CH 4 Transfer of Title
What is the full legal title
Actual Title
Acquiring title to something that has been added to the property, either by man-made action or through the operation of natural geological process
Accession
______is the transfer of real property from one person to another
Alienation
Essential Elements for a valid deed must
Be in Writing Signed by Grantor Identifiable Grantee Acceptance of Conveyance Property Description Statement of consideration Delivery of deed to Grantee
Used to transfer personal property
Bill of Sale
Transfers in ownership of personal property, not real property
Bill of Sale transfers ownership of personal property, NOT real property
The written legal instrument that transfers title
Deed
To pledge the property as collateral or a security for the payment of a debt without giving up use of the property
Hypothecate
What deed will be used for a court-ordered foreclosure?
Sheriff's deed is used to transfer property to the highest bidder at a court-ordered foreclosure sale
The words required to convey title are know as the
The granting clause contains the actual words of conveyanc
Nine ways to acquire and transfer property
Transfer by deed, will, succession Adverse possession Accession Public Grant Patent Dedication Court Action
Deed which gives the buyer the most protection aka General
Warranty Deed
The gradual and imperceptible addition of soil to a riparian or littoral property is known as
accretion
The ownership of real estate is conveyed from one owner to another aka
alienation
A condensed version is known as
an abstract of title
A listing of all owners of record for a particular parcel of real property is known as
chain of title
In Nevada, the most common document used to transfer title to real property is a
grant, bargain and sale deed
The purchaser who acquires clear title from the seller is the
grantee
In order to convey title to real property, every deed must having a
granting clause
The government transfers title of government-owned lands to private owners by way of a
land patent
One element of a successful suit for adverse possession is that the adverse possessor must have
paid property taxes on the property adversely possessed
A cloud on a title is often removed by the execution of a
quitclaim deed
A deed does not have to be_____ in order for the transfer to be effected
recorded
Which gives constructive notice of an interest in real property
recording
To die with a valid will is to die
testate
The transfer of real property must include
valid deed that has been delivered and accepted
The right of the government to take private property for public use is known as
eminent domain
The process of transferring real property from one individual to another is known as
alienation
The process by which the government exercise its power of eminent domain
condemnation proceedings
In Nevada, a successful adverse possession lawsuit requires
continuous and uninterrupted possession for a min of 5 years
To receive or demand full title when all the terms or conditions of a contract have been met
equitable title
If no heirs can be found, the property of an intestate person will
escheat to the state
A person who dies without a valid will is said to have died
intestate
The gradual increase in riparian or littoral land by the recession of water is known as
reliction
Title to real property is the intangible
right of ownership