unit 6: transfer of title

Question 1

acknowledgment

Answer 1

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

Question 2

adverse possession

Answer 2

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

Question 3

administrator

Answer 3

A court-selected person who assists with the settlement of an estate of a person who died without leaving a will. a woman might be called an administratix, although administrator is the term used most often to refer to either a man or a woman.

Question 4

alienation

Answer 4

The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.

Question 5

bargain and sale deed

Answer 5

a deed that carries with it no warranties against liens or other encumbrances byt that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed.

Question 6

Codicil

Answer 6

A supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will.

Question 7

cloud on the title

Answer 7

Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet title.

Question 8

covenant

Answer 8

A written agreement between two or more parties in which a party or parties pledge to perform o not perfrom specified acts with regard to property to perform or not perform specified acts with regard to property; usually found in such real estate documents as deeds, mortgages, leases and contracts for deed.

Question 9

covenant of quiet enjoyment

Answer 9

the covenant implied by law by which a landlord guarantees that a tenant may take possession of leases premises and that the landlord will not interfere in the tenant’s possession or use of the property

Question 10

deed

Answer 10

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

Question 11

deed in trust

Answer 11

An instrument that grants a rtustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary control the trustee’s use of these powers under the provisions of the trust agreement.

Question 12

descent

Answer 12

Acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law.

Question 13

devise

Answer 13

A transfer of rela property by will. The decedent is the devisor, and the recipient is the devisee.

Question 14

dower

Answer 14

The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. During the husbands lifetime, the right, the right is only a possibility of an interest; upon his death, it can become an interest in land.

Question 15

evidence of title

Answer 15

Proof of ownership of property; commonly a certificate of title, an abstract of title with lawyer’s opinion, title insurance, or a Torrens registration certificate.

Question 16

exception

Answer 16

The exclusion of a part of the property conveyed

Question 17

executor

Answer 17

An appointed person who carries out the directions of a will. A woman might be reffered to as executrix, although executor is the term most commonly used to refer to either a man or a woman.

Question 18

granting clause

Answer 18

Words in a deed of conveyance that the state the grantor’s intention to convey the property at the present time. This clause is generally worded as “convey and warrant”; “grant, bargain, and sell”; or the like.

Question 19

grantor

Answer 19

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

Question 20

grantee

Answer 20

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

Question 21

habendum clause

Answer 21

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.

Question 22

holographic will

Answer 22

A will that is written, dated, and signed in the testator’s handwritting

Question 23

general warranty deed

Answer 23

A deed in which the grantor fully warrants good, clear title to the premise, Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.

Question 24

intestate

Answer 24

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

Question 25

legacy

Answer 25

A disposition of money or personal property by will.

Question 26

minor

Answer 26

A person who has not reached the age of majority and, therefore, does not have legal capacity to transfer title to real property.

Question 27

notarization

Answer 27

Certification by a notary or other authorized official of validity of a signature on a document

Question 28

nuncupative will

Answer 28

An oral will declared by the testator in his final illness, made before witnesses and afterward reduced to writing; not permitted by all states.

Question 29

probate

Answer 29

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

Question 30

power of attoerney

Answer 30

A written instrument authorizing a person the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument.

Question 31

quitclaim deed

Answer 31

a coneyance the transfers whatever interest the grantor has in the specified real estate, without warranties or obligations.

Question 32

reconveyance deed

Answer 32

A deed used by a trustee under a deed of trust to return title to the trustor.

Question 33

reservation

Answer 33

Something that is retained by the seller :i.e, a life estate o an access easement)

Question 34

satisfaction

Answer 34

The amount of money to a seller for the product sold.

Question 35

short sale

Answer 35

sale of property in which the sales price is less than the remaining indebtedness.

Question 36

special warranty deed

Answer 36

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, generally using the language, “by through, or under the grantor but not otherwise.”

Question 37

statute of frauds

Answer 37

That part of a state law requires certain instruments, such as deeds, real estate sales contracts, and certain leases, to be in writing to be legally enforceable.

Question 38

“subject to”

Answer 38

A clause in a contract specifying exceptions or contingencies of a purchase

Question 39

testate

Answer 39

Having made and left a valid will

Question 40

testator

Answer 40

A person who has made a valid will. A woman might be referred to as a testatrix, although testator can be used for either a man or a woman.

Question 41

title

Answer 41

(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land.

Question 42

transfer tax

Answer 42

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

Question 43

trust deed

Answer 43

An instrument used to create a mortgage lien by which the borrower conveys title o a trustee, who holds it as a security for the benefit of the note holder (the lender); also called a deed of trust.

Question 44

trustee’s deed

Answer 44

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

Question 45

will

Answer 45

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