Chain of Title Flashcards

Chain of Title Flashcards Avoid taxation with property exchange.Tax Deferred Exchange A person named in the will to settle the estate. Executor One with the power of attorney.Attorney-in-fact Interest between purchase and closing on real property.Equitable Title Time to depreciate property improvements. Economic Life Notarized StatementAcknowledgement

Real Estate Settlement Procedures Act: 1-4 family RESPA

Owner transfers ownership with written document Voluntary Alienation Transfer of Ownership through a court order, natureInvoluntary Alienation Suit filed by lender against borrower for foreclosure sale shortage.Deficiency Judgment Borrower can repay debt up to foreclosure sale. Equity of Redemption A guarantee that all deed encumbrances are listed. An encumbrance is any title problem that isn't a lack of title that would breach the covenants of seisin and right to convey. Mortgages, liens, easements, and covenants are all encumbrances. The covenant against encumbrances is a covenant against encumbrances. It's a promise that no such interests encumber the property.Covenant Against Encumbrances Judicial process to settle an estate with will (testate)Probate Law to make sure Foreigner's pay US income tax on real property gains.Foreign Investment and Real Property Tax Act.Soil deposited (aggregated) from water action. Accretion Who settles an estate with no will.Administrator A guarantee that there will be no title claims. Covenant of Quiet Enjoyment Water dries up providing more land. "Re" means bring backReliction To have and to hold, the part of a deed or conveyance that states the estate or quantity of interest to be granted, e.g., the term of a lease.Habendum Clause A deed with no guarantees or warranties. Used to correct a cloud on the title.Quitclaim Deed Love and affectionGood Consideration A deed with only one covenant- that the grantor has the right to convey the title-used in foreclosure, tax sale, etc.Bargain and Sale Deed The legal requirement that must be met for a deed to transfer title from the grantor to the grantee.Delivery and Acceptance HUD closing statementHUD-1 Grantor''s guarantee in a deed. The covenant is that the grantor owns the estate that the deed says it conveys to the grantee. This covenant promises that no one else has any conflicting possessory interests, present or future. If

someone else owns some part of the described land, that would violate the covenant.Covenant of Seisen Lender accepts deed for forgiveness of debt. Deed in Lieu of Foreclosure Change in direction of river changing land boundaries.Avulsion

Additional capital or property included to even out an exchange.Boot A party without a valid willIntestate The party in a deed who is buying or receiving ownership from another.Grantee Defect in title insuranceTitle Insurance Policy The grantor guarantees title only against defects arising during his period of ownership-prior defects are not covered.Special Warranty Deed Recorded notice that a lawsuit has been filed. Lis Pendens Legal process when debtor defaults.Foreclosure Lendor forgives foreclosure shortage by releasing the lien.Short Sale The party in a deed who is selling or transferring ownership to another.Grantor Change of property ownershipAlienation Lender's Title InsuranceMortgagee's Title Policy The deed that gives the grantee the best protection- the grantor warrants or guarantees title to the sovereignty of the soil-back to the first land owner.General Warranty Deed Any document that transfers ownership.Conveyance Money or instrument convertible to money. Valuable Consideration In a deed , something good or valuable.Legal Consideration A list of all owners of a property from the first to the present.Chain of Title Title to real property inherited without a will. Title by Descent A complete history of all recorded events affecting title to the property.Abstract of Title The grantor's signature on the deed.Execution of the Deed.Granting clause in deed.Words of Conveyance Correct a defective title in court.Quiet Title Suit Who makes out the will.Testator Title company gains standing to sue seller for title policy.Subrogation Clause Title to real property acquired through a will. Title by Devise Recording a document or taking possession of property.Constructive Notice A written document transferring an ownership interest in real property.Deed A report outlining the current condition of the title-title commitment Title Report Government Conveyance of title to real property. Patent Developer turning over land for public purposes. ie. StreetsDedication A person with a valid will.Testate The rules for distributing intestate property. Laws of Descent and Distribution Publishing documents to give constructive notice. Recording Same as Title ReportTitle Commitment

Soil is washed away changing land boundaries. Erosion Real Estate transaction closerEscrow Agent