Transfer of Title Flashcards
Unit 22, Page 371
Transfer of Title methods
-Voluntary (during life)- by gift, sale or exchange
-Involuntary (during life)- eminent domain, escheat, foreclosure, adverse possession, erosion, partition
-Will (testate)
-Descent (intestate)
Adverse possession
Losing title to another person who has some claim to the land, takes possession, and most important, USES the land.
Example: Squatter’s rights
Losing title to another person who has some claim to the land, takes possession, and most important, USES the land.
Adverse possession
Dying without a will
Intestate
Intestate
Dying without a will
Dying with a will
Testate
Testate
Dying with a will
Probate
Legal process by which a court determines who inherits the property of a deceased person.
Legal process by which a court determines who inherits the property of a deceased person.
Probate
Executor/Executrix
Person named in a will to oversee its execution
Administrator
Person who is assigned to oversee the distribution of an estate if someone (testator) did not name an executor or died intestate (without a will)
A party who makes a will
Testator/testatrix
Testator/testatrix
A party who makes a will
Devise
The gift of real property by will
The gift of real property by will
Devise
Person who receives a gift of real property by will
Devisee
Devisee
Person who receives a gift of real property by will
Gift of money or personal property by will
Legacy or bequest
Legacy or bequest
Gift of money or personal property by will
What is needed to be paid before the deed can be recorded?
Realty Transfer Tax
