Transfer and Closing Flashcards

1
Q

Execution

A

Completion of an act or process

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2
Q

Principal

A

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller

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3
Q

Impound Accout

A

A trust account set up for funds set aside for future, recurring cost relating to a property

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4
Q

Abstract of Title

A

A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate

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5
Q

Escrow Instructions

A

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

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6
Q

Marketable Title

A

Good or clear salable title reasonably free from risk of litigation over possible defects

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7
Q

Good and Indefeasible Title

A

Title that cannot be defeated, set aside, or made void by a superior claim

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8
Q

Beneficiary Statement

A

A statement of the unpaid balance of a loan and the condition of the debt

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9
Q

Will

A

A written instrument by which a person makes a disposition of his or her property to take effect after his or her death

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10
Q

Actual Notice

A

Notice given by possession of property

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11
Q

ALTA Policy

A

American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer

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12
Q

Grantee

A

The person receiving the property or to whom it is being conveyed

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13
Q

Love and Affection

A

The consideration used in a gift deed

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14
Q

Warranty Deed

A

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

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15
Q

Quitclaim Deed

A

Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title

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16
Q

Guarantee of Title

A

An assurance of clear title

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17
Q

Closing Disclosure

A

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

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18
Q

Sheriff’s Deed

A

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

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19
Q

Title Insurance

A

An insurance policy that protects the insured against loss or damage due to defects in the property’s title

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20
Q

Gift Deed

A

Used to make a gift of property to a grantee who is usually a close friend or relative

21
Q

Closing

A

The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid

22
Q

Extended Title Policy

A

An extended title insurance policy

23
Q

Vesting

A

The way title will be taken

24
Q

Codicil

A

A change in a will before the maker’s death

25
Holographic Will
Written in the maker's own handwriting, dated, and signed by the maker
26
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
27
Escrow
The deposit of funds or documents with a neutral third party who is instructed to carry out the provisions of an agreement
28
Grantor
The person conveying or transferring the property
29
Intestate
Dying without leaving a will
30
Devise
A gift of real property by will
31
Legacy
A gift of personal property by will (see bequest)
32
Standard Policy
A policy of title insurance covering only matters of record
33
Escrow Holder
An independent third party that acts as a neutral agent of both buyer and seller.
34
Title Commitment
A contract to issue a title insurance policy
35
Chain of Title
A chronological history of a property's ownership
36
Settlement Statement
A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction
37
Executor/Executrix
A person named in the will to handle the affairs of a deceased person
38
Preliminary Title Report
An offer to issue a policy of title insurance in the future for a specific fee
39
Title Plant
The storage facility of a title company which holds and stores the complete title records of properties in its area
40
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
41
Constructive Notice
Public notice given by recording a document with the county recorder
42
Witnessed Will
One prepared by an attorney, that is typed and signed by the maker and two witnesses
43
Testaor/Textatrix
A person who has made a will
44
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
45
Title
Evidence of ownership of land
46
Recording
The act of filing written documents affecting the title to real property with the county recorder
47
Public Grant
The transfer of title by the government to a private individual
48
Bequest
A gift of personal property by will (see legacy)