property.
FORMS/METHODS OF OWNERSHIP
COMMUNITY PROPERTY
(BLANK) is the legal process of making an instrument an official part of the records of a county, after it has been acknowledged.
Recording and Acknowledgment
RECORDING
(BLANK) NOTICE is knowing (or one’s responsibility for knowing) that a transaction has taken place.
types of notices when it comes to recording and acknowledging
ACTUAL
(BLANK) NOTICE is notice of documents presumed by law to have been acquired by a person whether or not they have actually examined them. It can be accomplished by recording a deed or taking possession of the property.
types of notices when it comes to recording and acknowledging
CONSTRUCTIVE
A (BLANK) PUBLIC is a person who is authorized by the Secretary of State to witness the acknowledgment of documents.
NOTARY
(BLANK) is an oath or affirmation made before a notary public that the content of an instrument is true.
VERIFICATION
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An (BLANK) is a verified written statement of facts.
AFFIDAVIT
