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26 Cards in this Set

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Define grantee:
a person who receives a conveyance of real property from a grantor
Define habendum clause:
the part of a dee beginning with the words "to have and to hold",following the granting clause and defining the extent of ownership the grantor is conveying
Define quitclaim deed:
a conveyance by which the grantor transfers whatever interest he/she has in the real estate,without warranties or obligations
Define bargain and sale deed:
a deed that carries with it no warranties against liens or other emcumbrances but that does imply that the grantor has the right to convey title
Define special warranty deed:
a deed in which the grantor warrants,or guarantees the title only against defects arising during the periodof his/her tenure and ownership of the property and not against defects existing before that time
Define reconveyance deed:
a deed used by a trustee under a deed of trust to return title to the trustor
Define 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
Define general warranty deed:
a deed in which the grantor fully warrants good clear title to the premises
Define title:
1)the right to or ownership of land
2)the evidence of ownership of land
Define involuntary alienation:
the act of involuntary transferring property to another as through eminent domain or adverse possession
Define testate:
having made and left a valid will
Define adverse possession:
the actual,open,nostorious ,hostile and continuous possession of anothers land under a claim of title
Define testator:
a person who has made a valid will
Define devise:
a gift of real propertyby will
Define intestate:
the condition of a property owner who dies without leaving a valid will
Define 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
Define transfer tax:
tax stamps required to be affixed to a deed state and/or local law
Define trustee's deed:
a deed excuted by atrustee conveying land held in a trust
Define probate:
a legal process by which a court determines who will inherit a decedents property and what the estates assets are
Define will:
a written document,properly witnessesd,providing for the transfer of title to property owned by the deceased
Define acknowledgment:
a formal declaration made before a duly authorized,usually a notary public, by a person who has signed a document
Define granting clause:
words in a deed of conveyance that state the grantor's intention to convey the property at the present time
Define deed:
a written instrument that,when excuted and delivered,conveys title to or an interest in real estate
What are the 9 minimum requirements for a valid deed in IL?
1)grantor
2)grantee
3)recital of consideration
4)granting clause
5)accurate leagal description of the propert conveyed
6)any relevant exceptions or reservations
7)signature of grantor
8)delivery of the deed and acceptance by the grantee to pass title
9)DATE
8 most common deeds:
1)general warranty deed
2)special warranty deed
3)bargain & sale deed
4)quitclaim deed
5)deed in trust
6)trustee's deed
7)reconveyance deed
8)deed excuted pursuant to a court order
Probate is a formal judicial process that does what?(3 items)
1)proves na d confirms the validity of a will
2)determines the precise assets of the deceased person
3)identifies the persons to whom the assets are to pass