Session 17 Flashcards
The instrument is used to reconvey title back to the trustor once debt is paid in full
Deed of Reconveyance
A deed originating from a trustee that transfers to anyone other than a trustor
Trustee’s Deed
A deed that conveys interest in real property to a beneficiary designated by the owner and transfers upon owners death
Beneficiary Deed
executed when one spouse acquires real property and holds title as separate property from other spouse
Disclaimer Deed
voluntary transfer, or transfer as a condition of subdivision approval of private property by owner to public for come public use.
Dedication Deed
given at sheriff’s sale in foreclosure of a mortgage. giving of deed begins Statutory Redemption period
Sheriff’s Deed
transfers ownership of real property free and clear of all liens. issued in a tax sale
Treasurer’s Deed
land patent name given to the legal instrument, by which the government passes fee simple title of Government land to private persons which can be passed on to individual’s heirs
Patent Deed
Transfer by gift or by sale during someone’s lifetime.
Voluntary Alienation
Transferred without the owners consent
Involuntary Alienation
Dying without a will and no heirs, property will pass to state within specified period of time.
Escheat
Right of government to take privately held property for benefit of public use through process called condemnation
Eminent Domain
Property is sold to satisfy an outstanding debt.
Foreclosure
Right to claim another’s land when there is actual, visible, hostile, notorious, exclusive, and continuous use for required period time.
Adverse Possession
dying with a will and having heirs
Testate
maker of the will
Testator
real property left in a will
Devise
the party receiving real property through the will
Devisee
personal property left in a will
Bequest
money left in a will
Legacy
the person name in the will to oversee the provisions
Executor
a female executor
Executrix
appointed by the courts when no executor is name in the will
Administrator
a will prepared in handwriting by the testator
Holographic Will
an amended will
Codicil
a verbal will
Nuncupative Will
5 Covenants of General Warranty Deed
a. covenant of seisin
b. covenant against encumbrances
c. covenant of quiet enjoyment
d. covent of further assurance
e. covenant of warranty forever
Grantor has title and possession and legal right to convey property
covenant of seisin
Grantor warrants property if free from all liens and encumbrances except those already stated
covenant against encumbrances
Grantor guarantees the title is good against third parties who feel they have claim
covenant of quiet enjoyment
Grantor will furnish any instrument needed to make sure title is good
covenant of further assurance
Grantor guarantees title and will reimburse the grantee for any interest lost in future
covenant of warranty forever
judicial process to confirm the validity of will. determines precise assets of deceased person and people whom assets pass to
Probate
notice by inquiring into public records regarding facts about property
Constructive Notice
notice is having first hand knowledge by actually inspecting property
Actual Notice
an encumbrance or claim on title that may impact an owner’s title on property
Cloud on title
History of property ownership.
Chain of title
Condensed history of all recorded documents relating to the property.
Abstract of title
