Title Transfer Flashcards
Voluntary alienation; conveyance title by sale or gift.
Voluntary Transfer
Voluntary transfer in which the government gives land to a private party ex. land grants
Public Grant
Voluntary transfer in which-title is transferred from one private party to another private party.
Private Grant
Voluntary transfer in which title is transferred as a gift from a private owner to the government; ex Subdivider may dedicate an area of a subdivision to the city for parks, streets, etc.
Public Dedication
A written instrument by which title to real property is transferred.
Conveyance or Deed
Guarantees that the title is good
Warranty Deed
Gives the best guarantee of title; guarantees title before and during the time of the seller owned the property
Sale with Warranty or General Warranty Deed
Guarantees the title only for the time the seller actually owned the property.
Special Warranty Deed
Makes no guarantee; the grantor simply states that he has no claim on the title.
Sale without Warranty or Quitclaim Deed
Better than a quitclaim but not as good as a warranty deed; has no explicit guarantees but does imply title is good
Bargain and Sale Deed
Insures that the grantor has done nothing to encumber the title; this effectively turns it into a special warranty deed
Bargain and Sale with Covenant
Transfer without the owner’s consent.
Involuntary Transfer
The right to take private property for public use
Eminent Domain
The action of taking private property for public use.
Expropriation or Condemnation
When an owner dies with no will and no heirs, his property reverts to the state.
Escheat
Claiming title by possession of the property for a statutory number of years
10 years in good faith, 30 years in bad faith
Aquisitive prescription or Adverse Possession
A formally prepared will, witnessed and signed
Notarial Will
Entirely in the testator’s own handwriting, dated and signed, but not witnessed.
Olographic Will or Holographic Will
Made orally by testator who is near death.
Nuncupative Will
In writing, signed, sealed and notarized with 3 witnesses
Mystic Will
One who dies having a will
Testate
When there is no will.
Intestate
One who inherits property in a will.
Legatee
A court proceeding which establishes the validity of the will and allows the instructions of the will to be carried out.
Succession or Probate
Appointed in the will to carry out the instructions of the will
Executor = male executrix = female
A person appointed by the court to carry out the instructions of the will
Administrator
Property transferred by will
Devise
The person to whom such property is transferred.
Devisee
In Louisiana a portion of the estate must go to the children 23 years or younger
Forced Heirship
1/4 if one child, 1/2 if 2 or more children.
Forced Portion
the children of a deceased parent.
Naked Owners
the right to sell or mortgage the property
Abusus
3/4 if one child, 1/2 if 2 or more children.
Disposable Portion
Acquiring property through natural causes or acts of God
Transfer by Accession
Transfer by accession whereby there is a gradual increase in the size of the property as the result of some natural or artificial process
Accretion
The deposits created by accretion
Alluvion
Transfer by accession caused by exposure of land due to receding water
Reliction
Transfer by accession caused by the soil wearing away
Erosion
Transfer by accession from artificial means such as improvements or fixtures
Attachment
Recording something in the public records
Constructive Notice
First hand information such as telling someone face to face
Actual Notice
A statement that an act was done of the person’s free will.
Acknowledgment
An opinion based on examination of the history of the title of a property
Attorney’s Opinion
A brief summary of all recorded instruments which affect the title
Abstract of Title
A continuous linking of ownership
Chain of Title
Offers financial protection if the title is not good.
Title Insurance
