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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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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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