Chp 12 Transfer of Title

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Author:
IQ
ID:
229996
Filename:
Chp 12 Transfer of Title
Updated:
2013-08-14 14:41:10
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Real Estate
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Description:
Real Estate
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  1. A formal declaration made before a duly
    authorized officer, usually a notary public, by a person who has signed a
    document.
    Acknowledgment
  2. 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.
    Adverse possession
  3. 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 at his or
    her discretion.
    Bargain and sale deed
  4. A written instrument that, when executed and
    delivered, conveys title to or an interest in real estate.
    Deed
  5. A deed of trust (or deed in trust in some
    states) is the means by which a trustor conveys real estate to a trustee for
    the benefit of a beneficiary.
    Deed of trust
  6. A gift of real property by will. The donor is
    the devisor, and the recipient is the devisee.
    Devise
  7. 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.
    General warranty deed
  8. A person who receives a transfer of real
    property from a grantor.
    Grantee
  9. 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.
    Granting clause
  10. The owner transferring title to or an interest
    in real property to a grantee.
    Grantor
  11. 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.
    Habendum clause
  12. A legal process by which a court determines who
    will inherit a decedent’s property and what the estate’s assets are.
    Probate
  13. A conveyance by which the grantor transfers
    whatever interest he or she has in the real estate, without warranties
    obligations.
    Quitclaim deed
  14. A deed used by a trustee under a deed of trust
    to return title to the trustor.
    Reconveyance deed
  15. A deed in which the grantor warrants, or
    guarantee, the title only against defects arising during the period of his or
    her 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.”
    Special warranty deed
  16. Having made and left a valid will.
    Testate
  17. A person who has made a valid will. A woman
    often is referred to as a testatrix, although testator can be used for either
    gender.
    Testator
  18. (1) The right to ownership or the ownership of
    land. (2) The evidence of ownership of land.
    Title
  19. Tax stamps required to be affixed to a deed by
    state and/or local law.
    Transfer tax
  20. One to whom something is entrusted and who holds
    legal title to property and administers the property for the benefit of a
    beneficiary. Or a member of a board entrusted with the administration of an
    institution or organization, such as a cooperative.
    Trustee’s deed
  21. See alienation.
    Voluntary alienation
  22. A written document, properly witnessed,
    providing for the transfer of title to property owned by the deceased, called
    the testator.
    Will

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