Real Estate Definations Chapter 12

Front 1

Acknowledgment

Back 1

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

Front 2

Adverse Possession

Back 2

The actual open, notorious, hostile and continuous possession of anothers' land under a claim of title. Possession for a statutory period

Front 3

Bargain and sale deed

Back 3

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 as his or her discretion

Front 4

Deed

Back 4

A written instrument that when executed and delivered conveys title to or an interest in real estate

Front 5

Deed of trust

Back 5

An instrument used to create a mortgage lien by which the borrower conveys title to a trustee who holds it as security for the benefit of the note holder (the lender)

Front 6

Deivse

Back 6

A gift of real property by will. The donor is the devisor and receipient the devisee

Front 7

General Warranty deed

Back 7

Added in which the grantor fully warrants good clear title to the premisis. Used in most real estate deed transfers, a general warantee deed offers the greatest protection of any deed.

Front 8

Grantee

Back 8

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

Front 9

Granting Clause

Back 9

Words in a deed of conveyance that state the grantors intention to convey the property at the present time. General worded as "convey and warrant" "Grant" "Grant, bargain and sell" or the like.

Front 10

Grantor

Back 10

The person transferring title to or an interest in real property to a grantee

Front 11

Habendum Clause

Back 11

The part of a deed beginning with the words "to have and to hold" following the granting clause and defining the extent of ownership the grantor is conveying.

Front 12

Heirs

Back 12

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 13

Intestate

Back 13

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decendents heirs as provided in the state law of descent.

Front 14

Involuntary Alienation

Back 14

The act of transferring property to another involuntarily as through eminent domain or adverse possession

Front 15

Probate

Back 15

A legal process by which a court determins who will inherit a decendents property and what the estates assets are.

Front 16

Quitclaim deed

Back 16

A conveyance by which the grantor transfers whatever interest he or she has in the real estate without warrantee or obligations

Front 17

Reconveyance deed

Back 17

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

Front 18

Special Warranty Deed

Back 18

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.

Front 19

Testate

Back 19

Having made and left a valid will

Front 20

Testator

Back 20

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.

Front 21

Title

Back 21

The right to ownership or the ownership of land. The evience of ownership of land

Front 22

Transfer Tax

Back 22

Tax stamps required to be affixed to a deed by state and or local law.

Front 23

Trustee's deed

Back 23

A deed executed by a trustee conveying land held in a trust.

Front 24

Vested interest

Back 24

A present right, interest, or title to property that gives the holder the right to convey it to another even though the right might not be enjoyed until a future time.

Front 25

Voluntary Alientaion

Back 25

The act of transferring property to another by sale or gift. You voluntarily transfer without force or someone taking the property away

Front 26

Will

Back 26

A written document, properly wittnessed, providing for the transfer of title or property owned by the deceased, called the testator.