Il Real Estate Ch#12

Front 1

Define grantee:

Back 1

a person who receives a conveyance of real property from a grantor

Front 2

Define habendum clause:

Back 2

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

Front 3

Define quitclaim deed:

Back 3

a conveyance by which the grantor transfers whatever interest he/she has in the real estate,without warranties or obligations

Front 4

Define bargain and sale deed:

Back 4

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

Front 5

Define special warranty deed:

Back 5

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

Front 6

Define reconveyance deed:

Back 6

a deed used by a trustee under a deed of trust to return title to the trustor

Front 7

Define deed in trust:

Back 7

an instrument that grants a trustee under a land trust full power to sell,mortgage, and subdivide a parcel of real estate

Front 8

Define general warranty deed:

Back 8

a deed in which the grantor fully warrants good clear title to the premises

Front 9

Define title:

Back 9

1)the right to or ownership of land
2)the evidence of ownership of land

Front 10

Define involuntary alienation:

Back 10

the act of involuntary transferring property to another as through eminent domain or adverse possession

Front 11

Define testate:

Back 11

having made and left a valid will

Front 12

Define adverse possession:

Back 12

the actual,open,nostorious ,hostile and continuous possession of anothers land under a claim of title

Front 13

Define testator:

Back 13

a person who has made a valid will

Front 14

Define devise:

Back 14

a gift of real propertyby will

Front 15

Define intestate:

Back 15

the condition of a property owner who dies without leaving a valid will

Front 16

Define heir:

Back 16

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

Front 17

Define transfer tax:

Back 17

tax stamps required to be affixed to a deed state and/or local law

Front 18

Define trustee's deed:

Back 18

a deed excuted by atrustee conveying land held in a trust

Front 19

Define probate:

Back 19

a legal process by which a court determines who will inherit a decedents property and what the estates assets are

Front 20

Define will:

Back 20

a written document,properly witnessesd,providing for the transfer of title to property owned by the deceased

Front 21

Define acknowledgment:

Back 21

a formal declaration made before a duly authorized,usually a notary public, by a person who has signed a document

Front 22

Define granting clause:

Back 22

words in a deed of conveyance that state the grantor's intention to convey the property at the present time

Front 23

Define deed:

Back 23

a written instrument that,when excuted and delivered,conveys title to or an interest in real estate

Front 24

What are the 9 minimum requirements for a valid deed in IL?

Back 24

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

Front 25

8 most common deeds:

Back 25

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

Front 26

Probate is a formal judicial process that does what?(3 items)

Back 26

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