Transfer of title Real Estate Flashcards

Transfer of title Real Estate Flashcards Reconveyance DeedA deed used by a trustee under a deed of trust to return title to the trustor.ConveyanceA term used to refer to any document that transfers title to real property. The term is also used in describing " the act of transferring." Granting ClauseWords in a deed of conveyance that state the grantors intention to convey the property at the present time. This clause is generally worded as " Convey and Warrant","Grant," "Grant, bargain and sell:" or the like.Release DeedA document also known as a deed of reconveyance, that transfers all rights given a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.HeirOn 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.testatora person who has made a valid will, a woman often referred to as a testatrix although testator can be used for either gender.DeviseA gift of real property by will. The donor is the devisor, and the recipient is the devisee.General Warranty DeedA deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.PatentA grant of franchise of land from the United States government AlienationThe act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.Quitclaim DeedA conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.CodicilA supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will.Special Warranty DeedA 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" Trustees deeda deed executed by a trustee conveying land held in a trust.Trust deedAn 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(lender) also called a deed of trust.

Bargain and Sale DeedA 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 assign warranties to the deed as to his or her discretion.DeedA written instrument that, when executed and delivered, conveys title to or an interest in real estate.Tax deedAn instrument, similar to a certificate of sale, given to a purchaser at a tax sale.LegacyA disposition of money or personal property by will.GrantorThe person transferring title to or an interest in real property to a grantee.GranteeA person who receives a conveyance of real property from a grantor.ProbateA legal process by which a court determines who will inherit a decedents property and what the estate assets are.IntestateThe condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedents heirs as provided in the state law of descent.testatehaving made a valid will Habendum ClauseThe 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.DescentAcquisition of an estate by inheritance in which an heir succeeds to the property by operation of law.Holographic WillA will that is written, date and signed in the testators handwriting.Nuncupative WillAn oral will declared by the testator in his of her final illness, made before witnesses and afterward reduce to writing.AcknowledgementA formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document