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title
the right to or ownership of land
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voluntary alienation
the legal term for the voluntary transfer of title
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deed
the written instrument by which an owner of r.e. intentionally conveys the right, title or interest in the parcel of r.e. to someone else
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grantor
the owner who transferes the title (must be 18yrs old or older)
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grantee
the person who acquires the title
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granting clause
a clause that states the grantors intention to convey the property
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vested interest
a present right, interest, or title to property that gives the holder the right to convey it to another, even though the right might not be enjoyed until a future time
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hebendum clause
a clause used when it is necessary to define or explain the ownership to be enjoyed by the grantee
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acknowledgment
a formal declaration that the person who signs a written document does so voluntarily and that his/her signature in genuine
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8 types of deeds
- 1. general warranty deed
- 2. special warranty deed
- 3. argain and sale deed
- 4. quitclaim deed
- 5. deed of trust
- 6. trustees deed
- 7. reconveyance deed
- 8. deed executed pursuant to a court order
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general warranty deed
the grantor fully warrants good clear title tote premises
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5 general warranty deeds
- 1. covenant of seisin
- 2. covenant against encumbrances
- 3. covenant of quiet enjoyment
- 4. covenant of further assurance
- 5. covnant of warranty forever
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special warranty deed
grantor warrants or guarantees the title only against defects arising during the period of his/her tenure and ownership of the property and not against defects exsisting before that time
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bargan and sale deed
implication that grantor holds title and possession
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quitclaim deed
used primarily to convey less than fee simple or to cure a title defect
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deed of trust
conveyance from trust to trustee
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reconveyance deed
conveyance from trustee back to trustor
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trustees deed
conveyance from trustee to third party
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transfer tax
tax stamps rquired to be affixed to a deed by state and/or local law
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involuntary alienation
title of property may be transferred without owners concent
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adverse possession
the actual, open, nortorious, hostile and continuous possession of anothers land under a claim title(may be for a statutory period)
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testate
when a person who dies has prepared a will indicating how his/her property wil be disposed of
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intestate
when a person dies (without a will) real estate and personal property pass to the decendents heirs according to the states statue of descent and distribution
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will
an instrument made by an owner to convey title to real or personal property after the owners death
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testator
the person who make a will
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probate
formal judicial process that proves or confirms the validity of the will, determins the precise assets of the deceased person and identifies the persons to whom the assets are to pass
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devise
the gift of real property (or person who receives property by will)
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heirs
primary decendants of deceased (children, parents, brothers/sisters, aunts/uncles and in some cases 1st & 2nd cousins)
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recording
the act of placing documents in the public record
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constructive notice
legal presumption that information may be obtained by n individual through liligent inquiry
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actual notice
not only is the information available but someone has been given the information and actually knows it
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inquiry notice
notice that the law presumes a reasonable person would obtain by making further inquiries into a property
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priority
the ordr of rights in time
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chain of title
the record of a propertys ownership beginning with the earliest owner
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suit to quiet title
ownership by a court action when ownership cannot be traced through an unbroken chain.
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title search
an examination of all of the public records to determine whether any defects exist in the chain of title
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abstract title
a summary report of what the title search found in the public record
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marketable title
good and clear title, reasonably free from the risk of litigation over possible defects
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certificate of sale
a statement of opinion of the titles status on the date the certificate is issued
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attorneys opinion of title
evidence of title (an opinion of the status of the title based on review of the abstract)
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title of insurance
a contract under which the policyholder is protected from losses arising from defects in the title
- has to have:
- name of insured party
- legal description of r.e.
- estate or interest covered
- condition and stipulations under which the policy is issued
- a schedule of exceptions
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Uniform Commercial Code (UCC)
a commercial law statue that has been adopted in all 50 states that governs the document with person property used as a security loan
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security agreement
an agreement that must contain a complete description of the items agains which the lien applies
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financial statment
a short notice of security agreement which identifies any r.e. involved when personal property is made part of r.e.
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Torrens system
a legal registration system used to verify ownership and encumbrances
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subrogation
the substitution of one creditor for another, with the substituted person successing to the legal rights and claims of the original claimant
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