Vocabulary for Title Flashcards
the loss of land due to sudden and violent acts of nature
Avulsion
a sworn statement that identifies the Grantor, Grantee and states the value of real property; must be signed by both and notarized; buyer records through title company
Affidavit of Value
acquiring title to real property due to continuous, open and hostile use for a prescribed length of time; involuntary alienation; prescription; owns title, not just use
Adverse Possession
an individual appointed by the court to handle the estate of a party who dies without a will
Administrator
facts that are known to be true, actual, knowledge
Actual notice
signing a legal document before a Notary Public or other authorized person
Acknowledgement
the gradual build up of land by wind or water
Accretion
a clause in a loan document calling for the entire balance due and payable when property is sold
Alienation Clause
when there is no deed or possession; might be a history with a book of copies; lowest claim of Title; and attorney’s opinion after looking over the record
Abstract of Title
person to person transfer of title
Actual Notice
the settling of estates by probate after death
Administrators Deed
signed and witnessed affidavit of value, part of all recorded deeds; helps assessor to assign property tax
Affirmation of Value
what the notary signs, saying they witnessed the signing and that this is the signature of the person
Attest
a conveying deed that has 3 covenants but no warranties; frequently used in an operation of law such as Sheriff’s Sale, Trustee, Executor or Treasurer’s deeds
Bargain and Sale Deed
leaving personal property to an heir through a will; does not apply to real property
Bequest
a document showing transfer of private property
Bill of Sale
a conveying deed that is used to transfer real property to ones heirs without going through probate
Beneficiary Deed
an amenment to a formal will
Codicil
title that appears valid but due to a hidden fact is actually void
Color of Title
a term used when a document is recorded or printed in a public document
Constructive Notice
transfer of title to real property, evidenced by a deed
Conveyance
a deed that corrects an error on a previously recorded deed
Correction Deed
a promise made between two or more parties usually pertaining to contracts and deeds
Covenant
promise in a deed by grantor for the protection of grantee, usually found in B&S deeds and Warranty deeds
Covenants in a Deed
the Grantor promises that he has possession of the property and has the right to convey it
Covenant of Seizin
a promise that the grantee has the highest claim to ownership
Covenant of Quiet Enjoyment
the Grantor promises that he has revealed all items that burden the property
Covenant against Encumbrances
this general category includes bargain and sale, special warranty and warranty deeds
Conveying Deeds
the recorded history of title on one property
Chain of Title
any document , claim, unreleased lien or encumbrance that casts doubt on the title
Cloud on Title
both parties must be required to do something; most contracts require $$ value and this is called valuable….
Consideration
transfer of title using a deed
Conveyance
a document signed by either party to disavow any interest in a property; denies a community interest so used with a husband and wife
Disclaimer Deed
the conveyance of real property through a will
Devise
one who receives property through a will
Devisee
the person who transfers real property through a will
Devisor
distribution of property to heirs when one dies intestate with heirs but no will; subject to probate
Descent
the legal written document used to transfer ownership of real property; must have competent and identifiable grantor, granting clause, legal description, legal consideration, acknowledge signature by grantor and delivery to grantee
Deed
must be done during the grantor’s lifetime and can be done “actual” or through a third party like a title company
Delivery of Deed
the method used to show one’s proof of ownership
Evidence of Title
the gradual wearing away of the soil by acts of wind or water
Erosion
a written will that is signed and witnessed; aka conventional
Formal Will
the person who conveys an interest in real property via deed
Grantor
the person who receives an interest in real property via a deed
Grantee
the transferring of real property by a deed
Grant
the words in a deed that state “I hereby grant and convey”
Granting Clause
love and affection in exchange for real property
Good consideration
a deed that is conveyed with love and affection as the consideration
Gift Deed
a conveying deed in which the grantor states that he or she will forever guarantee the title of real property; 3 covenants, 2 warranties; highest and best
General Warranty Deed
“to have and to hold”; might convey a part and not whole;sets forth or limits the interest in the title
Habendum Clause
a will written and signed but not witnessed
Holographic Will
a person who dies without a will
Intestate
the transferring of ownership against one’s will; can be by natural causes or by operation of law
Involuntary alienation
money or personal property left to another through a will
Legacy
one who receives money or personal property though a will
Legatee
one who gives money or personal property through a will
Legator
the lawful claim to ownership
Legal Title
an extended coverage or BROAD form coverage of Title Insurance policy purchased for the Lender; is assumable; void after loan is paid; does not insure against gaps in title or items in public record; does insure against questions of survey, mechanics liens and parties in possession
Lender’s Policy
an ancient ceremony of handing over title, sometime using real soil
Livery of Seizen
an oral will that is witnessed like a deathbed autterance ; not used in AZ
Nuncupative Will
a Title Insurance policy purchased for the benefit of the buyer; valid as long as buyer owns property; not transferable upon future sale; protects against hidden defects (forgery), incorrect status or title company error
Owner’s Policy
The instrument used by a Sovreign Power to transfer real property to an individual
Patent Deed
an appointed individual authorized to settle an estate
Personal Representative
use of land that is adverse but lawful
Prescription
a court action to remove a cloud on title and create marketable title
Quiet Title Suit
A deed which releases any or all interest one may have in real property; this deed stops something; often used to remove cloud on title; releases interest, does not convey title
Quit Claim Deed
the gaining of land due to subsidence of water of a non-naviagable stream
Reliction
deed given by sheriff at the completion of a mortgage foreclosure sale
Sheriff’s Deed
a conveying deed in which the grantor guarantees the title of real property only as long as he has owned it; 3 covenants, 1 warranty; limiting liability
Special Warranty Deed
having dies with a will; requires probate
Testate
a deed given by the trustee to convey property out of trust; a bankruptcy sale would use this deed; also a trustees sale
Trustees Deed
the party who signs the Trust Deed; the borrower in a trust deed
Trustee
the legal proof of real property ownership
Title
insurance in a real estate transaction that protects the parties against Trust defects
Trustee Insurance
a registration system that accurately determines ownership and claims to real property; not used in AZ which uses Title Insurance
Torrens System
something of monetary value given in exchange for real property
Valuable Consideration
the grantor guarantees forever the title conveyed
Warranty Forever
the grantor promises to deliver all necessary documents in order to convey clear title; to perfect the title when necessary
Warranty of Further Assurance
an unrecorded document that creates a gap in the chain of title
Wild Deed
quit claim, disclaimer, correction and fiduciary deeds are this kind of deed
Releasing Deed
is recordation of deed mandatory?
No but it enforces it and established chain of title
this trumps a recorded deed with no possession
Possession with unrecorded deed
these are not insured with any Title Insurance
Gaps in Chain of Title or Items in Public Record
an exchange of right of title for money
Subrogation
a person who researches public record, tells the status of title and produces a preliminary title report
Title Examiner
a place that holds all title notices, reports etc
Title Plant
a commitment to title with schedule A and B
Preliminary title report (PTR)
involuntary due to nature; examples are accretion, alluvial deposits, reliction
Acquisition of land
deposits of dirt
Alluvial deposits
gaining dirt through receding waters only if navigable in AZ
Reliction
involuntary alienation by property tax foreclosure
Treasurers Deed
involuntary alienation with no will or no heirs; held by county; goes to state after 5 years due to abandonment
Escheat
involuntary alienation due to government; must provide fair compensation
Eminent Domain
continuous adverse possession by different owners; owner A= 3 yrs; owner B=3 yrs; owner c=6 yrs; combined = 10 years
Tacking
