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36 Cards in this Set
- Front
- Back
Mortgage Lien
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specific voluntary
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Mechanics Lien
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specific involuntary
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Confession of Judgment
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amicable judgment; explanation of rights
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satisfaction of judgement
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filed when property is sold to satisfy a judgement
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attachments
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court retains custody of property to prevent debtor from conveying it while court suit is being decided
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Lis Pendens
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notice in public record of a possible future lien against a parcel of real estate as a result of a lawsuit
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Federal Estate & State Inheritance Taxes
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General, Involuntary
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Municipal Utilities
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Specific, Involuntary
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Commercial Real Estate Broker Lien
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Enables real estate brokers to place a specific involuntary lien against property for non-payment of services; applies only to commercial transactions
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Domestic Support Lien
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(deadbeat parent law) Makes overdue child support obligations a general involuntary lien on all real estate owned by the person obligated to pay support
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Surety Bail Bond Lien
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Specific, Voluntary
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Corporation Franchise Tax Lien
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General, Involuntary
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IRS Tax Lien
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General, Involuntary
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Judgement
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General, Involuntary lien; the result of a lawsuit that gives the sheriff permission to seize & sell personal and real property to satisfy a debt.
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A written instrument by which an owner of real estate intentionally conveys to another the owner's rights, title, or interest in a parcel of real estate
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Deed
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Grantor
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The owner conveying property
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Grantee
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One acquiring title/property
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"I own" fee simple title with power to convey
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covenant of Seisin
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free of encumbrances except those stated in deed
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covenant against encumbrances
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3rd party claims (peaceable possession)
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covenant of quiet enjoyment
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will make good the title
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covenant of further assurance
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no time limit. if the title fails, i will compensate you for losses "back to the Indians"
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covenant of warranty forever
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Trust deed
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means by which a TRUSTOR conveys real estate to a TRUSTEE for the BENEFIT OF A BENEFICIARY
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Deed IN Trust
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puts real property into a trust; trustor conveys PROPERTY into a trust to be held by a trustee for the benefit of a beneficiary
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Deed OF Trust
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conveys title to trustee to hold as security enabling the truster to pledge the actual real estate as security for a loan; serves the same purpose as a loan
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Trustee's Deed
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executed by a trustee to convey property out of a trust
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when an adverse user can tack on his period of time of use to that of prior adverse occupants
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tacking
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Person who died having a will
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Testate
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Intestate
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Person who died without a will
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Devise
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gift of real property in a will
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Devisor
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Giver of real property in a will
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Devisee
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Recipient of real property through a will
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Heir
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one who takes property through the law of descent
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Legacy/Bequest
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personal property given through a will
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Beneficiary
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a person receiving personal property through a will
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Probate is a legal process by which
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a court determines the assets of the deceased person & who will inherit the property
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