Transfer and Closing

Question 1

Warranty Deed

Answer 1

deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it

Question 2

Codicil

Answer 2

change in a will before the maker’s death

Question 3

Witnessed Will

Answer 3

one prepared by an attorney, that is typed and signed by the maker and 2 witnesses

Question 4

Guarantee of Title

Answer 4

assurance of clear title

Question 5

Impound Account

Answer 5

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

Question 6

Escrow

Answer 6

deposit of funds or docs with a neutral third party who is instructed to carry out the provisions of an agreement

Question 7

Grantor

Answer 7

person conveying or transferring the property

Question 8

Acknowledgement

Answer 8

signed statement, made before a notary public by a named person; confirming the signature on a doc and that it was made of free will

Question 9

Title Insurance

Answer 9

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

Question 10

Abstract of Title

Answer 10

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

Question 11

Escrow Holder

Answer 11

independent third party that acts as a neutral agent of both buyer and seller

Question 12

Title Plant

Answer 12

storage facility of a title company which holds and stores the compete title records of properties in its area

Question 13

Grantee

Answer 13

person receiving the property or to whom it is being conveyed

Question 14

Marketable Title

Answer 14

good and clear salable title reasonably free from risk of litigation over possible defects

Question 15

Devise

Answer 15

gift of real property by will

Question 16

Actual Notice

Answer 16

notice given by possession of property

Question 17

Recording

Answer 17

the act of filing written docs affecting the title to real property with the county recorder

Question 18

Gift Deed

Answer 18

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

Question 19

Love and Affection

Answer 19

consideration used in a gift deed

Question 20

Testator/Textatrix

Answer 20

person who has made a will

Question 21

Vesting

Answer 21

way title will be taken

Question 22

Good and Indefeasible Title

Answer 22

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

Question 23

Settlement Statement

Answer 23

complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction

Question 24

Standard Policy

Answer 24

policy of title insurance covering only matters of record

Question 25

Closing

Answer 25

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

Question 26

Constructive Notice

Answer 26

public notice given by recording a doc with the county recorder

Question 27

Execution

Answer 27

completion of an act or process

Question 28

Holographic Will

Answer 28

written in the marker’s own handwriting, dated, and signed by the maker

Question 29

Principal

Answer 29

someone who directs or authorized another to act in their place in regard to relations with third persons; buyer or seller

Question 30

Title Commitment

Answer 30

contract to issue a title insurance policy

Question 31

Sheriff’s Deed

Answer 31

deed given to a buyer when property is sold through court action in order to satisfy a judgement for money or foreclosure of a mortgage

Question 32

Escrow Instructions

Answer 32

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

Question 33

Chain of Title

Answer 33

chronological history of a property’s ownership

Question 34

Closing Disclosure

Answer 34

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

Question 35

Beneficiary Statement

Answer 35

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

Question 36

Bequest

Answer 36

gift of personal property by will (see legacy)

Question 37

Will

Answer 37

written instrument by which a person makes a disposition of their property to take effect after their death

Question 38

Proration

Answer 38

division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement

Question 39

Public Grant

Answer 39

transfer of title by the government to a private individual

Question 40

Administrator/Administratrix

Answer 40

person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will

Question 41

Title

Answer 41

evidence of ownership of land

Question 42

Extended Title Policy

Answer 42

extended title insurance policy

Question 43

Preliminary Title Report

Answer 43

offer to issue a policy of title insurance in the future for a specific fee

Question 44

Legacy

Answer 44

gift of personal property by will (see bequest)

Question 45

Executor/Executrix

Answer 45

person named in the will to handle the affairs of a deceased person

Question 46

Quitclaim Deed

Answer 46

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

Question 47

ALTA Policy

Answer 47

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

Question 48

Intestate

Answer 48

dying without leaving a will