| Settlement/Title Description |
Settlement/Title Definition |
| When the title company turns earnest money over to court due to a dispute between buyer and seller this is an... |
Interpleader Action |
| Real estate distributed by descent statutes after deceased owner died intestate is called... |
Descent or Intestate Succession |
| The person who receives property by will is... |
Devisee |
| The transfer of real property by will is... |
Devise |
| When a court determines the validity of a will or the order of descent if there is no will it it called... |
Probate |
| When a person dies without leaving a will it is called... |
Intestate |
| When a person dies with a will it is called... |
Testate |
| A formal declaration made before a notary public or duly authorized officer, by the person who has signed the document itself is an... |
Acknowledged Deed |
| A history of all recorded instruments that has affected title to a property is an... |
Abstract of title |
| Proof in the form of documents that seller conveys legal title is... |
Title evidence |
| Ownership history of a property from creation is called... |
Chain of title |
| The dividing of all the costs proportionally between the buyer and seller is... |
Pro-rating |
| A recorded document indicating the sale price of the property and signed by the buyer and seller for tax purposes is an... |
Affidavit of legal value |
| Arrangment in which money and or documents are then transferred by escrow agent, according to purchase and sale agreement is called... |
Escrow |
| Person who is named in will to carry out the deceased person's wishes is an... |
Excecutor |
| The actual, open, notorious, hostile and continuous possession of another's land is... |
Adverse Possession (layman's terms=squatter's rights) |
| When seller delivers title to the buyer in exchange for the purchase price this is a... |
Closing |
Ch.18 LTI-MA 509
