Unit 7 Transfer Of Title Flashcards
Define Acknowledgment
A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. 105
Define adverse Possession
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. 111
Define Bargain and sale deed
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. 107
Define Deed
A written instrument that, when executed and delivered, conveys title to or an interest in real estate. 102
Define Deed of trust
An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a deed of trust. 108
Define Devise
A transfer of real property by will. The decedent is the devisor, and the recipient is the devisee. 112
Define General warranty deed
A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. 106
Define Grantee
A person who receives a transfer of real property from a grantor. 102
Define Granting clause
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. 104
Define Grantor
The owner transferring title to or an interest in real property to a grantee. 103
Define Habendun
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. 104
Define Intestate
The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent’s heirs, as provided in the state law of descent. 110
Involuntary alienation
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. 102, 110
Define Probate
A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are. 112
Define Quitclaim deed
A conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations. 107
Define Reconveyance deed
A deed used by a trustee under a deed of trust to return title to the trustor. 108
Define special warranty deed
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.” 107
Define testate
Having made and left a valid will. 111
Define testator
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. 112
Define Title
(1)The right to ownership or the ownership of land. (2) The evidence of ownership of land. 102
Define Transfer tax
Tax stamps required to be affixed to a deed by state and/or local law. 109
Define Trustee’s deed
A deed executed by a trustee conveying land held in a trust. 107
Define Voluntary alienation
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. 102, 110
Define Will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator. 112
Define good and indefeasible title
A title that cannot be annulled or rendered void.
Define offeror/offeree
The person who makes the offer is the offeror. The person to whom the offer is made is the offeree. 204
Define tax deed
An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. See also certificate of sale. 227
