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Transfer Of Title/Deeds Flashcards

0
Q

Acceptance

A

The agreement of one party to set of terms offered by the second party

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1
Q

Abstract of title

A

A summary of the history of ownership of a parcel of property including each consecutive conveyance ,liens other encumbrances and the current status of each

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2
Q

Accretion

A

The gradual increase to land on a shore Riverbank by natural forces

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3
Q

Acknowledgment

A

Process with an authorized officer usually a Notory public witnesses a signature and attest that the signer has stated that signing is his or her free act and the intent to protect against a duress

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4
Q

Adverse possession

A

The process of gaining title to real property by open continuous and notorious occupancy for 20 years and Massachusetts known as squatters rights Similar to establishing an easement by prescription

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5
Q

Attorney in fact

A

One who authorizes to act for another. In real estate transaction this is done through a power of attorney does not need to be in attorney-at-law

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6
Q

Attorney-at-law

A

A law professional was taken and passed the bar exam

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7
Q

Avulsion

A

The lost of land due to a sudden violent act of nature

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8
Q

Bargain and sale deed

A

Grantor affirms they hold title and Grant whatever the interest they have with no warranties. Often used by fiduciaries such as a estate executors of officers of the court

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9
Q

Basel line

A

An imaginary line running east to west use by surveyors in the government ( rectangular ) survey method of property description

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10
Q

Book

A

Deeds and other documents relating to property transfer Are recorded at the County registry of deeds in Massachusetts and become a specific page in a specific book in the record system. A deed has a specific booking page reference

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11
Q

Certificate of title

A

Document issued by the land court under the Torrens system to verify the court decision and the property owners title

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12
Q

Chain of title

A

The history of ownership of each owner as grantor and grantee used in a title search for parcel of real property

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13
Q

Codicil

A

Supplement or addition to a will

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14
Q

Condemnation

A

The administration or judicial procedure used when taking land by local state or federal government for the public good call eminent domain

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15
Q

Condemnee

A

The property owner having title taken by eminent domain

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16
Q

Condemnor

A

The agency taking title to property by eminent domain

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17
Q

Consideration

A

Something given in exchange for something from another. Can be article or a promise to do something. In real estate is usually money exchange for property as in any deed or money exchange for promise to perform as in a purchase and sale agreement

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18
Q

Contract for deed

A

Contract for real estate where the buyer occupies the property during a period while making payments and receives a deed when all payments are complete

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19
Q

Covenant against encumbrances

A

Promise made by the grantor in a warranty deed that the property is free of all encumbrances not stated in the deed

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20
Q

Covenant of further assurance

A

Promise made by the grantor in a warranty deed that they will take any further action necessary to correct any title defects

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21
Q

Covenant of quiet enjoyment

A

Promises made by the grantor in a warranty deed that the grantee who hold the property free from the claims of third parties

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22
Q

Covenant of right to convey

A

Promise made by The grantor in a warranty deed that they have the right to convey title

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23
Q

Covenants of Seisen

A

Promise made by the grantor in any warranty deed that they are in possession hold title

