Unit 10- Transferring Title
Intestate
A person who dies without a will is said to have died this way.
Accession
Additions to the land through natural or human causes. Human causes include improvements such as fixtures installed by a tenant that become part of the real estate. Natural causes include accretion, the gradual accumulation of the land.
Habendum Clause
Defines or limits the ownership estate being granted to the grantee. This clause starts with the words "to have and to hold"
Transfer Tax
Require a tax to be paid when title to real estate is transferred.
Testator
The deceased person who made this if they are a male
Alienation
The legal term for transferring title to real estate
Delivery and Acceptance
The moment title actually passes is at the time when the grantor delivers a valid deed that is accepted by the grantee.
Grantor
The party giving title
Grantee
The person receiving title to the property
Voluntary alienation
Title to real estate transferred with the owner's control and consetn
involuntary alienation
Title to real estate transferred without the owners control and consent
dedication
Transferring privately owned property for public use without compensation.
Special Warranty deed
Warrants that the grantor has title and limits the grantor's liability to encumbrances against the property that occurred after she acquired the title
Adverse Possession
a person can obtaion title to real estate by using the property of another without the owners consent and meeting other legal requirements
acknoledgement
a voluntary declaration before a notary public or officer of the court.
deed
a written instrument hat conveys ownership interests in real estate from a grantor to a grantee
Consideration
anything of value being given in exhange for title
Seisin
gives assurance that the grantor has the powerand authority to convey title and has the type of ownership interest that is being conveyed by the deed.
Warranty forever
gives assurance that the grantor will pay for expenses to defend the title if it is challenged by someone claiming superior title or compensation for losses if the title fails
Covenant of encumbrances
gives assurance that there are not encumbrances on the property
testate
if a person dies leaving a will, we refer to this as having died with a testate.
Bargain and sale deeds
no expressed warranties, similar to quitclaim deeds, however, there is an implication that the grantor holds title and has the right to convey it
Quiet Enjoyment
provides assurance that the title being given by the grantor is good against other parties.
General warranty deed
provides the greatest protect for the grantee because the grantor provides various covenants or guarantees that good and marketable title is being given to the grantee.
Quitclaim Deed
provides the least protection to the grantee. Releases a grantor
Grant Deeds
similar to special warranty deeds and are primarily used in western states. Grantor is not providing a warranty against acts of previous owners. Grantor is ensuring only that no encumbrances were incurred while title was held by the grantor
Granting Clause
states the grantor's intention to transfer title to the granteee and the type of ownership interest being conveyed
Testatrix
the deceased person who made the will is called this if a female
Further assurance
the grantor promises to perform any reasonable acts necessary to correct defects in the title
Beneficiary
the party receiving property under a will for personal property
devise
the party receiving property under a will for real property
renouncing the will
the suruving spose then has the option of renouncing the will and receiving benefits under state law.
Transfer by gift or sale
two common ways that title to real estate is voluntarily transferred are by gift and by sale. The owner either gives or sells the property to another property
Special purpose deeds
used in many states to handle frequently occurring transactions. these deeds are used in particular situations and usually take the form of either quitclaim or special warranty deeds
