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A contract between an owner of real property and a real estate agent under which the agent is retained to secure a purchaser for the property at a specified price, for a commission.
a legal document signed and sealed and delivered to effect a transfer of property and to show the legal right to possess it: must be in writing; must identify the grantor and grantee; must state type of ownership (fee simple jt. ten; etc.); words of conveyance; sufficient legal description. No consideration need be stated; title transfers on date it is delivered to grantee, even if it is never recorded
metes and bounds
Legal description that begins at a well marked point and follows the boundaries around the tract, back to the place of beginning; distances and directionsk&4
retangular survey system
Takes into consideration base lines and meridians, townships and sections. Townships are located in Ranges, One township is 36 section. Each section contains 640 acres, which is 1 sq mi. Each acre contains 43,560 sq. ft.
A map of a town, section or subdivision indicating the location and boundaries of individual properties; includes easements, covenants, setback descriptions, sidelot requirements, or lot measurements
delivery and acceptance
when the grantor delivers the deed and the grantee accepts the deed. this is necessary for conveyance of title.
formal witnessing by public official (notary public); that grantor's declaration that his/her execution was free and voluntary act
covenants of title
covenants of seisin; right to convey; covenant against encumbances; covenant of quiet enjoyment; covenant of warranty; etc.
covenant of seisen
grantor warrants that they own the interest in the land that they are purporting to convey and has right and power to transfer it
Anything - such as a mortgage, tax or judgment lien, an easement, a restriction on the use of the land, or an outstanding dower right -that may diminish the value or use and enjoyment of a property
liens against property
monetary obligations against a property; e.g., mortgages, taxes, special assessments; judgments
Limits the use of the property such as deed restrictions, easements, or restrictive covenants.
covenant of quiet enjoyment
Covenant that promises that grantee will enjoy quiet and peaceful possession of the property.
warranty and further assurances
Grantor will defend grantees title against lawful claims existing at the time of transfer
special warranty deed
aka limited warranty deed: contains all same warranties as a warranty deed but covers only defects that were created or came into existence while the grantor was the owner of the property
doctrine which buyer's acceptance of the deed extinguishes his/her rights under the purchase contract as the right relates to title.
Process of recording a deed or other document showing an interest in land with the Office of the County Recorder
The recording of a document or an instrument in the public records designed to give adequate notice to all; has no bearing on the legal effectiveness of instrument
an examination of chronological documents recording title to the property to ensure the owner has a clear title
chain of title
Succession of conveyances from some accepted starting point, whereby the present hold of title derives the title, there should be no "breaks" in the succession
marketable title acts
done to settle title disputes, require title searcher to go back 40 years. If 40 years reveal cloud free title, it is marketable. Extinguishes older claims.
unbroken chain of title
free from forgery, minority or other incapacity of grantor, failure of delivery; misrepresentiton of marital status, free from claim by omitted person or heir.
abstract of title
A chronological summary of all official records and recorded documents affecting the title to a parcel of real property.
Policy insuring the owner or mortgagee against loss by reason of defects in the title of a parcel of real estate
A system for registration of land under which a court issues a certificate of title that states the status of the title
pure race statute
Statute under which the buyer who wins the "race" to the courthouse and records the deed first is the buyer who prevails.
pure notice statute
When a subsequent buyer takes title without acqual knowledge of a prior, unrecorded conveyance, and records her deed, she shall prevail.
Under a race-notice statute, a later purchaser not only must be bona fide but also must record the deed before other purchasers.
a conditional conveyance of property as security for the repayment of a loan; real estate given as collaeral
gradual extinction of a monetary obligation by periodic payments that usually includes interest
deed of trust
An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a trust deed
the borrower retains legal title to the property and grants a lien to the lender as security for repayment of the loan
release of mortgage
a document signed by the lending institution when a mortgage has been satisfied in full.
deed of reconveyance
Document recorded by Trustee under the Deed of Trust, when the secured obligation has been paid in full.
A written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.
Substituting a new obligation for an old one or substituting new parties to an existing obligation
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