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Settlement and Title

All about the closing day and all involved with costs, and transferring title

Settlement/Title DescriptionSettlement/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
Created by: Rapunzel86