Texas Real Estate

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Author:
leakinmysoul
ID:
252836
Filename:
Texas Real Estate
Updated:
2013-12-12 15:52:30
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08 Transfer Property
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Description:
Transfer of Property
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  1. Chain of Title
    A list of all owners of a property from the first to the present
  2. Abstract of Title
    A complete history of all recorded events affecting title to the property
  3. Title Report
    A report outlining the current condition of the title - title commitment
  4. Title Commitment
    A report outlining the current condition of the title - title report
  5. RESPA
    Real Estate Settlement Procedure Act - Regulates closings on 1-4 family residential property with federally related financing
  6. HUD-1
    The hud uniform settlement statement - the closing statement dividing charges and expenses between the buyer and seller
  7. Escrow Agent
    The person responsible for closing the transaction as set forth in the sales contract, or preventing closing unless both the buyer and seller agree to any changes in the contract terms
  8. Alienation
    A change of ownership of real property
  9. Voluntary Alienation
    An owner transfers title to another, usually with a written document, such as a deed, will, or power of attorney
  10. Involuntary Alienation
    A transfer of ownership usually through the court as in foreclosure, bankruptcy, condemnation, escheat, adverse possession or inheritance without a will - also a change of ownership through acts of nature
  11. Accretion
    Soil is deposited on land as a result of the action of water, causing a change in land boundaries - the soil is called alluvion
  12. Avulsion
    The change in the direction of a river or stream often resulting in a change of land boundaries
  13. Erosion
    Soil is washed away from land causing a change in land boundaries or size
  14. Reliction
    Existing water, as in a river, dries up and land appears
  15. Conveyance
    Any document or instrument that transfers an interest in real property from one party to another - deed, patent, will, lease, etc.
  16. Deed
    A written document used to transfer an ownership interest in real property to another
  17. Grantor
    The party in a deed who is selling or transferring ownership to another
  18. Grantee
    The party in a deed who is receiving an interest in real property
  19. Legal Consideration
    In a deed, something of value given in exchange for an interest in real property - legal consideration can be "good" or "valuable"
  20. Good Consideration
    Love and affection
  21. Valuable Consideration
    Money or something that can be converted to money
  22. Words of Conveyance
    A granting clause in a deed - evidence that the grantor understands that he is transferring his interest to the grantee
  23. Habendum Clause
    "To have and to hold" clause in a deed stating the property interest to be transferred
  24. Execution of the Deed
    The grantor's signature on the deed
  25. Delivery and Acceptance
    The legal requirement that must be met for a deed to transfer title from the grantor to the grantee
  26. General Warranty Deed
    The deed that gives the grantee the best protection - the grantor warrants or guarantees title to the sovereignty of the soil - back to the first land owner
  27. Special Warranty Deed
    The grantor guarantees title only against defects arising during his period of ownership - prior defects are not covered
  28. Bargain and Sale Deed
    A deed with only one covenant - that the grantor has the right to convey the title - used in foreclosure, tax sale, etc.
  29. Quitclaim Deed
    A deed with no guarantees or warranties - it offers the buyer the least protection - can be used to correct or cure a defect or cloud on title
  30. Quiet Title Suit
    Also called an action to quiet title - a court procedure to correct or cure a defect or cloud on the title
  31. Covenant of Seisen
    A guarantee in a deed that the grantor has title and has the right to transfer that title to the grantee
  32. Covenant Against Encumbrances
    A guarantee in a deed that all known encumbrances are stated in the deed
  33. Covenant of Quiet Enjoyment
    A guarantee in a deed that the grantee's ownership will not be interrupted by title claims
  34. Patent
    A conveyance used by the government to transfer title to real property
  35. Dedication
    The act of a developer turning over the streets in a subdivision to the local government - accomplished by recording the plat
  36. Testator
    A party who makes out a will
  37. Testate
    A party who has a valid will
  38. Executor
    A party named in a will to settle the estate of the deceased
  39. Title by Devise
    Title to real property held by those who inherited the property through a will
  40. Intestate
    A party who does not have a valid will
  41. Administrator
    A party appointed by the court to settle the estate of an intestate
  42. Laws of Descent and Distribution
    The rules for distributing the property of an intestate
  43. Title by Descent
    Title to real property held by those who inherited the property without a will
  44. Attorney - In - Fact
    One who has power of attorney to act for annother
  45. Probate
    The judicial process to prove or confirm a will or settle an estate
  46. Recording
    Entering a document into the public records to give "notice to the world" or constructive notice
  47. Constructive Notice
    Notice to the world - accomplished by recording a document - or by taking possession of real property
  48. Acknowledgement
    A declaration to a notary that a signature is a free and voluntary act - verification of a signature
  49. Title Insurance Policy
    An insurance policy to compensate or reimburse the insured against any losses sustained as a result of defects in the title
  50. Subrogation Clause
    A clause in a title policy that allows the title company to assume the rights of a buyer with respect to any claim against a seller, if the title company has made payments to tah buyer to satisfy that claim
  51. Mortgagee's Title Policy
    A policy of title insurance to protect the lender - valid up to the outstanding loan balance
  52. Economic Life
    The period of time during which improvement contribute to value - the years that improvements are being depreciated
  53. Boot
    Additional capital or property included in a transaction to even out an exchange
  54. Tax Deferred Exchange
    An IRS sanctioned method for real estate investors to defer taxation of capital gains by making a property exchange rather than by selling the investment property
  55. Foreign Investment and Real Property Tax Act
    A federal law designed to insure that foreign investors and corporations will pay U.S. income tax on gains from the sale of U.S. real property
  56. Equitable Title
    The interest in real property held by a buyer with a signed sales contract that has not yet gone to closing
  57. Foreclosure
    The legal process instituted by a lender after a debtor's default on his payments
  58. Deficiency Judgment
    A suit filed by a lender against a borrower whose debt was not completely satisfied by a foreclosure sale
  59. Deed in Lieu of Foreclosure
    An alternative to foreclosure wherein the lender accepts a deed rather than funds to settle the debt - friendly foreclosure - voluntary deed
  60. Equity of Redemption
    A borrower's right, up to the moment of a foreclosure sale, to step in and pay what he owes and reclaim property forfeited due to mortgage default - equitable redemtpion
  61. Lis Pendens
    A recorded notice that a lawsuit affecting a particular property has been filed and is pending
  62. Short Sale
    A sale of secured real property that produces less money than is owed the lender - the lender releases its lien so property can be sold saving the delay and expense of foreclosure

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