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Real Estate Definitions for Chapter 5

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Term
Definition
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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Alienation   show
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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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show 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   show
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involuntary alienation   show
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Grantor   show
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Grantee   show
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show describe the details of the transfer  
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Granting clause   show
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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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show assures that the grantor owns the estate to be conveyed, and has the right to do so  
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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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show most common deeds; the covenants are defined in law and do not need to be fully stated in the deed  
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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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show 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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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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quiet title suit   show
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show tailored to the requirements of specific parties, properties, and purposes  
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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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show used to transfer government property to private partie  
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Tax deed   show
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last will and testament   show
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testator   show
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heir   show
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devise   show
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show can be changed at any time during the maker's lifetime  
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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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show a person identified by the testator to handle the legal affairs on behalf of a minor named in the will  
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show in writing and witnessed by two people  
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Holographic will   show
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show on pre-printed forms meeting the requirements of state law  
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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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Probate   show
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testate   show
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intestate   show
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show a court appointed executor  
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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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show 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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show Property that has been abandoned for a statutory period may also escheat to the state or county.  
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involuntary title transfer   show
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Foreclosure   show
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Eminent Domain   show
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Adverse possessor   show
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show  
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Color of title   show
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notorious possession   show
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show a claim to ownership and possession regardless of the owner's claims or consent  
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Estoppel   show
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title records   show
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marketable title   show
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show 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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show a broken chain of title; a missing link in the chronology of owners; a defective conveyance  
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show clears the title record of any unrecorded claims; removes clouds from titles  
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show 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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show search of public records to uncover defects in title or unrecorded breaks in the chain of title  
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title plant   show
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show 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   show
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Attorney's Opinion of Abstract   show
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Title Certificate   show
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Created by: amybeth1105
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