Transfer of Real Property Flashcards
Two terms that define the actions that are required to effect a transfer of title by deed
Special warranty deed
The person conveying the title of a property to someone else (can also mean the person creating a power of attorney)
Delivery and acceptance
A person who drafts a will
Testator
Intestate
Without a will
Type of deed that provides the strongest and broadest form of guarantee of title
Full covenant and warranty
Type of deed that may come with or without covenants of warranty
Bargain and sale
Type of deed that releases any rights of the grantor to the property, but doesn’t offer any warranties to the grantee
Quitclaim
A type of involuntary alienation that allows someone to claim someone else’s property by using it for an extended period of time
Adverse possession
The legal process used to determine the validity of a will and to ensure that the will accurately reflects the deceased person’s wishes, or to properly disburse assets of an individual who died intestate
Probate
Cloud on a title
Title defect
The individual who conveys the ownership rights of real property
Grantor
A deed given by court order selling property to satisfy a judgment
Referee’s deed
The person to whom a deed is given
Grantee
Legally specified allocation of a deceased person’s assets when that person died intestate (without a will)
Intestate succession law
The reversion of property to the state or county, as provide by state law, in cases where a decedent dies intestate without heirs capable of inheriting , or when the property is abandoned
Escheat
Land formed by accretion
Alluvion
Land added by the gradual action of water
Accretion
The sudden loss of land due to the action of water
Avulsion
Gradual recession of water which uncovers land that usually belongs to the riparian owner
Reliction
Separation of ownership (may be voluntary, as in a sale of the property, or involuntary, as in a foreclosure)
Alienation
A policy that protects the insured against loss or damage due to defects in title
Title insurance
The part of a title insurance policy that sets forth all encumbrances and defects that are not insured
Schedule of exceptions
That part of a deed beginning with the words “to have and to hold,” following the granting clause and defining the extent of ownership the grantor is conveying
Habendum
Anything of value (e.g., money, services, goods, promise) given to induce another person to enter into a contract
Consideration
Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time (generally worded as “convey and warrant”; “grant”; “grant, bargain, and sell”; etc.)
Granting clause
