Transfer Flashcards
The transfer of property is called….(property changing hands) ..4-1
alienation
Getting title to land by action of wind and/or water that causes the land to grow.
Accession
The gradual build up of land through the action of wind and water.
Accretion
The deposited material that creates firm ground is called…(can cause boundary lines to change
alluvion or alluvium
The increase in land area that occurs when water recedes.
Reliction (or dereliction)
The gradual wearing away of soil by the action of wind and water.
Erosion
A SUDDEN change in land mass due to flood, earthquake, hurricane, etc.
Avulsion
The process of the government using their eminent domain powers to acquire property without owner’s consent.
Condemnation
Die without a will
intestate
Estate of dead person distributed to heirs according to the ……
Laws of descent and distribution
When no blood relatives of a person who died can be found, the property goes to the county or state through a legal process called….
Escheat
Deciding who the rightful heirs are when someone dies is the responsibility of…
The probate court
This person oversees the dead person’s estate, debts, property distribution, etc.
Administrator
Each spouse automatically owns one-half of all the property
Community Property (not valid in GA)
Occupying someone’s land without permission for the required period of time….(a way to take ownership of someone’s property)
Adverse possession
(In adverse possession)-Moving in, making improvements and paying the taxes
Possession must be ACTUAL (1 of 6 requirements for adverse possession)
(In adverse possession) - without the owner’s permission
Possession must be HOSTILE (1 of 6 requirements for adverse possession)
(In adverse possession) -obvious and visible to rightful owner
Possession must be OPEN (1 of 6 requirements for adverse possession)
(In adverse possession) -So that the public can see
Possession must be NOTORIOUS (1 of 6 requirements for adverse possession)
(In adverse possession) -Not shared with anyone else
Possession must be EXCLUSIVE (1 of 6 requirements for adverse possession)
(In adverse possession) -In an uninterrupted pattern for a required period of time.
Possession must be CONTINUOUS (1 of 6 requirements for adverse possession)
(In adverse possession)-one person added their time on to another occupant’s time to meet required time frame
tacking
(re: adverse possession)-once occupant has met all requirements for adverse possession he/she must file this in court
quiet title action
When joint tenants or tenants in common cannot agree on a plan for diving their property court will order this type of sale.
Partition Sale (split the ownership in parts)
A court ordered proceeding to sell property to satisfy certain debts of the owner. You don’t pay your mortgage…this type of sale can happen.
Foreclosure sale
Transfer of property with the owner’s consent
Voluntary alienation (alienation just means transfer)
Document used when the government conveys land to a private individual
patent
A person who makes a will
Testator
Document that explains how the testator (person who makes a will) wants his/her estate disposed when they die
A will or last will and testament
(In a will) -Real property is called a….
Devise
(In a will)- Personal property is called…
Legacy or Bequest
The person receiving personal or real property in a will is called the ….
legatee
The person named to carry out the provisions of a will
executor
The person who dies with a valid will
testate
This type of will is typed or pre-printed (witnessed) -recognized by all states
formal will
The process of witnesses signing a will
attestation
This type of will is entirely hand-written, dated and signed by the testator (person who died)-recognized by some states
holographic will
This type of will is made orally in expectation of impending death. It must be property witnessed and put into writing quickly
Nuncupative will
Used to make changes to a will or to make a new will
Codicil
Used if real property must be transferred(conveyed) to someone in a will ( a type of deed)
executor’s deed
This type of deed is used when the property is a gift
gift deed or voluntary deed
Sufficient consideration (pay) for a property
good considertation
When a person GIVES property to the government for public use
dedication
A written instrument that conveys interest in a property from one person to another
deed
Provides that deeds must be in writing to be enforceable in a court of law
Statute of Frauds
(Deed requirement)- Deed must be in writing to be enforceable
(Deed requirement)- Deed must be in writing to be enforceable
(Deed requirement)-The GRANTOR must be of legal age and of sound mind if deed is to be valid
(Deed requirement)-The GRANTOR must be of legal age and of sound mind if deed is to be valid
(Deed requirement) -The GRANTEE must be named if deed is to be valid
(Deed requirement) -The GRANTEE must be named if deed is to be valid
(Deed requirement)-Contract should contain a description of the CONSIDERATION. “for ten dollars”…does not have to be money.
