Vocabulary for Title Flashcards by Kathy Davis

the loss of land due to sudden and violent acts of nature

Avulsion

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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

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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

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an individual appointed by the court to handle the estate of a party who dies without a will

Administrator

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facts that are known to be true, actual, knowledge

Actual notice

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signing a legal document before a Notary Public or other authorized person

Acknowledgement

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the gradual build up of land by wind or water

Accretion

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a clause in a loan document calling for the entire balance due and payable when property is sold

Alienation Clause

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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

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person to person transfer of title

Actual Notice

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the settling of estates by probate after death

Administrators Deed

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signed and witnessed affidavit of value, part of all recorded deeds; helps assessor to assign property tax

Affirmation of Value

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what the notary signs, saying they witnessed the signing and that this is the signature of the person

Attest

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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

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leaving personal property to an heir through a will; does not apply to real property

Bequest

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a document showing transfer of private property

Bill of Sale

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a conveying deed that is used to transfer real property to ones heirs without going through probate

Beneficiary Deed

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an amenment to a formal will

Codicil

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title that appears valid but due to a hidden fact is actually void

Color of Title

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a term used when a document is recorded or printed in a public document

Constructive Notice

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transfer of title to real property, evidenced by a deed

Conveyance

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a deed that corrects an error on a previously recorded deed

Correction Deed

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a promise made between two or more parties usually pertaining to contracts and deeds

Covenant

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promise in a deed by grantor for the protection of grantee, usually found in B&S deeds and Warranty deeds

Covenants in a Deed

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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