Transfer of Title Flashcards
Title
the right to or ownership of the land; also serves as evidence of that ownership may be transferred by sale or gift
Voluntary Alienation
legal term for the transfer of title during the property owner’s lifetime
Deed
a document by which an owner of real estate conveys the right, title or interest owned in a parcel of real estate to someone else
Grantor
the owner who transfers the property
Grantee
the person who receives the property
Requirements of a Grantor
of lawful age and legally competent
Consideration
something in return for deeding the described property to the grantee
Granting Clause
words of conveyance that states the grantee’s intention to convey the property
Habendum Clause
may follow the granting clause “to have and to hold” used when necessary to define or explain the ownership to be enjoyed by the grantee
Acknowledgement
a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine; grantor must sign deed grantee does not
Delivery and Acceptance
title is not transferred until the deed is actually delivered and accepted by the grantee; then the title is said to “pass”
Covenant of Seisin
grantor warrants that they own the property and have the right to convey title
Covenant Against Encumbrances
warrants that the property is free from liens
Covenant of Further Assurances
promises to obtain and deliver any instrument needed to make the title good
Covenant of Quiet Enjoyment
guarantees that the grantee’s title will be good against any third party who might bring a court action to establish superior title to the property
Covenant of Warranty Forever
grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future
Special Warranty Deed
limits the grantor’s defense of the title transferred by warranting that the grantor received title and that the property was not encumbered during the time that the grantor held title
Bargain and Sale Deed
contains no express warranties against encumbrances but does imply that the grantor holds title and possession of the property
Quitclaim Deed
least protection of any deed; carries the covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered - only type of deed used to convey less than a fee simple estate
Cloud on the Title
a title defect
Deed of Trust
the means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary
Reconveyance Deed
used by a trustee to return title to the trustor
Satisfaction of Mortgage
in “lien theory” states where mortgage is treated as creating a lien on property, rather than transferring title this document returns title to the trustor
Trustee’s Deed
used when a trustee conveys real estate held in the trust to anyone other than the trustor
Transfer Tax
also referred to as a grantor’s tax; usually payable when the deed is recorded, may be paid by either seller or buyer or split
Involuntary Alienation
title transfer without the consent of the owner; usually carried out by operation of law
Adverse Possession
another means of involuntary transfer; an individual who makes a claim to certain property and takes exclusive possession of it by excluding the true owner
Testate
when a person dies with a will
Intestate
when a person dies without a will
Probate
when title passes by will or descent, the estate must go through a judicial process; the formal judicial process
Will
made by a property owner to convey title to real and personal property after the owner’s death
Testator
person who makes a will
Devise
the gift of real property by will
Devisee
a person who receives real property by will
Nuncupative
oral wills
Holographic
handwritten wills
Codicil
any modification or addition to a previously executed will; a separate document
Probate Proceedings
take place in the county in which the decedent last resided
