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RE Ch 5 Defs

Real Estate Definitions for Chapter 5

TermDefinition
Legal Title Possession of all ownership interests
Equitable Title The interest or right to obtain legal title to a property in accordance with a sale or mortgage contract between the legal owner and a buyer or creditor
Actual notice learning of something through direct experience or communication
Constructive notice aka legal notice; knowledge of a fact that a person could have or should have obtained
Alienation aka Transfer of title to real estate; occurs voluntarily and involuntarily
Conveyance when the transfer of title uses a written instrument
voluntary alienation an unforced transfer of title by sale or gift from an owner to another party
public grant A voluntary alienation conveyance with a government entity as the transferor and a private party recipient
private grant A voluntary alienation conveyance with a private party as the transferor
Deed of conveyance aka deed; a legal instrument used by an owner to transfer title to real estate voluntarily to another party
transfer by will a private grant that occurs when the owner dies
involuntary alienation transfer of title to real property without the owner's consent; occurs primarily by the processes of descent and distribution, escheat, foreclosure, eminent domain, adverse possession, and estoppel
Grantor Real estate owner
Grantee Real estate recipient
Conveyance clause describe the details of the transfer
Granting clause aka premises clause; the only required clause; contains the conveyance intentions; names the parties; describes the property; indicates nominal consideration
Habendum clause describes the type of estate being conveyed (fee simple, life, etc.)
Reddendum clause aka serving clause; recites restrictions and limitations to the estate being conveyed, e.g., deed restrictions, liens, easements, encroachments, etc.
Tenendum clause identifies property being conveyed, in addition to land
Covenant clause present the grantor's assurances to the grantee
Warrant of seizen assures that the grantor owns the estate to be conveyed, and has the right to do so
Warrant of quiet enjoyment assures that the grantee will not be disturbed by third party title disputes
Warrant of further assurance assures that the grantor will assist in clearing any title problems discovered later
Warranty forever aka warranty of title; assures that the grantee will receive good title, and that grantor will assist in defending any claims to the contrary
Warrant of encumbrances assures that there are no encumbrances on the property except those expressly named
Warranty against grantor's acts states the assurance of a trustee, acting as grantor on behalf of the owner, that nothing has been done to impair title during the fiduciary period
statutory deeds most common deeds; the covenants are defined in law and do not need to be fully stated in the deed
Bargain And Sale Deed the grantor covenants that the title is valid but may or may not warrant against encumbrances, or promise to defend against claims by other parties
General Warranty Deed aka warranty deed; most commonly used. Contains the fullest possible assurances of good title and protection for the grantee. Technically a bargain and sale deed where the grantor promises to defend against any and all claims to the title
Special Warranty Deed the grantor warrants only against title defects or encumbrances not noted on the deed, which may have occurred during the grantor's period of ownership or trusteeship
Quitclaim Deed transfers real and potential interests in a property, whether an interest is known to exist or not
cloud errors in deeds or other recorded documents that might encumber the title
quiet title suit requires the lienor to prove the validity of an interest
special-purpose deed tailored to the requirements of specific parties, properties, and purposes
Personal representative's deed aka executor's deed; used by an executor to convey a decedent's estate
Guardian's deed used by a court-appointed guardian to transfer property of minors, or mentally incompetent persons
Sheriff's deed used to convey foreclosed property sold at public auction; usually executed pursuant to court order
Deed of trust used to convey property to a third party trustee as collateral for a loan
reconveyance deed conveys the property back to the borrower upon satisfaction of the loan terms
Deed in trust used to convey property to the trustee of a land trust
Master deed used to convey land to a condominium developer; accompanied by the condominium declaration when recorded
Partition deed used to convey co-owned property in compliance with a court order resulting from a partition suit
Patent deed used to transfer government property to private partie
Tax deed used to convey property sold at a tax sale
last will and testament aka will; a legal instrument for the voluntary transfer of real and personal property after the owner's death
testator aka devisor; the maker of the will
heir aka devisee; beneficiary of a will
devise property transferred by the will
amendatory instrument can be changed at any time during the maker's lifetime
executor aka personal representative; named by the testator of the will to oversee the settlement of the estate
guardian a person identified by the testator to handle the legal affairs on behalf of a minor named in the will
Witnessed will in writing and witnessed by two people
Holographic will in the testator's handwriting, dated and signed; some states also regard typed wills signed by the testator to be holographic
Approved will on pre-printed forms meeting the requirements of state law
Nuncupative will made orally, and written down by a witness; generally not valid for the transfer of real property
Probate court proceedings that settles a decentest's estate, whether the person has died testate or intestate
testate having left a valid will
intestate having failed to leave a valid will
administrator a court appointed executor
Testate Proceeding decedent died with a valid will; liens are satisfied; legal life estate claims are heard and satisfied; once all claims have been satisfied, the balance of the estate's assets pass to the rightful heirs free and clear of all liens and debts.
Intestate Proceeding With Heirs If the decedent died without a valid will, the estate passes to lawful heirs according to the state's laws of descent and distribution
descent and distribution aka succession; laws that stipulate who inherits and what they receive, without regard to the desires of the heirs, or the intentions of the deceased
Intestate Proceeding With No Heirs the estate reverts to the state or county after all claims and debts have been validated and settled
Escheats reverts to the state or county
Laws of Descent State statues that identify heirs and the respective shares of an estate with a title holder dies without a valid will; in the absence of heirs, title transfers to the state or county by escheat
Abandonment Property that has been abandoned for a statutory period may also escheat to the state or county.
involuntary title transfer aka involuntary alienation; regulated by state laws; occurs by the laws of descent, abandonment, foreclosure, eminent domain, adverse possession, or estoppel
Foreclosure A property owner who fails to fulfill loan obligations or pay taxes
Eminent Domain Involuntary transfer of private property to the public sphere, even thought he owner receives compensation.
Adverse possessor someone who enters, occupies, and uses another's property without the knowledge or consent of the owner, or with the knowledge of the owner who fails to take any action over a statutory period of time (15 years in KY)
Claim of right
Color of title when a grantee has obtained defective title, or received title by defective means, but occupies the property as if he or she were the legal owner
notorious possession possession without concealment
hostile possession a claim to ownership and possession regardless of the owner's claims or consent
Estoppel prevents a person from claiming a right or interest that is inconsistent with the person's previous statements or acts; can prevent an owner from re-claiming a property that was transferred under false pretenses.
title records public records that contain a history of every parcel of real estate in the county, including names of previous owners, liens, easements, and other encumbrances that have been recorded
marketable title a title free of undesirable encumbrances
Chain of title the succession of property owners of record dating back to the original grant of title from the state to a private party
Clouded title a broken chain of title; a missing link in the chronology of owners; a defective conveyance
suit to quiet title clears the title record of any unrecorded claims; removes clouds from titles
Abstract of title a written, chronological summary of the property's title records, and other public records affecting rights and interests in the property
Title search search of public records to uncover defects in title or unrecorded breaks in the chain of title
title plant a duplicate set of records of a property copied from public records and maintained by a private company, such as a title company
Torrens System a system of recording where title passes only when the conveyance has been duly registered on the title certificate itself
binder issued by the title company; commitment to insure; recapitulates the property description, interest to be insured, names of insured parties, and exceptions to coverage
Attorney's Opinion of Abstract states that the attorney has examined a title abstract, and gives the attorney's opinion of the condition and marketability of the title
Title Certificate a summary of the condition of title as of the date of the certificate, based on a search of public records by an abstractor or title analyst
Created by: medct