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Georgia Real Estate
Chapter 20
| Term | Definition |
|---|---|
| deed | a written legal document by which ownership of real property is conveyed from one party to the other |
| Granting clause | the deed must clearly state the intention to convey the property from the grantor to the grantee. The phrase usually used states “to grant, bargain, sell, alien, convey and confirm” |
| Statute of Frauds | the law that requires that transfers of real estate ownership from one person to another must be in writing to be enforceable in a court of law. |
| covenant | a written agreement or promise |
| warranty | an assurance or guarantee that something is true as stated. |
| covenant of seizin | the grantor guarantees to be the owner and possessor of the property being conveyed and that as the sole owner they have the right to convey it |
| covenant of quiet enjoyment | the grantor guarantees that the grantee will not be disturbed by someone else claiming an interest in the property. |
| covenant against encumbrances | guarantees to the grantee that the title is not encumbered with any easements, restrictions, unpaid property taxes, mortgages or judgments except as stated in the deed |
| covenant of further assurances | requires the grantor to procure and deliver to the grantee any subsequent documentation that might be necessary to make good the grantee’s title. |
| Warranty forever | a guarantee to the grantee that the grantor will bear the expense of defending the grantee’s title. This creates a money-back guarantee from the seller |
| habendum clause | commonly known as the “to have and to hold” clause. This clause might state: “To have and to hold as Joint Tenants with the right of survivorship and not as Tenants in Common”. |
| general warranty deed | contains all 5 covenants and warranties. This is the best deed a grantee can receive |
| special warranty deed | warrants the property’s title only against defects occurring during the grantor’s ownership and not against defects existing before that time. |
| bargain and sale deed | contains no covenants and only the minimum essentials of a deed. |
| quitclaim deed | no covenants or warranties. Whatever rights the grantor possesses at the time the deed is delivered are conveyed to the grantee. |
| correction deed | used to correct an error in a previously executed and delivered deed. A name could have been misspelled or an error found in the property description. |
| gift deed | created by replacing the recitation of money and other valuable consideration with the statement “in consideration of his or her natural love and affection.” |
| sheriff's deed | referee’s deeds in foreclosure are what a new buyer is issued when they purchase a foreclosure |
| intestate | If a person dies without leaving a last will and testament |
| intestate succession | State law directs how the deceased assets will be distributed |
| testate | A person who dies and leaves a valid will |
| testator | The person who made the will |
| devise | Real property that is willed |
| bequest | Personal property that is willed or legacy. |
| executor | The testator usually named to carry out the instructions. If no one is named, the court appoints an administrator. |
| executor's deed | If the testator owned real property, its ownership is conveyed An executor’s deed is a special warranty deed. |
| holographic will | a will that is entirely handwritten. There are no witnesses. Holographic wills have no effect in Georgia |
| nuncupative will | it is a will spoken by a person who is very near death. Oral wills are recognized in Georgia, but they must be witnesses by two people with no interest in the estate. It must be put into writing within 30 days of being spoken. |
| codicil | a written amendment to a previously existing will. The codicil must be dated, signed and witnessed in the same manner as the original will. The only way that you can change a will is with a codicil or to write an entirely new one. |
| adverse possession | Through the unauthorized occupation of another person’s land for a long enough period of time, it is possible to acquire ownership |
| color of title | some plausible but not completely clear indication of ownership rights…. Georgia does not recognize |
| easement by prescription | An easement can be acquired by prolonged adverse use |
| accession | The extent of a persons ownership of land can be altered |
| alluvion | the increase form of land that results from waterborne soil that is deposited to produce firm, dry ground |
| reliction | the increase of land that results from the permanent receding of a lake or sea exposing dry land |
| erosion | the gradual wearing away of soil by the action of wind and or water. |
| avulsion | When land is rapidly washed away by the action of water |
| public grant | A transfer of land by a government body to a private party |
| dedication | When an owner makes a voluntary gift for the use of land to the public |
| alienation of title | A change in ownership of any kind |
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