Real Estate Definitions for Chapter 5
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| Legal Title | Possession of all ownership interests
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| 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
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| Actual notice | learning of something through direct experience or communication
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| Constructive notice | aka legal notice; knowledge of a fact that a person could have or should have obtained
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| Alienation | aka Transfer of title to real estate; occurs voluntarily and involuntarily
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| Conveyance | when the transfer of title uses a written instrument
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| voluntary alienation | an unforced transfer of title by sale or gift from an owner to another party
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| public grant | A voluntary alienation conveyance with a government entity as the transferor and a private party recipient
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| private grant | A voluntary alienation conveyance with a private party as the transferor
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| Deed of conveyance | aka deed; a legal instrument used by an owner to transfer title to real estate voluntarily to another party
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| transfer by will | a private grant that occurs when the owner dies
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| 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
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| Grantor | Real estate owner
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| Grantee | Real estate recipient
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| Conveyance clause | describe the details of the transfer
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| Granting clause | aka premises clause; the only required clause; contains the conveyance intentions; names the parties; describes the property; indicates nominal consideration
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| Habendum clause | describes the type of estate being conveyed (fee simple, life, etc.)
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| Reddendum clause | aka serving clause; recites restrictions and limitations to the estate being conveyed, e.g., deed restrictions, liens, easements, encroachments, etc.
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| Tenendum clause | identifies property being conveyed, in addition to land
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| Covenant clause | present the grantor's assurances to the grantee
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| Warrant of seizen | assures that the grantor owns the estate to be conveyed, and has the right to do so
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| Warrant of quiet enjoyment | assures that the grantee will not be disturbed by third party title disputes
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| Warrant of further assurance | assures that the grantor will assist in clearing any title problems discovered later
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| 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
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| Warrant of encumbrances | assures that there are no encumbrances on the property except those expressly named
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| 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
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| statutory deeds | most common deeds; the covenants are defined in law and do not need to be fully stated in the deed
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| 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
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| 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
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| 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
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| Quitclaim Deed | transfers real and potential interests in a property, whether an interest is known to exist or not
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| cloud | errors in deeds or other recorded documents that might encumber the title
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| quiet title suit | requires the lienor to prove the validity of an interest
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| special-purpose deed | tailored to the requirements of specific parties, properties, and purposes
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| Personal representative's deed | aka executor's deed; used by an executor to convey a decedent's estate
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| Guardian's deed | used by a court-appointed guardian to transfer property of minors, or mentally incompetent persons
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| Sheriff's deed | used to convey foreclosed property sold at public auction; usually executed pursuant to court order
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| Deed of trust | used to convey property to a third party trustee as collateral for a loan
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| reconveyance deed | conveys the property back to the borrower upon satisfaction of the loan terms
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| Deed in trust | used to convey property to the trustee of a land trust
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| Master deed | used to convey land to a condominium developer; accompanied by the condominium declaration when recorded
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| Partition deed | used to convey co-owned property in compliance with a court order resulting from a partition suit
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| Patent deed | used to transfer government property to private partie
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| Tax deed | used to convey property sold at a tax sale
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| last will and testament | aka will; a legal instrument for the voluntary transfer of real and personal property after the owner's death
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| testator | aka devisor; the maker of the will
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| heir | aka devisee; beneficiary of a will
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| devise | property transferred by the will
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| amendatory instrument | can be changed at any time during the maker's lifetime
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| executor | aka personal representative; named by the testator of the will to oversee the settlement of the estate
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| guardian | a person identified by the testator to handle the legal affairs on behalf of a minor named in the will
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| Witnessed will | in writing and witnessed by two people
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| Holographic will | in the testator's handwriting, dated and signed; some states also regard typed wills signed by the testator to be holographic
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| Approved will | on pre-printed forms meeting the requirements of state law
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| Nuncupative will | made orally, and written down by a witness; generally not valid for the transfer of real property
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| Probate | court proceedings that settles a decentest's estate, whether the person has died testate or intestate
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| testate | having left a valid will
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| intestate | having failed to leave a valid will
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| administrator | a court appointed executor
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| 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.
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| 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
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| 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
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| Intestate Proceeding With No Heirs | the estate reverts to the state or county after all claims and debts have been validated and settled
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| Escheats | reverts to the state or county
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| 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
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| Abandonment | Property that has been abandoned for a statutory period may also escheat to the state or county.
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| involuntary title transfer | aka involuntary alienation; regulated by state laws; occurs by the laws of descent, abandonment, foreclosure, eminent domain, adverse possession, or estoppel
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| Foreclosure | A property owner who fails to fulfill loan obligations or pay taxes
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| Eminent Domain | Involuntary transfer of private property to the public sphere, even thought he owner receives compensation.
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| 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)
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| Claim of right |
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| 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
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| notorious possession | possession without concealment
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| hostile possession | a claim to ownership and possession regardless of the owner's claims or consent
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| 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.
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| 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
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| marketable title | a title free of undesirable encumbrances
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| 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
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| Clouded title | a broken chain of title; a missing link in the chronology of owners; a defective conveyance
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| suit to quiet title | clears the title record of any unrecorded claims; removes clouds from titles
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| Abstract of title | a written, chronological summary of the property's title records, and other public records affecting rights and interests in the property
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| Title search | search of public records to uncover defects in title or unrecorded breaks in the chain of title
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| 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
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| Torrens System | a system of recording where title passes only when the conveyance has been duly registered on the title certificate itself
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| 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
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| 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
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| 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
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