Transfer and Closing Flashcards
Warranty Deed
deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it
Codicil
change in a will before the maker’s death
Witnessed Will
one prepared by an attorney, that is typed and signed by the maker and 2 witnesses
Guarantee of Title
assurance of clear title
Impound Account
trust account set up for funds set aside for future, recurring cost relating to a property
Escrow
deposit of funds or docs with a neutral third party who is instructed to carry out the provisions of an agreement
Grantor
person conveying or transferring the property
Acknowledgement
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
Title Insurance
insurance policy that protects the insured against loss or damage due to defects in the property’s title
Abstract of Title
full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate
Escrow Holder
independent third party that acts as a neutral agent of both buyer and seller
Title Plant
storage facility of a title company which holds and stores the compete title records of properties in its area
Grantee
person receiving the property or to whom it is being conveyed
Marketable Title
good and clear salable title reasonably free from risk of litigation over possible defects
Devise
gift of real property by will
Actual Notice
notice given by possession of property
Recording
the act of filing written docs affecting the title to real property with the county recorder
Gift Deed
used to make a gift of property to a grantee who is usually a close friend or relative
Love and Affection
consideration used in a gift deed
Testator/Textatrix
person who has made a will
Vesting
way title will be taken
Good and Indefeasible Title
title that cannot be defeated, set aside, or made void by a superior claim
Settlement Statement
complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction
Standard Policy
policy of title insurance covering only matters of record
Closing
act of finalizing the transaction in which the deed is delivered to the buyer, title is transferred, and all costs are paid
Constructive Notice
public notice given by recording a doc with the county recorder
Execution
completion of an act or process
Holographic Will
written in the marker’s own handwriting, dated, and signed by the maker
Principal
someone who directs or authorized another to act in their place in regard to relations with third persons; buyer or seller
Title Commitment
contract to issue a title insurance policy
Sheriff’s Deed
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
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
Chain of Title
chronological history of a property’s ownership
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
Beneficiary Statement
statement of the unpaid balance of a loan and the condition of the debt
Bequest
gift of personal property by will (see legacy)
Will
written instrument by which a person makes a disposition of their property to take effect after their death
Proration
division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement
Public Grant
transfer of title by the government to a private individual
Administrator/Administratrix
person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will
Title
evidence of ownership of land
Extended Title Policy
extended title insurance policy
Preliminary Title Report
offer to issue a policy of title insurance in the future for a specific fee
Legacy
gift of personal property by will (see bequest)
Executor/Executrix
person named in the will to handle the affairs of a deceased person
Quitclaim Deed
transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title
ALTA Policy
American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer
Intestate
dying without leaving a will
