Transfer and Closing Flashcards
Execution
Completion of an act or process
Principal
Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller
Impound Accout
A trust account set up for funds set aside for future, recurring cost relating to a property
Abstract of Title
A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate
Escrow Instructions
Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed
Marketable Title
Good or clear salable title reasonably free from risk of litigation over possible defects
Good and Indefeasible Title
Title that cannot be defeated, set aside, or made void by a superior claim
Beneficiary Statement
A statement of the unpaid balance of a loan and the condition of the debt
Will
A written instrument by which a person makes a disposition of his or her property to take effect after his or her death
Actual Notice
Notice given by possession of property
ALTA Policy
American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer
Grantee
The person receiving the property or to whom it is being conveyed
Love and Affection
The consideration used in a gift deed
Warranty Deed
A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California
Quitclaim Deed
Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title
Guarantee of Title
An assurance of clear title
Closing Disclosure
Settlement statement created by the Consumer Financial Protection Bureau that must be used for any conventional residential mortgage loans that will be sold to Fannie Mae or Freddie Mac, or that are subject to RESPA
Sheriff’s Deed
A deed given to a buyer when property is sold through court action in order to satisfy a judgment for money or foreclosure of a mortgage
Title Insurance
An insurance policy that protects the insured against loss or damage due to defects in the property’s title
Gift Deed
Used to make a gift of property to a grantee who is usually a close friend or relative
Closing
The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid
Extended Title Policy
An extended title insurance policy
Vesting
The way title will be taken
Codicil
A change in a will before the maker’s death
Holographic Will
Written in the maker’s own handwriting, dated, and signed by the maker
Administrator/Administratrix
A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will
Escrow
The deposit of funds or documents with a neutral third party who is instructed to carry out the provisions of an agreement
Grantor
The person conveying or transferring the property
Intestate
Dying without leaving a will
Devise
A gift of real property by will
Legacy
A gift of personal property by will (see bequest)
Standard Policy
A policy of title insurance covering only matters of record
Escrow Holder
An independent third party that acts as a neutral agent of both buyer and seller.
Title Commitment
A contract to issue a title insurance policy
Chain of Title
A chronological history of a property’s ownership
Settlement Statement
A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction
Executor/Executrix
A person named in the will to handle the affairs of a deceased person
Preliminary Title Report
An offer to issue a policy of title insurance in the future for a specific fee
Title Plant
The storage facility of a title company which holds and stores the complete title records of properties in its area
Proration
The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement
Constructive Notice
Public notice given by recording a document with the county recorder
Witnessed Will
One prepared by an attorney, that is typed and signed by the maker and two witnesses
Testaor/Textatrix
A person who has made a will
Acknowledgement
A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will
Title
Evidence of ownership of land
Recording
The act of filing written documents affecting the title to real property with the county recorder
Public Grant
The transfer of title by the government to a private individual
Bequest
A gift of personal property by will (see legacy)
