Real Estate Definitions for Chapter 5
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| show | Possession of all ownership interests
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| Equitable Title | show 🗑
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| Actual notice | show 🗑
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| Constructive notice | show 🗑
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| show | aka Transfer of title to real estate; occurs voluntarily and involuntarily
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| Conveyance | show 🗑
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| show | an unforced transfer of title by sale or gift from an owner to another party
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| public grant | show 🗑
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| show | A voluntary alienation conveyance with a private party as the transferor
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| Deed of conveyance | show 🗑
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| transfer by will | show 🗑
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| show | 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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| show | Real estate owner
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| Grantee | show 🗑
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| Conveyance clause | show 🗑
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| show | aka premises clause; the only required clause; contains the conveyance intentions; names the parties; describes the property; indicates nominal consideration
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| show | describes the type of estate being conveyed (fee simple, life, etc.)
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| show | aka serving clause; recites restrictions and limitations to the estate being conveyed, e.g., deed restrictions, liens, easements, encroachments, etc.
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| show | identifies property being conveyed, in addition to land
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| show | present the grantor's assurances to the grantee
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| Warrant of seizen | show 🗑
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| show | assures that the grantee will not be disturbed by third party title disputes
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| show | assures that the grantor will assist in clearing any title problems discovered later
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| show | 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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| show | assures that there are no encumbrances on the property except those expressly named
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| show | 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 | show 🗑
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| show | 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 | show 🗑
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| show | 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 | show 🗑
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| cloud | show 🗑
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| show | requires the lienor to prove the validity of an interest
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| special-purpose deed | show 🗑
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| Personal representative's deed | show 🗑
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| show | used by a court-appointed guardian to transfer property of minors, or mentally incompetent persons
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| Sheriff's deed | show 🗑
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| show | used to convey property to a third party trustee as collateral for a loan
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| show | conveys the property back to the borrower upon satisfaction of the loan terms
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| show | used to convey property to the trustee of a land trust
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| show | used to convey land to a condominium developer; accompanied by the condominium declaration when recorded
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| Partition deed | show 🗑
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| Patent deed | show 🗑
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| Tax deed | show 🗑
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| show | aka will; a legal instrument for the voluntary transfer of real and personal property after the owner's death
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| testator | show 🗑
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| show | aka devisee; beneficiary of a will
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| show | property transferred by the will
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| amendatory instrument | show 🗑
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| show | aka personal representative; named by the testator of the will to oversee the settlement of the estate
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| guardian | show 🗑
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| Witnessed will | show 🗑
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| Holographic will | show 🗑
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| Approved will | show 🗑
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| show | made orally, and written down by a witness; generally not valid for the transfer of real property
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| show | court proceedings that settles a decentest's estate, whether the person has died testate or intestate
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| show | having left a valid will
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| intestate | show 🗑
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| administrator | show 🗑
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| Testate Proceeding | show 🗑
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| Intestate Proceeding With Heirs | show 🗑
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| descent and distribution | show 🗑
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| show | the estate reverts to the state or county after all claims and debts have been validated and settled
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| show | reverts to the state or county
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| Laws of Descent | show 🗑
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| Abandonment | show 🗑
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| show | 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 | show 🗑
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| show | Involuntary transfer of private property to the public sphere, even thought he owner receives compensation.
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| show | 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 | show 🗑
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| show | 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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| show | possession without concealment
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| hostile possession | show 🗑
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| show | 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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| show | 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 | show 🗑
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| Chain of title | show 🗑
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| Clouded title | show 🗑
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| suit to quiet title | show 🗑
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| Abstract of title | show 🗑
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| Title search | show 🗑
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| title plant | show 🗑
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| Torrens System | show 🗑
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| show | 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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| show | 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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| show | 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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Created by:
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