Chapter 3.C - Legal Issues: Deeds

Assessments

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

Acknowledgement

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person's act and deed.

Special Assessment

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.

Description (Schedule A)

Consists of the written words which delineate a specific piece of real property.

Accretion

The addition of land through processes of nature, as by water or wind.

Grantee

The buyer in a transaction.

Alluvion

The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accession) and thus its value over time.

Grantor

The seller in a transaction.

Bargain and Sale Deed

The statement "AND the party of the first part covenants has not done or suffered anything whereby the said premises have been encumbered in any way whatever, except as aforesaid." is typically found in:

Must Be in Writing

The statute of frauds requires what for deeds

Conveyance

The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.

The quality of title in a transaction

The type of deed is typically determined by:

Description

This consists of the written words which delineate a specific piece of real property.

Schedule A

This consists of the written words which delineate a specific piece of real property.

Quitclaim Deed

This type of deed is typically used when a property is being gifted to another party.

Referee's Deed

This type of deed is used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition.

Referee's Deed

Used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition.

Referee's Deed

What type of deed is typically delivered by a 3rd party

Approved Assessing Unit

A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations.

Lien

A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.

Public Grant

A term that is used for a gift of land that is from the government.

Dedication

An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.

Levy

An assessment of tax.

Executor Deed

Has to show full consideration.

Homestead

Homestead - The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by an property owned by others.

Transfer Tax Return

In New York State, what is required to be recorded along with the deed...?

Assessing Unit

A city, county, town or village with the authority to value real property for purposes of taxation.

Habendum Clause

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee.

Habendum Clause

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the "to have and to hold'" clause.

Habendum clause

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. This clause is also known as the "to have and to hold'" clause.

Bargain and Sale Deed

A deed conveying real property without covenants.

Full Consideration

A deed is NOT required to cite.

Quitclaim Deed

A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.

Special Assessment Districts

A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.

Adverse Possession

A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim or right for the required statutory period.

Accession

A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials.

Executor

A person or institution appointed by a testator to carry out the terms of their will.

In Rem

A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.)

Reference to a Plan

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.

Reference to a Plat

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.

Land Patent

A supreme title to land which was originally acquired within the United States of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever.

Metes and Bounds

A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.

Full Covenant and Warranty Deed

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title.

Assessed Value

A valuation placed upon property by a public officer or a board, as a basis for taxation.

Assessment Review Board

An independent tribunal established to hear assessment appeals.

Consideration

Anything given to induce another to enter into a contract such as money or personal services.

Deed

Conveyance of real property from seller/grantor to buyer/grantee. Deed creates publics record. Also serves as tangible evidence of transfer of ownership.

Testator

In an executor's deed, the deceased person is the:

Executor

In the case where the owner has died and left a will, the fiduciary appointed to represent the estate.

Contract

John is four weeks away from closing on a house and wants to verify what type of deed will be delivered at the closing. Where should John look to find this information.

Dedication by Deed

Land that has been put aside for a public use by a deed which states exactly what the property will be used for.

Delivery and Acceptance

Legal policy mandates that a deed to real property be a matter of public record; therefore, a deed must be properly recorded.

Delivery and Acceptance

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.

Involuntary Alienation

Loss of property through attachment, condemnation, foreclosure, sale of taxes or other involuntary transfer of title.

Lot and Block

Method of identifying legal description of property.

Non-homestead

Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property.

Consideration

Something of value, including money.

Clear and Marketable Title

The covenant that states "that the said premises are free from encumbrances", meaning what is being sold to the buyer is:

Survey

The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

Survey

The process by which a parcel or land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

Quitclaim Deed

This type of deed is usually used to remove a cloud from the title.

Voluntary Alienation

Transfer of title to an asset with the consent of the owner.

NOT: There are no outstanding violations Is Provided: The purchaser has full possession of the property, Warranty of title, and There are no hostile claims to the property title

What warranty is typically NOT provided in a Full Covenant and Warranty Deed:

Ad Valorem Taxes

according to valuation.