Real Estate2

the right to or ownership of land

the legal term for the voluntary transfer of title

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

the owner who transferes the title (must be 18yrs old or older)

the person who acquires the title

a clause that states the grantors intention to convey the property

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

a clause used when it is necessary to define or explain the ownership to be enjoyed by the grantee

a formal declaration that the person who signs a written document does so voluntarily and that his/her signature in genuine

• 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

the grantor fully warrants good clear title tote premises

• 1. covenant of seisin
• 2. covenant against encumbrances
• 3. covenant of quiet enjoyment
• 4. covenant of further assurance
• 5. covnant of warranty forever

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

implication that grantor holds title and possession

used primarily to convey less than fee simple or to cure a title defect

conveyance from trust to trustee

conveyance from trustee back to trustor

conveyance from trustee to third party

tax stamps rquired to be affixed to a deed by state and/or local law

title of property may be transferred without owners concent

the actual, open, nortorious, hostile and continuous possession of anothers land under a claim title(may be for a statutory period)

when a person who dies has prepared a will indicating how his/her property wil be disposed of

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

an instrument made by an owner to convey title to real or personal property after the owners death

the person who make a will

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

the gift of real property (or person who receives property by will)

primary decendants of deceased (children, parents, brothers/sisters, aunts/uncles and in some cases 1st & 2nd cousins)

the act of placing documents in the public record

legal presumption that information may be obtained by n individual through liligent inquiry

not only is the information available but someone has been given the information and actually knows it

notice that the law presumes a reasonable person would obtain by making further inquiries into a property

the ordr of rights in time

the record of a propertys ownership beginning with the earliest owner

ownership by a court action when ownership cannot be traced through an unbroken chain.

an examination of all of the public records to determine whether any defects exist in the chain of title

a summary report of what the title search found in the public record

good and clear title, reasonably free from the risk of litigation over possible defects

a statement of opinion of the titles status on the date the certificate is issued

evidence of title (an opinion of the status of the title based on review of the abstract)

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

a commercial law statue that has been adopted in all 50 states that governs the document with person property used as a security loan

an agreement that must contain a complete description of the items agains which the lien applies

a short notice of security agreement which identifies any r.e. involved when personal property is made part of r.e.

a legal registration system used to verify ownership and encumbrances

the substitution of one creditor for another, with the substituted person successing to the legal rights and claims of the original claimant