Unit #4 - Transferring Real Estate Vocab Flashcards
Abandonment
If leased property is abandoned by the lessee (tenant), the lessor (landlord) has the right to reacquire its possession and use.
- failing to make rent
- removing one’s property
- filing new address with the post office
Accession
An increase in the property owned. Manmade or natural additions to property may extend the owner’s title to include those additions. Acquiring property through the addition of value through labor or addition of new materials.
Accretion
The process by which land adjacent to a flowing body of water accumulates new soil. Resulting in the owned land increasing.
Acknowledgment
A document is executed when it is signed. A person who has executed a document can make a declaration called an acknowledgment, that the execution is in the person’s own act. Usually witnessed by a notary.
Action for Declaratory Relief
The parties petition the court for a determination of their respective rights before a controversy arises. When a deed is ambiguous, an action for declaratory relief may be brought to avoid later problems.
Action to Quiet Title
Brought to force others who have claims to the property to prove those claims or have the claims ruled invalid by the court.
The usual method of establishing title by adverse possession and of clearing tax titles or titled acquired on a forfeited contract of sale.
Administrator
If the deceased has no will or fails to name a representative, or the named representative refuses to serve in that capacity. In any of those cases the court may appoint an administrator.
Duties include:
- Publishing a notice to creditors of the decedents death
- Conducting an inventory and obtaining an appraisal of the property in the decedents estate.
- Making a report to the probate court of the estate assets and liabilities.
- Distributing the proceeds of the estate as the court directs.
Adverse Possession
The concept of taking over someone else’s property and occupying it long enough to acquire ownership of it.
- you must occupy the property openly and notoriously–that is, without hiding the fact from anyone.
- Your occupancy must be hostile to the true owner’s interest–without permission.
- You must claim title to the real estate, whether your claim of right is initiated by the fact of occupancy or by color of title.
- Must be continuous possession for a period of 5 years. You cannot abandon the property even briefly.
- You must pay all real property taxes during the five years of possession.
After-Aquired Title
If title is acquired by a grantor only after a conveyance to a grantee, the deed to the grantee becomes effective at the time the grantor receives title.
Alluvion
The build up of new soil, may be so gradual that it is not noticed. Build up can also be quite dramatic and obvious, as when land is flooded.
Avulsion
The natural force of a moving body of water acting gradually or suddenly may wash away or tear land away. Distinct from erosion which is the process by which precipitation wears away the surface of the soil.
Bequest
Transfer of property, particularly personal property, called a legacy, by will.
Certificate of Sale
When personal property is sold at auction, the buyer receives a document at an execution or a judicial foreclosure sale; replaced by a sheriff’s deed if the debtor fails to redeem the property during the statutory redemption period.
Chain of Title
A chain of title connects property from one property owner to the next. By laboriously going back through all pertinent records, including tax records and court judgments, an abstract if title can be prepared.
Codicil
Written amendment to a will, made with the same legal formalities. Adding new or amended provisions to a will.
Color of Title
The possession of a document erroneously (wrong/incorrect) appearing to convey title to the occupant. An apparent but invalid title based upon a written instrument or record. An apparent ownership claimed by adverse possession.
Common-Law Dedication
Transfer of private land to public use or ownership, such as a roadway through a subdivision, by permitting such use or referencing the use in deeds to adjoining parcels.
Condemnation
The federal land state governments have the right to acquire title to property by eminent domain. If property is for a public purpose such as a highway construction it is the first to condemnation. A process that gives notice to the property owner that the property is being taken and compensation is given.
Decedent
The person who passes away
Deed
A legal document that is signed and delivered, especially one regarding the ownership of property or legal rights.
Devise
The transfer of title to real estate by a will is called a devise. The deceased owner is the devisor (property owner). The person receiving property by will is a devisee.
Devisee
The person receiving property by will is a devisee.
Devisor
The deceased owner is the devisor (property owner)
Easement
The right to use or to travel over someone else’s land is called an easement.
Easement by Prescription
Acquiring a specific use of or the right to travel over the land of another by statutory requirements similar to those for adverse possession.
Eminent Domain
The right of the government to acquire title to property for public use by condemnation; the property owner receives compensation–generally fair market value.
Equitable Estoppel
Common-law where a court will not grant a judgment or other legal relief to a party who has not acted fairly; for example, by having made false representations or concealing material facts from the other party.
Erosion
Process of wearing away of the surface of the land by the action of the elements, most conspicuously at a time of heavy rainfall.
Escheat
The reverting of property to the state when there are no heirs capable of inheriting.
Executor
Personal representative of the estate of a decedent, named in the decedent’s will. Also known as administrator.
Forfeiture
Breach of a condition subsequent in a deed; entitles grantor or grantor’s successor to reacquire title to the property.
Gift Deed
A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift. Such a deed is often used to present someone with a gift. Transfer of a gift deed can be reported as a gift for federal tax purposes.
Grant
Title is conveyed by grant (transfer) from one person to another.
Grant Deed
A grant deed is used in some states and jurisdictions for the sale or other transfer of real property from one person or entity to another person or entity. Each party transferring an interest in the property, or “grantor”, is required to sign it.
