Transfer of Title Flashcards
Title
The legal right of an ownership interest in a property. It is evidence of ownership and lawful possession.
Acknowledgement
A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.
Adverse Possession
the actual, visible, hostile, notorious, exclusive, and continuous possession of another’s land under a claim of title. Possession for a statutory period may be a means of acquiring title.
Bargain & Sales Deed
A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion
Deed
A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
Deed in Trust
An instrument that grants a trustee full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee’s use of these powers under the provisions of the trust agreement.
Devise
A gift of real property by will. The donor is the devisor, and the recipient is the devisee.
General Warranty Deed
A deed to the premises. It is used in most real estate deed transfers and offers the greatest protection of any deed.
Grantee
A person who receives a conveyance of real property from a grantor
Granting Clause
Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause is generally worded as “convey and warrant,” “grant,” “grant, bargain, and sell,” or the like.
Grantor
The person transferring title to or an interest in real property to a grantee
Habendum Clause
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.
Intestate
The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent’s heirs as provided in the state law of descent
Involuntary Alienation
The act of involuntarily transferring property to another, such as through eminent domain or adverse possession
Power of Attorney
the specific written authority to execute legal instruments or perform other designated acts for another person
Probate
A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are
Quitclaim Deed
A conveyance by which grantors transfer whatever interest they have in the real estate, without warranties or obligations
Special Warranty Deed
A deed in which grantors warrant, or guarantee, the title only against defects arising during the period of their tenure and ownership of the property and not against defects existing before that time, generally using the language, “by, through or under the grantor but not otherwise.”
Testate
Having made and left a valid will
Testator
A person who has made a valid will. A woman is often called the testatrix, although testator can be used for either gender.
Title
The legal right of an ownership interest in a property. It is evidence of ownership and lawful possession
Transfer Tax
Tax stamps required to be affixed to a deed by state and/or local law
Trustees Deed
A deed executed by a trustee conveying land held in a trust.
Voluntary Alienation
The act of voluntarily transferring property to another such as by gift or sale.
Will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
