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Chapter 3
Real Estate Fundamentals - WA Rockwell Book
| Term | Definition |
|---|---|
| Title | Lawful ownership of real property |
| Alienation | The process of transferring title to real property from one party to another |
| Patent | Transfers title of land from the government to a private party |
| Transfer by Deed | The most common form of voluntary alienation |
| Grantor, grantee | With a deed, the owner of real property is called this, and they convey all or part of their interest in the property to another called this. |
| Warranty Deed (General Warranty Deed) | This deed gives the greatest protection with the grantor making five basic promises to the grantee warranting against defects in title |
| Covenant of Seisin | Promises that the grantor actually owns the property interest she is transferring to the grantee |
| Covenant of Right to Convey | The grantor promises she has the power to make the conveyance of title |
| Covenant against Encumbrances | Warrants that the property is not burdened by any easement, mortgage, lien, or other right of a third party |
| Covenant of Quiet Enjoyment | Promises that the grantee's possession of the property will not be threatened by any lawful claim made by a third party |
| Spurious Claims | Claims on a title that do not have a legal basis |
| Covenant of Warranty | Promise that the grantor will defend the grantee's title against any claims superior to the grantee's that exist when the conveyance is made |
| Special Warranty Deed | A deed in which the grantor warrants title only against defects that may have arisen during his period of ownership |
| Quitclaim Deed | A deed that conveys any interest in a property that the grantor has at the time the deed is executed, without warranties |
| Reformation Deed | A deed used to correct minor mistakes in an earlier deed, such as misspelled names or typographical errors in the legal description |
| Cloud | A title defect, often the result of a technical flaw in an earlier conveyance |
| Trustee's Deed | States that the conveyance is in accordance with the trustee's powers and responsibilities under the deed of trust |
| Sheriff's Deed | Used to transfer property to the highest bidder at a court-ordered foreclosure sale |
| Statute of Frauds | A state law that requires certain contracts and other legal transactions to be in writing and signed by the party bound by the transfer |
| Attorney in Fact | Someone the grantor has appointed to act on her behalf in a document called a power of attorney |
| Power of Attorney | An instrument authorizing one person to act as another's agent, to the extent stated int he instrument |
| Granting Clause | Words in a deed that indicate the grantor's intent to transfer an interest in property |
| Acknowledgement | Occurs when the grantor swears before a notary public or other official witness there her signature is genuine and voluntary |
| Transfer on Death Deed | Title transfers to the grantee automatically and without probate when the grantor dies |
| Habendem Clause (To Have and To Hold Clause) | States that the nature of the interest the grantor is conveying |
| Exclusions and Reservations Clause | A list of any encumbrances that the grantee will be taking title subject to |
| Nuncupative Will | An oral will made on the testator's deathbed that can transfer personal property up to $1,000 |
| Holographic Will | An unwitnessed will written entirely in the testator's own handwriting, not valid in Washington unless created in another state |
| Testator | The person who makes a will |
| Legatees | Someone a testator bequeaths personal property to |
| Devisees | Someone a testator devises real property to |
| Codicil | An amendment to a will |
| Executor | Someone who carries out the directions of a will under the supervision of a probate court (in Washington the Superior Court) |
| Probate | The procedure by which a will is proved valid and the testator's directions are carried out |
| Administrator | Appointed to carry out a will if no executor is appointed |
| Patent, Deed, and Will | What are the three most common methods of transferring property voluntarily? |
| Rule of Law, Adverse Possession, and Accession | What are the three most common methods of transferring property involuntarily? |
| Dedication | When a private owner gives real property to the public |
| Statutory Dedication | A dedication required by law |
| Common Law Dedication | Involuntary dedication resulting from a property owner's acquiescence to public use of her property over a long period |
| Intestate | When someone dies without leaving a will |
| Intestate Succession | Distribution of the property of a person who died intestate to her heirs |
| Descent | The way in which heirs receive property from those without a will |
| Escheat | The reversion of property to the state after no one with title to the property claims it |
| Condemnation | Taking private property for public use through the government's power of eminent domain |
| Eminent Domain | The government's constitutional power to take private property for public use, as long as the owner is paid just compensation |
| Just Compensation | As a general rule, this is fair market value |
| Inverse Condemnation | Occurs when a private landowner requests compensation for damage to their private property caused by government action |
| Quiet Title Action, Suits for Partition, and Foreclosures | What are the three court actions affecting title to real property? |
| Quiet Title | A lawsuit to determine who has title to a piece of property, or to remove a cloud from the title |
| Suit for Partition | A means for dividing property owned by more than one person when the co-owners can't agree on how to divide it |
| Foreclosure | Persons holding liens against real property may force the sale of the property if the debts secured by their liens are not paid |
| Adverse Possession | A form of involuntary alienation in which the possession and use of property can mature into title |
| Actual, Open and Notorious, Hostile, Exclusive, Continuous | In Washington what are the five basic requirements for adverse possession? |
| Tacking | When successive periods of use or possession by more than one person are added together to make up the period required for prescription or adverse possession |
| Accession | Any additional to real property from natural or artificial causes |
| Accretion | A form of accession in which riparian or littoral land is slowly enlarged by waterborne soil deposits |
| Reliction | A form of accession in which riparian or littoral land is enlarged by the gradual retreat of a body of water |
| Avulsion | A form of accession in which land is violently torn away by flowing water or waves and deposited somewhere else |
| Recording | Accomplished by filing a deed or other document at the county records office in the county where the property is located |
| Lis Pendens | notice of pending legal proceedings that may affect property |
| Constructive Notice | Knowledge of a fact imputed to a person by law |
| Actual Notice | Occurs when someone actually knows about some fact concerning the property |
| Wild Deed | A deed that is outside the chain of title |
| Chain of Title | A complete history of all the recorded interests in the property |
| Abstract of Title | Condensed history of recorded interests in the property |
| Title Insurance Policy | Provides protection for the policy holder against losses caused by defects in the title, except for defects specifically excluded from coverage |
| Title Report | Describes the condition of the title |
| Standard Coverage | Traditionally used to insure the property owner against defects in title, including hidden risks such as forgery |
| Extended Coverage | Insures against all matter covered by the standard policy, plus matters not of public record, such as the rights of parties in possession of the property, unrecorded construction liens, and encroachments |
| Homeowner's Coverage | This policy provides the buyer coverage of extended plans plus protections from restrictive covenants |
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