Upgrade to remove ads
Only $35.99/year

Title and Transferring Real Estate Review Flashcards

Terms in this set (52)

title
The legal concept of property ownership and the rights that go with it
deed
A legal document conveying title to or interest in real estate; establishes legal ownership
grantor
The individual or entity (usually the seller) conveying the property to another
grantee
The individual or entity (usually the buyer) to which a property title is conveyed and is named in the deed
abstract of title
A condensed history of a title; a summary of all links in the chain, including other public record matters affecting the title, a legal description of the property, and a summary of every related document in chronological order
evidence of title
Proof of property ownership, usually a deed
examination of title
The title report derived from public records or an abstract of title
Certificate of title
A statement of opinion on the status of a title to real property
Chain of title
Establishes the title history or the path and proof of property ownership through a public records search for successive conveyances of title and encumbrances; each owner is considered to be a "link" in the chain
Equitable title
A right in property to have legal title conveyed once terms of the purchase agreement are met
Legal title
Ownership interest that is enforceable by law
Marketable title
A title that is reasonably free and clear of encumbrances so that the average buyer would not hesitate to consummate a sale
Covenant of seisin
Deed warranty stating that the grantor is the actual owner of the property being conveyed and has the right to convey it
Covenant of right to convey
Deed warranty that the grantor can legally grant/convey both title and possession of the property
Covenant against encumbrances
The grantor warrants that there are no encumbrances on the property that are not mentioned in the deed
Covenant of quiet enjoyment
A deed warranty that states the grantor guarantees that the grantee will be able to enjoy the property free of claims by anyone else
Covenant of further assurances
The grantor promises to provide any additional assurances that the grantee reasonably requires, and will perform any acts necessary to correct any defects in the title being conveyed
Covenant of warranty
A deed warranty that the grantor will protect and defend the grantee (buyer) against anyone who attempts to claim a superior title to the property
quitclaim deed
A deed that does not offer any warranties but simply releases the current owner's claims to the property
cloud on title
Aka title defect; any encumbrance, such as a lien or inheritance claim, that impedes the conveyance of a property; may be removed with a quitclaim deed
executor's deed
A deed that conveys real property from a decedent's estate to a buyer
referee's deed
A deed that contains no covenants or warranties but does imply ownership (seisin); often used in bankruptcy proceedings and foreclosures; aka sheriff's deed
deed of trust
Similar to a mortgage, in this document, the borrower conveys title for the property to a trust, which holds it as security for the lender
General warranty deed
Aka full covenant and warranty deed; A deed that grants the most protection to the buyer because it carries all the possible covenants of the grantor
voluntary alienation
The loss of real property ownership with the owner's consent (e.g., traditional sale)
deed of gift
Transfer to new owner when no consideration is required
dedication by deed
Formally conveying a parcel of land to the government without consideration and for the public's use
will
A written document detailing the disposition of assets after death, and other wishes, signed by the testator
testate
Dying with a will in place
devisor
One who devises (gives something, such as real property) in a will
devisee
A person who inherits property from a will
devise
To leave something to someone in a will
Adverse possession
A person actually and visibly possesses someone else's real property for a statutory length of time and then claims it as his or her own; openly hostile to another's ownership claim
Court-ordered partitioning of property
When tenants in common don't get along, sometimes they will ask the courts to help them partition the property: "You take your half; I'll take mine," is the idea.
Descent
The succession to the estate property by inheritance or by an act of law
Escheat
The state's power to claim the estate of a deceased person who left no will, heirs, or creditors
Eminent domain
The power of the government to take private property for public use
taking
Governmental appropriation of property; a taking may or may not use the power of eminent domain
Foreclosure
A lender forces the sale of a property because the buyer has defaulted on the loan
Erosion
The wearing away of land by wind, water, and other natural disturbances
Accession
The addition of value to property through labor or the addition of new materials, including an increase in land through natural processes
Accretion
The gradual growth in the size of a land parcel due to water-deposited sand, silt, or gravel
Reliction
The gradual creation of land when adjacent water levels recede
Avulsion
The sudden washing away of or addition to the land, either increasing or decreasing land's size
involuntary alienation
The transfer of real property ownership without the owner's consent (e.g., foreclosure)
Real property
Real estate plus the interest, benefits, and rights included with ownership
Personal property
Property that is movable, may be owned by a person, and is not real property
fixture
An item that is permanently attached to real property.
bill of sale
A document that details the provisions of selling property or goods by the vendor to the vendee
bequest
Personal property that is willed
testator
One who drafts a valid will
beneficiary
The recipient of personal property under the terms of a will
Sets found in the same folder