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RE LEGAL 07TERMS
RE Legal Unit 07Terms
| Term | Definition |
|---|---|
| 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
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