Title Flashcards
Abstract of Title
A summary of all conveyance and legal proceedings affecting title to a parcel of real estate
Actual Notice
The knowledge one has gained based on what has been actually seen, heard, read, or observed
Chain of Title
A series of conveyances, encumbrances, and other instruments affecting the title from the time original patent was granted, or as far back as records are available
Constructive Notice
A notice given by a recorded document because a person could have discovered certain facts upon reasonable investigation, and a “reasonable man” in the same situation would have conducted such an investigation
Derivative Title
All ownership belonging to the individuals or legal entities and derived from the government’s original title
Inquiry Notice
The expected examination of public records and visual inspection for claims and the extent of those claims by anyone acquiring a property or interest
Marketable Title
Title that is reasonably free from risk of legal dispute over possible defects
Original Title
The title to real estate owned by the country or state
Patent
The instrument used when an original title is conveyed by a state or federal government to an individual
Quitclaim Deed
A deed to relinquish any interest in property that the grantor may have, but implying no warranties; a deed that transfers only whatever right, title, or interest, if any, the grantor owns, without implying any warranties
Title
Gives evidence of the quality, right, and interest in real property, which allows a government, individual, individuals, or legal entity to retain possession of the property
Torrens System
A legal system for the registration of land ownership; the Torrens system verifies ownership of land and the status of title, including any encumbrances except tax liens
Acknowledgement
The formal declaration by a person executing an instrument that he or she is freely signing it
Affidavit of Property Value
A notarized statement signed by buyers and sellers and disclosing the sales price that in most cases must accompany a deed that is to be recorded in Arizona
Alienation
The act of transferring real property from one person to another
Alienation by Descent
The transfer of one’s property after death in accordance with the laws of descent when a person dies intestate
Alienation by Will
The transfer of one’s property after death pursuant to the terms of the decedent’s valid will
Bargain and Sale Deed
A deed that contains no covenants, but does imply that the grantor owns the property being conveyed
Beneficiary Deed
Conveys an interest in real property to a grantee beneficiary designated by the owner
Clouds on Title
A claim or document that affects title to real estate; the actual cloud may ultimately prove invalid, but its existence mars the title
Disclaimer Deed
A deed executed by one spouse that denies any interest in the property of the other spouse
Exceptions
Limitations on the title, such as easements, mineral rights or deed restrictions, or other encumbrances on the property
General Warranty Deed
A deed with covenants whereby the grantor agrees to protect the grantee against any claimant
Grantee
The person named in a deed who acquires ownership
Granting Clause
Transfers the property rights along with the grantor’s covenants (promises); the wording related to the covenants varies depending upon the type of deed
Grantor
The seller or giver in the sale or gift of real property
Habendum Clause
The “to have and to hold” clause that defines or limits the quantity of the estate granted in the deed
Involuntary Alienation
The transfer of property ownership without the consent of the owner; accomplished by operation of the law
Livery of Seisin
A mid-seventeenth century ceremony for the transfer of real property ownership
Quitclaim Deed
A deed to relinquish any interest in property that the grantor may have but implying no warranties; a deed that transfers only whatever right, title, or interest, if any, the grantor owns, without implying any warranties
Reservations
Uses that the grantor withholds from the title being conveyed for personal use
Special Warranty Deed
A deed in which the grantor warrants or guarantees the title only against defects arising during his or her own ownership of the property and not against defects existing before the time of ownership
Voluntary Alienation
The transfer of ownership with the consent of the owner
