UNIT 6 TRANSFER OF TITLE Flashcards
ACKNOWLEDGEMENT
A formal declaration made before a duly authorized person such as a notary.
ADVERSE POSSESSION
Open, notorious, hostile, and continuous possession of another’s land under a claim of title.
BARGAIN AND SALE DEED
A deed that carries no warranties against liens or other encumbrances but imply that the grantor has the right to convey title.
DEED
A written instrument that conveys title to or an interest in real estate.
DEED OF TRUST
An agreement between a lender and a borrower to give the property to a neutral third party who will serve as a trustee.
DEVISE
A transfer of real property by will.
GENERAL WARRANTY DEED
A deed where a grantor promises to clear title. Offers the greatest protection of any deed.
GRANTEE
A person who receives a transfer of real property.
GRANTING CLAUSE
Words in a deed of conveyance that state the grantor’s intention to convey the property.
GRANTOR
The owner transferring title to or an interest in real property to a grantee.
HABENDUM CLAUSE
The part of the deed beginning with the words “to have and to hold” defining the extent of ownership the grantor is conveying.
INTESTATE
The condition of a property owner who dies without leaving a will.
INVOLUNTARY ALIENATION
The act of transferring a property to another involuntarily through eminent domain or adverse possession.
PROBATE
A legal process by which a court determines who will inherit a decedent’s property.
QUIT CLAIM DEED
A deed that transfers whatever interest the grantor has without warranties or obligations.
RECONVEYANCE DEED
A deed used by a trustee under a deed of trust to return title to the trustor.
SPECIAL WARRANTY DEED
A deed that warrants the grantee the title against defects arising during the period of the grantor’s tenure and ownership.
TESTATE
Having made and left a valid will.
TESTATOR
A person who has made a valid will.
TITLE
The right or evidence of ownership.
TRANSFER TAX
Tax imposed on the transfer of title to property from one entity to another.
TRUSTEE’S DEED
A deed to be executed by a person serving as a Trustee in their appointed capacity.
VOLUNTARY ALIENATION
The transfer of property to another voluntarily such as a sale or by inheritance.
WILL
A written document providing transfer of title to property owned by the deceased, called a testator.