(Deed requirement)-Contract should contain a description of the CONSIDERATION. “for ten dollars”…does not have to be money.
(Deed requirement)-The legal description of the property being conveyed must be in the deed.
(Deed requirement)-The legal description of the property being conveyed must be in the deed.
(Deed requirement)-Deed must include granting clause/words of conveyance. It must spell out who the property is going to
(Deed requirement)-Deed must include granting clause/words of conveyance. It must spell out who the property is going to
(Deed requirement) -deed must include the signature of the GRANTOR only. (The grantee can sign but it’s not required)
(Deed requirement) -deed must include the signature of the GRANTOR only.
(Deed requirement)-Deed must be delivered and accepted by the grantee to be valid.
(Deed requirement)-Deed must be delivered and accepted by the grantee to be valid.
A promise that the grantor does own the property and has the right to convey it (1 of 5 covenants of title)
Covenant of Seisin (Seizen)
A promise that there are no encumbrances except those specifically mentioned in the deed (1 of 5 covenants of title)
Covenant against encumbrances
A promise that the grantee will not suffer interference from others having a superior claim to the title (1 of 5 covenants of title)
Covenant of quiet enjoyment
This obligates the grantor to compensation the grantee for any loss suffered in defending the title against anyone asserting a rightful claim to the property from any time in the past….Basically, if someone comes back saying they are the owners of the property…(1 of 5 covenants of title)
.Covenant of Warranty Forever
This obligates the grantor to produce any documents that might be needed to perfect the title. (1 of 5 covenants of title)
Covenant of Further or Future Assistance
If an error is found on a deed, it may be necessary to get one of these (a type of deed)
A correction deed
Formal declaration made by the grantor in the presence of an authorized official that the deed is being signed voluntarily
Acknowledgement
This type of deed guarantees good title to the property
Warranty deed
This type of deed offers the most title protection of any deed.
General warranty deed
This type of deed is less than a general warranty deed. It does not come with “warranty forever”
Special warranty deed
This type of deed only comes with 2 covenants-seizen and covenant against encumbrances
Grant deed
This deed promises that title to the property is being conveyed but contains no warranties about the condition of the title
Bargain and Sale Deed
This deed is often used to remove a cloud on title. It does not contain any promises or warranties of title
Quit claim deed
This deed is sometimes used in place of a mortgage lien. The trustee hold the title until the loan is paid off.
Trust deed or Deed of trust
Used when an officer of the court is directed to convey title (type of deed)
Sheriff’s deed or deed in foreclosure
Deed use to convey title after sale to satisfy a tax lien
Tax deed
Deed used to convey title in a partition sale (when court has to split property up)
Deed in partition or partition deed
Deed used when someone is acting on behalf of someone who is not legally competent
Guardian deed
Deed used to convey property for someone who does not have a will
Administrator’s deed
Deed used to convey property for someone who has a will
Executor’s deed
This type of NOTICE is knowledge that a person should know. It’s assumed that a person knows.
Constructive notice
This type of NOTICE is knowledge based on what has been seen, heard, read or observed.
Actual notice
The process of recording deeds gives the whole world notice
The purpose of recording deeds and documents is to give the whole world notice.
Recording that shows a continuous link of ownership from the original owner to the present owner
Chain of title
Condensed history of the title (includes the chain of title, liens, judgement, wills, etc.)-EVERYTHING about the title
Abstract of title
A defect on a title
Cloud on the title
Court action taken to remove a cloud on a title
Quiet title action
Used in place of an abstract of title.
Certificate of title
Protection on title that defends against lawsuits brought by people claiming to have interest in the title BEFORE the policy was purchased.
Title insurance
