Transfer/Alienation of Real Property/Assurances of Title Flashcards
Title
Ownership of real property as well as evidence of such ownership; legal title
Legal Title
Full legal ownership of property and the bundle of rights as they apply to it. Contrasts with equitable title
Equitable Title
An interest that gives a lien holder or buyer the right to acquire legal title to a property if certain contractual conditions occure
Actual Notice
Knowledge given or received directly through demonstrable evidence. Actual notice of ownership; reading a bill of sale, inspecting a deed, searching for tools
Constructive Notice
Knowledge one could or should have, according to the presumption of law; a demonstration to the public of property ownership through recordation, “for all to see”
Alienation
A transfer of title to real property by voluntary or involuntary means
Conveyance
A voluntary transfer of real property interests
Deed of Conveyance
Voluntary alienation. Voluntary alienation is an unforced transfer of title by sale or gift from an owner to another party. If the transferor is a government entity and the recipient is a private party, the conveyance is a public grant. A living owner makes a private grant by means of a deed of conveyance, or deed
Delivery and Acceptance
Execution of a valid deed in itself does not convey title. It is necessary for the deed to be delivered to and accepted by the grantee for title to pass. To be legally valid, delivery of the deed requires that the Grantor:
1. be competent at the time of delivery
2. intend to deliver the deed, beyond the act of making physical delivery
Validity of the grantee’s acceptance requires only that the grantee have physical possession of the deed or record the deed
Documentary Stamp Tax
State law usually requires payment of a documentary stamp tax on a conveyance of real property. The tax is based on the actual price of the property conveyed, thus enabling taxing authorities to ascertain current market value for ad valorem tax purposes. Payment of the tax evidence on the deed
Exemptions from transfer tax include:
- transfer within the immediate family
- consideration less than a certain amount
- transfer between government entities or non-profit organizations
- trust deed transfer and reconveyance
- tax deed
Will
A will, or more properly, a last will and testament, is a legal instrument for the voluntary transfer of real and personal property after the owners death. It describes how the maker of the will, called the testator or Devisor, wants the property distributed.
A written or verbal statement by a testator instructing how to distribute the testator’s estate to heirs
Testator
A Will, or more properly, a last will and estimate, is a legal instrument for the voluntary transfer of real and personal property after the owner’s death. It describes how the maker of the will, called the testator or devisor, wants the property distributed. A beneficiary of a will is called an heir or devisee. The property transferred by the will is the devise
Devise
A transfer of real or personal property from the devisor to the devisee(s) by means of a will
Probate
A court proceeding to validate and distribute a decedent’s estate to creditors, tax authorities, and heirs
Testate
the legal condition of a person who dies leaving a valid will
Interstate
legal condition of a person who dies without leaving a will
Descent and Distribution
If the decedent died without a valid will, the estate passes to lawful heirs according to the state’s law of descent and distribution, or succession. Laws of descent stipulate who inherits and what share they receive, without regard to the desires of the heirs or the intentions of the deceased
Escheat
A reversionary transfer of real property to the state or county when the legal owner dies without a will and without heir
Eminent Domain
A power of a government entity to force the sale of private property for subsequent public use
Adverse Possession
The entity, occupation, and use of another’s property without the consent of the owner or where the owner took no action to evict the adverse possessor. May lead to loss of legal title if the adverse possessor fulfills certain requirements
Estoppel
A legal restraint to prevent a person from claiming a right or interest that is inconsistent with the person’s previous statements or acts. An estoppel certificate documents the party’s initial position or act, which cannot be contradicted later
Title Record
Public records of real property documenting the history of ownership, claims, ownership, conveyances, legal descriptions, and surveys
Chain of Title
Successive property owners of record dating back to the original grant of title from the state to a private party
Abstract of Title
A written, chronological record of the title records affecting rights and interests in a parcel of property
Torrens System
A title recording system that registers title to property, as well as liens and encumbrances, on a title certificate. the certificate is the title and reflects everything there is to be known about the condition of the title
Title Evidence
Actual or constructive notice of real property ownership, including opinion of title, certificate of title, and title insurance
Title Certificate
A document expressing the opinion of the title officer or attorney that a property seller is in fact the owner of good title based on a review of title records
