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