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Real Estate Sales Agent

CONSTRUCTIVE NOTICE

Public notice given by recording a document with the county recorder

WILL

A written instrument by which a person makes a disposition (final settlement) of his or her property to take effect after his or her death

TITLE

Evidence of ownership of land

GRANTEE

The person receiving the property or to whom it is being conveyed

GRANTOR

The person conveying, or transferring, the property

HOLOGRAPHIC WILL

Written in the maker's own handwriting, dated, and signed by the maker

GIFT DEED

Used to make a gift of property to a grantee who is usually a close friend or relative

ACKNOWLEDGMENT

A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will

CONSIDERATION

Anything of value; one of the essentials of a valid contract

INTESTATE

Dying without leaving a will

QUITCLAIM DEED

Transfers any interest the grantor may have at the time the deed is signed, with no warranties of clear title

CODICIL

A change in a will before the maker's death

ACTUAL NOTICE

Notice given by possession of property

ABSTRACT OF TITLE

A full summary of all consecutive grants, conveyences, wills, records and judicial proceedings affecting title to a specific parcel or real estate

WARRANTY DEED

A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California

PRINCIPAL

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller

TESTATOR / TESTATRIX

A person who has made a will

PUBLIC GRANT

The transfer of title by the government to a private individual

BEQUEST

A gift of personal property by will (see legacy)

PUFFING

Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations

ACTION

A lawsuit brought to court

COUNTEROFFER

The rejection of an original offer that becomes a new offer

RELICTION

Occurs when land that has been covered by water is exposed by the receding of the water

ADVERSE POSSESSION

Acquiring title to property by continued possession and payment of taxes

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