Unit 6 Key Terms

Question 1

A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.

Answer 1

Acknowledgment

Question 2

The actual open, notorious, hostile, and continuous possession of another’s land under a claim of title. Possession for a statutory period may be a means of acquiring title.

Answer 2

Adverse possession

Question 3

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.

Answer 3

Bargain and sale deed

Question 4

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

Answer 4

Deed

Question 5

An instrument that grants a trustee under a land trust 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.

Answer 5

Deed of trust

Question 6

A transfer of real property by will. The decedent is the devisor, and the recipient is the devise.

Answer 6

Devise

Question 7

A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfer, a _______________ deed offers the greatest protection to the buyer because the grantor is legally bound by certain covenants (promises) or warranties of any deed.

Answer 7

General warranty deed

Question 8

A person who receives a transfer of real property from a grantor

Answer 8

Grantee

Question 9

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.

Answer 9

Granting clause

Question 10

The owner transferring title to or an interest in real property to grantee.

Answer 10

Grantor

Question 11

The 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.

Answer 11

Habendum clause

Question 12

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedents heirs, as provided in the state of descent.

Answer 12

Intestate

Question 13

Title to property may be transferred without the owner’s consent

Answer 13

Involuntary alienation

Question 14

A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are.

Answer 14

Probate

Question 15

Provides the grantee with the least protection of any deed. It carries no covenants or warranties and conveys whatever interest, right or title the grantor has in the specified real estate. It is frequently used to cure a title defect, called “cloud on the title”.

Answer 15

Quitclaim deed

Question 16

Is used by a trustee to return title to the trustor.

Answer 16

Reconveyance deed

Question 17

A deed in which the grantor warrants, or guarantees, the title only against defects arising DURING the period of the grantor’s tenure and ownership of the property and not against defects existing before that time. Granting clause generally contains these words: “Grantor remises, releases, alienates, and conveys.” “by, through, or under the grantor but not otherwise.”

Answer 17

Special warranty deed

Question 18

A person who dies____ has prepared a will indicating how that person’s real and personal property will be disposed of at the time of death.

Answer 18

Testate

Question 19

A person who has made a valid will, is alive, any property included in the will can still be conveyed to the owner.

Answer 19

Testator

Question 20

1) The right to ownership of land. 2)The evidence of ownership of land.

Answer 20

Title

Question 21

Tax stamps required to be affixed to a deed by state and/or local law.

Answer 21

Transfer tax

Question 22

A deed executed by a trustee conveying land held in a trust.

Answer 22

Trustee’s deed

Question 23

Transfer of title during the property owners lifetime by gift or selling.

Answer 23

Voluntary alienation

Question 24

A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.

Answer 24

Will

Question 25

A covenant in which grantor warrants that he/she owns the property and has the right to convey title to it.

Owns the property and can convey it….

Answer 25

Covenant of seisin

Question 26

The grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed.

Answer 26

Covenant against encumbrances

Question 27

The grantor promises to obtain and deliver any instrument needed to make the title good.

Answer 27

Covenant of further assurances

Question 28

The grantor 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.

Answer 28

Covenant of quiet enjoyment

Question 29

The grantor promises to compensate the grantee for the loss sustained of the title at any time in the future.

Answer 29

Covenant of warranty forever