Real Estate Definitions for Chapter 5
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show | Possession of all ownership interests
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show | 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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show | learning of something through direct experience or communication
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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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show | when the transfer of title uses a written instrument
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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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show | a private grant that occurs when the owner dies
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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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show | Real estate recipient
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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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Habendum clause | show 🗑
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Reddendum clause | show 🗑
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show | identifies property being conveyed, in addition to land
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Covenant clause | show 🗑
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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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Warrant of further assurance | show 🗑
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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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Bargain And Sale Deed | show 🗑
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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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quiet title suit | show 🗑
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special-purpose deed | show 🗑
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show | aka executor's deed; used by an executor to convey a decedent's estate
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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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show | used to convey co-owned property in compliance with a court order resulting from a partition suit
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Patent deed | show 🗑
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show | used to convey property sold at a tax sale
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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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heir | show 🗑
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devise | show 🗑
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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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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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Witnessed will | show 🗑
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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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Nuncupative will | show 🗑
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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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testate | show 🗑
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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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show | 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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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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show | A property owner who fails to fulfill loan obligations or pay taxes
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Eminent Domain | show 🗑
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Adverse possessor | show 🗑
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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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title records | show 🗑
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show | a title free of undesirable encumbrances
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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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Clouded title | show 🗑
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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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show | 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 | 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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Title Certificate | show 🗑
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