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26 terms

Ch 12: Transfer of Title

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Acknowledgment
Formal declaration by someone like a notary that the signature is both voluntary (no force) and genuine (no forgery)
Adverse possession
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
Deed
Written document that, when executed and delivered, conveys title to or an interest in real estate
General Warranty Deed
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
Bargain and Sale Deed
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
Deed in Trust
An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement
Devise
A gift of real property by will. The donor is the devisor and the recipient is the devisee
Grantee
The person who receives a conveyance of real property from a grantor
Granting Clause
Words in deed on 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
Grantor
The person transferring title to or an interest in real property to a grantee
Heir
One who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will
Reconveyance Deed
A deed used by a trustee under a deed of trust to return title to the trustor
Special Warranty Deed
A deed in which the grantor warrants, or guarantees, 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."
Testate
Having made and left a valid will.
Testator
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.
Title
(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land.
Vested Interest
A present right, interest or title to property that gives the holder the right to convey it to another, even thought the right might not be enjoyed by one or both of the parties.
Voluntary Alienation
Voluntary transfer of title to Real Estate property, either a gift or selling of property
Will
A written document, properly witnessed, providing for the transfer of title to property owned by the decease, called the testator.
Transfer Tax
Tax on the transfer of real property; may require that stamps be attached to deed
Habendum Clause
"To have and to hold" clause in a deed defining the extent of ownership bing granted; i.e., a life estate or a defeasible fee
General Warranty Deed
Deed that offers the most protection in which grantor fully warrants good clear title to the premises
Intestate
Person dies without a valid will; his or her property will pass to heirs as provided in the state law of descent
Probate
A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are
Quit Claim Deed
A conveyance by which the grantor transfers whatever interest he or she has in real estate, without warranties or obligations
Deed
A written instrument that, when delivered, conveys title to or an interest in real estate