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24
Cover of warranty
Promise made by the grantor any warranty deed that they will defend against any claim against the title by a third-party
25
Deed
Written instrument that transfers ownership of real property from one party to
26
Deed in trust
Deed used when a grantor( trustor ) transfers title to a trust controlled by a trustee for the benefit of a beneficiary
27
Deed restrictions
Provisions in a deed that limits the future use of the property
28
Deficiency
The amount of a debt not covered on security for loan is not sufficient. At the time of a foreclosure the debt not covered is a deficiency
29
Delivery
A legal act of transferring property. Must include the grantors intent to transfer
30
Descent
Acquisition of an estate by means of inheritance ( without a will )
31
Devise
Transfer of property by means of a will. The owner ( divisor ) transfers to the recipient ( devisee )
32
Divisee
The person who receives the benefit of a will
33
Divisor
The person whose property is distributed under the terms of a will
34
Eminent domain
The right of the government ( Federal state or municipal ) to take title to private property for the common good ; though process known as condemnation
35
Erosion
The gradual decrease in land on a shore or river bank by natural forces
36
Escheat
Process by which property reverts to the state when no will or heirs exists or when the property is abandoned
37
Escrow agent
A neutral third-party in a transaction who holds documents for monies until certain acts are completed by the individuals involved in a contract
38
Et Al
And others
39
Ethan Ux
And wife
40
Excise stamps
Massachusetts tax stamps do when a deed is recorded at the Registry of Deeds at $2.28 per $500 selling price
41
Executor
A male appointed by an individual to carry out the direction in there will
42
Executors deed
Deed used by the executor to an estate to sell property held by the estate
43
Executrix
A female appointed by individual to carry out the directions in there will
44
Foreclosure
The forced sale of a piece of real property by the lienholder when terms of the contract has not been met
45
Gen. warranty deed
Form of deed where the grantor make certain warrants or guarantees to the grantee. The grantor will defend the title against all claims including those against prior owners ( not commonly found in Massachusetts )
46
Government survey
Method of land description using a grid of imaginary east west lines called baselines and north-south lines called meridians. This grid results in 6 miles x 6 miles townships that are further broken down into sections
47
Grantee
One who is receiving title to real property from grantor
48
Grantee grantor indexes
Public record books maintained at the County registry of deeds that lists the grantors and grantees property transfers along with the book and page number of the associated real estate documents
49
Grantor
One who is giving the title to real property to a grantee
50
Habendum Clause
That section of a deed beginning with " to have and to hold " which follows the granting clause and defines the extent of ownership the grantor is conveying such as feesimple orl life estate
51
Installment contract
Contract for real estate where the buyers occupies the property during a period while making payments and receives a deed when all payments are complete
52
Intestate
Property owner dies without a will or with a will that is defective. Property changes ownership through the state laws of descent
53
Involuntary alienation
Transfer of ownership against the owners will as in a foreclosure
54
Judicial deed
Deed issue by a court appointed official
55
Land contract
Contract for real estate where the buyer occupies the property during a period while making payments and received a deed when all payments are complete
56
Land Court certificate
Document issued by the land court as a result of a court decision under the Torrens system
57
Legal description
Description of property sufficient to identify what is being conveyed three types are 1: metes and bounds 2: lot and block 3: government survey
58
Lis Penden
Latin meaning "action pending. " Recorded legal document that gives notice that legal action is in process that may affect the subject property
59
Lot and block
Method of land description that refers to a specific lot within a grouping of lots on a block on a map or plat and has been recorded at the registry
60
Meridian
An imaginary line running north and south used by surveys in the government ( rectangular ) survey method of property description
61
Metes and bounds
Method of land description that "walks" the perimeter of the property and describes the distance ,compass points and boundaries Most common method of land description in Massachusetts
62
Page
When used in reference to recording deeds refers to the number assigned to a deed or other document within a specific book ( as in book xxx page XX ) to specify location at the Registry of Deeds
63
Plat
A map or plan of subdivided land showing individual lots in their boundaries and dimensions
64
Point of beginning( POB )
The starting point in the metes and bounds method of property description
65
Prescription
Method of establishing an easement by open continuously notorious use. In Massachusetts the time of usage is 20 years minimum ( similar to acquiring title by adverse possession )
66
Probate court
That part of court system that deals with wills and inheritances
67
Quick claim deed
A deed where the grantor ( seller ) transfers with the interest he or she has an real property without any warranties. The quick claim deed is the most common form of deed in Massachusetts, however the Massachusetts quitclaim deed does contain some limited warranty
68
Rangeline
An imaginary line running north and south in the government survey method of land description parallel to major north-south lines called meridians
69
Range strip
A strip of land between two north- South range lines measuring 6 miles wide and use in the government survey method of land description
70
Recording
Process of entering into public record the deed and other documents associated with the transfer of real property ( the deed is so recorded at the registry of deeds and receives a book and page number where the deed has been filed )
71
Registered land
Property that under the Torrents system has been to land court received a judgment and now has a certificate of title documenting the land court decision
72
Registry of Deeds
County agency that records files and controls deeds liens and other paperwork relating to title of real property ( known in some states as recorders office or bureau of conveyance )
73
Residual
That which is left over in.Foreclosure those monies in excess of outstanding debt and other costs
74
Section
In the government survey method of land description East-West Township lines meet North-South range lines in 6 miles x 6 miles Township which is further subdivided into 36 1 mile x 1 mile parcels call section
75
Sheriffs Deed
Deed used when property is sold by a sheriff by Court order
76
Special Agent
( Limited agent ) one who is authorized to perform one specific task
77
Statue of frauds
State law that requires certain documents to be in writing to be Enforceable
78
System
?
79
Tax deed
Deed used to convey property taken by the government for non-payment of taxes
80
Tax Stamps
Massachusetts tax stamps do when a deed is recorded at the Registry of Deeds at $2.28 per $500 of selling price
81
Testate
An individual who dies with a will die testate; without a will intestate
82
Testator
One who dies testate- with a will
83
Title reference
A filing system at the county Registry of Deeds that records a document such as a deed in a specific book and on a specific page in that book ( example book XXX , page XX )
84
Title search
Process of reviewing public records at the Registry of Deeds to determine the state of ownership of a piece of real property
85
Torrens system
A system of registering title to real property ( used in Massachusetts and other states ) to verify ownership or title. Results in a certificate of title
86
Township
A division of property on the government ( rectangular ) survey method of land description 6 miles x 6 miles containing 36 sections each 1 mile x 1 mile
87
Township line
An imaginary line running east west in the government survey method of land description parallel to major east-west lines call baselines
88
Township strip
Strip of land between two East-West Township lines measuring 6 miles and using the government survey method of land description
89
Transfer by descent
?
90
Trustee
The party in charge of administrating a trust after it has been established
91
Trustees deed
Deed used to convey title from the trust by the trustee to a new grantee
92
Trustor
The grantor who conveys title to establish a trust
93
Vendee
The buyer of real estate. The buyer Under an installment contract
94
Vendor
The seller of real estate. The seller under an installment contract
95
Voluntary alliance
Transfer of title with the owners consent as in transfer by deed
96
Warranty deed
Form of deed with the grantor makes a certain warrants or Guarantees to the grantee. The grantor will defend the title against all claims including those against prior owners ( not commonly found in Massachusetts )
97
Will
A written instrument disposing of property after an individual's death ( testator)

Real Eastate (21 decks)

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