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Unit#12
Transfer of Title- GA Real Estate
| Term | Definition |
|---|---|
| Acknowledgement | A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. |
| Adverse Possesion | The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. Possession for a statutory period may be a means of acquiring title. |
| Bargain and Sales Deed | 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 at his or her discretion. |
| Deed | A written instrument that, when executed and delivered, conveys title to or an interest in real estate |
| Devise | A gift of real property by will. The donor is the devisor, and the recipient is the devisee. |
| Deed to Secure Debt | In Georgia, a voluntary specific lien AKA security dead or mortgage |
| General Warranty Deed | A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, offers the greatest protection of any deed. |
| Grantee | A person who receives a transfer of real property from a grantor. |
| Granting Cause (Habendum Clause) | Words in a deed of conveyance that state the grantor's 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. |
| Grantor | The owner transferring title to or an interest in real property to a grantee. |
| Habendum Clause | That 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. |
| Heirs | 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 |
| Intestate | The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent's heirs as provided in the state law of descent. |
| Involuntary Alienation | The act of involuntarily transferring property to another, as through eminent domain or adverse possession. |
| Probate | A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are. |
| Quiteclaim Deed | A conveyance by which grantors transfers whatever interest they have in the real estate, without warranties or obligations. |
| Reconveyance Deed | A deed used by a trustee under a deed of trust to return title to the trustor. |
| Special Warranty Dead | A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of the grantor's tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, throu |
| Testate | Having made and left a valid will |
| Testator | A person who has made a valid will. A woman often is referred to as a testatrix, although the answer can be used for either gender. |
| Title | (1) The right to ownership or the ownership of land. (2) The evidence of ownership of land. |
| Transfer Tax | Tax stamps required to be affixed to a deed by state and/or local law. |
| Trustees Deed | A deed executed by a trustee conveying land held in a trust. |
| Voluntary Alienation | The act of voluntarily transferring property to another, such as by gift or sale. |
| Will | A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator. |
Created by:
jozie723
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