California Real Estate Principles - Chapter 4 Terms
Elements of a valid deed
[Deeds] 1. The deed must be in writing. 2. There must be a description of the parties. Full names and marital status of each. 3. The grantor must be legally capable of executing a written conveyance (an adult of sound mind). The grantee cannot be a fictitious person. 4. There must be an adequate description of the property. 5. There must be a granting clause in which the necessary language of conveyance is used. 6. The deed must be signed by the grantor(s). 7. The deed must be delivered to, and accepted by the grantee. The grantor must have the present intention and the ability to convey the property.
Adverse Possession
[How RE may be acquired] 1. Openly and Notoriously 2. Hostile 3. Claim Title - Color of title 4. Continuous Possession for 5 years w/o abandonment. 5. Pay all real property taxes during the five years of possession.
Abandonment
[How RE may be acquired] A lessee abandons the leasehold interest by leaving the premises and acting in a way that is inconsistent with continuing possession, such as moving all of their belongings out, changing their address, and not paying rent.
Intestate
[How RE may be acquired] A person who dies without leaving a will is said to have died (What?)
Holographic Will
[How RE may be acquired] A will written by hand, dated, and signed by the testator. This type of will doesn't need to be witnessed. The entire will must be hand written.
Witnessed Will
[How RE may be acquired] A written formal will traditionally prepared by an attorney and signed by the testator in the presence of at least two witnesses.
Easement by Prescription
[How RE may be acquired] Adverse possession of an easement (excluding paying property taxes). Example: if someone travels over your land for 5 years for private use. The court will issue this type of easement.
Accession
[How RE may be acquired] An increase in the property owned by manmade or natural additions, like building a house on land, or adding a guest house.
Intestate Succession
[How RE may be acquired] Californias statutory method of property distribution that belonged to someone who died intestate.
Unintended Improvement
[How RE may be acquired] If a fixture is added to property by a person who acted innocently but on mistaken belief as to the property's owner, the fixture may be removed. The owner must be compensated for any damage to the property. The law protects an individual acting in good faith.
Accretion
[How RE may be acquired] Land area can be increased by forces of nature legally. (Blank) is the process by which land adjacent to a flowing body of water accumulates new soil.
Adverse Possession
[How RE may be acquired] The concept of taking over someone else's property and occupying it long enough to actually acquire ownership.
Devisor
[How RE may be acquired] The deceased person (property owner) that created the will is called the (What?)
Probate
[How RE may be acquired] The name of a court process that determines the decedent's heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decedent to the decedent's heirs.
Avulsion
[How RE may be acquired] The natural force of a moving body of water acting gradually or suddenly may wash away or tear land in a process called (what?).
Devisee
[How RE may be acquired] The person receiving property from a will.
Devise
[How RE may be acquired] The transfer of title to real estate by will is called a (What?)
Reliction
[How RE may be acquired] Waters of any moving body of water may permanently recede, uncovering new land that was once under the water. The process is called (what?), and increases the adjacent owner's property.
Gift Deed
[Types of Deeds] By supplying the words "love and affection" as the consideration received.
Quitclaim deed
[Types of Deeds] This conveys any interest the grantor may have in the property at the time the deed is executed. As in a couple that is filing for divorce and one of them purchases a house during the divorce process.
Trust Deed
[Types of Deeds] This deed is used when property serves as security for a debt (loan).
Warranty Deed
[Types of Deeds] This expressly warrants that the grantor has a good title. This makes the grantor liable for a flaw in the title affecting the buyer's interest that may be discovered later, even if the grantor had no previous knowledge of it.
Reconveyance Deed
[Types of Deeds] This type of deed is executed by the trustee which returns title to the trustor after a debt is paid off.
Sheriff's deed
[Types of Deeds] This type of deed is given to the purchaser at a court-ordered sale to satisfy a judgment.
Private Grant or Grant Deed
[Ways to transfer RE] A written instrument giving the names of both parties and a legal description of the property. Transfer of ownership may be a gift, which requires no payment.
Public Grant
[Ways to transfer RE] The transfer of title by federal or state governments to deed public lands by (what?) to private parties. For example, an old military base is sold to developers.
Forfeiture
[Ways to transfer RE] (This) occurs if a condition subsequent in a deed is breached. The grantor (or the grantor's successor) then has the right to reacquire title.
Eminent Domain
[Ways to transfer RE] Federal and state governments have the right to acquire title to property if it's for a public purpose. After the owner receives a notice, he/she will be compensated based on an appraisal (Fair market value in an open market).
Equitable Estoppel
[Ways to transfer RE] If a property owner deceitfully misrepresents his or her ownership (whether by act or omission) to a person that buys the property from a fake owner, the true owner must convey (transfer) the property to the innocent party. This prohibits fraud and unjust enrichment.
Escheat
[Ways to transfer RE] If someone dies and there is no heir, the attorney general acts on behalf of the state to bring a claim against the estate and, if no claimant (heir) comes forward within five years, title to the property vests in the sate. This process is called (what?).
Sheriff's Deed
[Ways to transfer RE] If you buy real estate at an execution sale, you will receive a (what?)
Bankruptcy
[Ways to transfer RE] In a liquidation bankruptcy, a debtor's property is sold to cover debts. The trustee in bankruptcy carries out the sale, and the buyer receives a trustee's deed.
Public Dedication
[Ways to transfer RE] Private land can be transferred for public use or ownership by common-law dedication, statutory dedication, or deed.
Writ of execution
[Ways to transfer RE] Property Sale (personal and real) at a public auction. A court order directing the county sheriff or another officer to satisfy a judgement out of the debtor's (to pay a debt) property, including real estate not exempt from execution.
Marriage
[Ways to transfer RE] Property acquired during marriage or by registered domestic partners that is not separate property is community property by operation of law.
Execution Sale
[Ways to transfer RE] The party who wins a legal action may receive a judgement from the court that includes the award of money damages against the losing party. The winner can file the judgement in any county in the state in which the debtor owns property and then seek a writ of execution.
Action to quiet title
[Ways to transfer RE] - Court Action Against the original owner's consent, (what?) is brought to force others who have claims to the property to prove those claims or have the claims ruled invalid by the court. Typically used in adverse possession.
Partition Action
[Ways to transfer RE] - Court Action. Against the original owner's consent, (what?) is brought by a co-owner of property to force a severance of the co-owners' respective interests (as in tenants in common, or joint tenants).
Action for Declaratory Relief
[Ways to transfer RE] - Court Action. In an (what?), the parties petition the court for a determination of their respective rights before a controversy arises. When a deed is ambiguous, this may be used to avoid later problems.
Power of Sale
[Ways to transfer RE] - Court Action. A (what?) gives the trustee under a trust deed the ability to sell the property to satisfy the unpaid debt if the debtor defaults.
Judicial Foreclosure Action
[Ways to transfer RE] - Court Action. In a (what?), the holder of a trust deed, a mortgage, or other lien on property requests a court-supervised sale of the property to cover the unpaid balance on the delinquent debt.
Tax Deed
{Types of Deeds] This type of deed is issued by the county tax collector if property is sold because of nonpayment of taxes.
