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