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RE Legal Unit 07Terms

alienation Voluntarily or involuntarily transferring or conveying property to another
deed Written instrument used to immediately transfer title to real property from one person to another
granting clause Words of purchase, such as grants, conveys, transfers, or sells Deed with no warranties
gift deed Deed whose consideration is love and affection
involuntary alienation Transfer of property against the wishes of the owner
foreclosure Legal procedure lenders use to terminate the trustor’s or mortgagor’s rights in real property to satisfy their liens
trustee’s sale Foreclosure method taking approximately four months
judicial foreclosure Procedure lender uses to sell a mortgaged property with the involvement of a court
deficiency judgment Personal judgment against a borrower for the balance of a debt owed when the security for the loan is insufficient to pay the debt
partition action Court proceeding to settle a dispute between co-owners by dividing their interests in real property
quiet title action Court proceeding to establish an individual’s right to ownership of real property against one or more adverse claimants
tax sale Forced sale of real property by the county to satisfy delinquent taxes
execution sale Forced sale of property to satisfy a money judgment
eminent domain Power of the government to take private property for public use
escheat Property reverts to the state because the deceased owner left no will and has no legal heirs
holographic will Will entirely in the handwriting of the testator
codicil Later testamentary instrument that supplements validity or disposition of an earlier will
probate Legal process to prove that a will is valid
executor Person named in a will to administer it
settlor Person who sets up a trust on behalf of a beneficiary
inter vivos Trust in which the settlor is still alive when the trust is established
intestate Term describing a person who dies without leaving a valid will issue Descendants of the testator
per stirpes Method of dividing property among the descendants of someone who has died intestate
adverse possession Obtaining title by occupying land for a statutory time period without the permission of the owner
accretion Gradual enlargement of land through the accumulation of sediment
avulsion Sudden, perceptible loss of land
constructive notice Notice given by recording a document
priority Order in which deeds are recorded
Created by: julietmongia
Popular Real Estate sets




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