Grantee
The person receiving real property from the grantor
Granting Clause
The words of conveyance appear in the granting cause. Transfer of title by deed may be the voluntary or involuntary act of the parties, as in the case of a foreclosure sale when title is transferred by operation of law.
Grantor
The one who is the property owner granting property to a grantee.
Holographic Will
Written entirely in the handwriting of the testator. Alternative to a will signed by a lawyer.
Intestate
A person who dies without having a will is said to have died intestate.
Intestate Succession
Legal determination of property ownership is called intestate succession. When the state distributes property due to no will.
Inverse Condemnation
Inverse condemnation is a term used in the law to describe a situation in which the government takes private property but fails to pay the compensation required by the 5th Amendment of the Constitution, so the property’s owner has to sue to obtain the required just compensation.
Judgement
The party who wins a legal action may receive a judgment from the court that includes the award of money damages against the losing party.
Judicial Foreclosure Action
The holder of a trust deed, mortgage, or other lien on property requests a court-supervised sale of the property to cover the unpaid balance on the delinquent debt.
Legacy
A gift of personal property or money to a beneficiary (legatee) of a will. While technically legacy does not include real property (which is a “devise”), legacy usually refers to any gift from the estate of one who has died. It is synonymous with the word “bequest.”
Legatee
The person recieving a lagacy from someone who’s passed.
Partition Action
Partition actions are when one party to jointly-owned property or a business wants to sell their ownership rights. Business litigation and partnership disputes happen all the time and the remedy is a partition action that occurs in a court of law. Parties owning property usually sell the property.
Power of Sale
Gives the trustee under a trust deed the ability to sell the property to satisfy the unpaid debt if the debtor defaults. A mortgage or another line document also may provide a power of sale for the mortgagee or lienholder.
Probate
The name of the court process that determines the decendent’s heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decendent to the decendent’s heirs.
Will’s must be presented in probate court to recieve permission to carry out it’s provisions.
Probate Code
Governs the sale of real property that is part of a probate proceeding. The executor or administrator may sell real property if it is in the best interests of the estate to do so.
Quitclaim Deed
Conveys any interest the grantor may have in the property at the time the deed is executed. A quitclaim deed should never be used when a grant deed can be used. Used for transparency in the transfer of ownership.
Real Estate Fraud Prosecution Trust Fund
Established to help district attorneys and law enforcement agencies deter, investigate, and prosecute real property ftaud crimes.
Reconveyance Deed
Executed by the trustee is the means by which the trustee returns title to the trustor when the debt is paid off. The beneficiary notifies the trustee that the debt has been cleared by sending the trustee a document called a request for reconveyance.
Recording
The safest way to ensuring that one’s title to property is unquestioned by RECORDING the deed that conveys the property. The deed is brought to the office of the county recorder in the county where the property is located.
Reliction
The increase in land caused by the gradual recession, shrinkage, or change in course of a body of water (such as a lake, sea, or river) which gives the owner of the riparian property more dry land.
Request for Reconveyance
A document of proof that the debt has been cleared notifying the trustee by the beneficiary.
Revocable Transfer on Death (TOD) deed
Transfers real property on the death of its owner without probate proceeding, provided it is lawfully created. The grantor must have the capacity to contract to make or evoke the deed, the deed must be required form, and it must be signed, dated, acknowledged and recorded.
Sheriff’s Deed
When real property is sold at auction, the buyer receives a sheriff’s deed. The officer who conducts the sale must record a duplicate of the Sheriff’s deed in the office of the county recorder.
Statutory Dedication
Generally transfers an easement for the intended public use. Although transfer of fee simple ownership by deed is becoming the preferred method of public acquisition.
Tack
The ability of successive landowners to combine the time of their adverse possession so that the last owner can meet the 10 year requirement to take over land.
Tax Deed
Issued by the county tax collector if property is sold because of nonpayment of taxes.
Testate
Someone who dies (known as the “decedent”) with a legitimate will has set up what is known as a testate inheritance. This means that their assets are distributed according to the wishes set forth in their will. Someone who dies without a legitimate will has what is known as an intestate estate.
Testator
The person making the will.
Trust Deed
Also called deed of trust, used when property serves as security for a debt. The debt is the loan used to purchase the property, but it can be any loan using the property as collateral to guarantee payment of the amount borrowed.
Trustee in Bankruptcy
In a liquidation bankruptcy, a debtor’s property is sold to cover debts. The Trustee in Bankrupcy carries out the sale, and the buyer receives a trustee’s deed.
Trustee’s Deed
An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed.
Warranty Deed
Expressly warrants that the grantor has a good title. The grantor’s warranty makes the grantor liable for a flaw in the title affecting the buyer’s interest that may be discovered later, even if the grantor had no previous knowledge of it. Shifts the liability to the insurer, the seller can be assured that there will be no future liability caused by an undiscovered defect in the seller’s title.
Will
A will is a document made by an owner of property who is legally competent to do so, to pass title to the property to another after death.
Writ of Execution
A court order directing the county sheriff or another officer to satisfy a judgment out of the debtor’s property.
Alienation
The transferring of property to another; an involuntary transfer of title.
