Chapter 7 Real Estate

Special Warranty Deed

A deed in which the grantor warrants or guarantees the title only against defects arising during the grantor's ownership of the property and not against defects existing before the time of the grantor's ownership.

Bargain and Sale Deed

Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor's act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

Testate

Having made a valid will before one dies.

Acceptance

The act of agreeing or consenting to the terms of an offer thereby establishing the "meeting of the minds" that is an essential element of a contract.

Involuntary Alienation

The transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs.

Deed

Written instrument that, when properly executed and delivered, conveys title to real property from a grantor to a grantee.

Cloud of Title

A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or quiet title legal action.

Sheriff's Deed

A deed given by court order in connection with the sale of a property to satisfy a judgement.

Quitclaim Deed

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

Warranty Deed

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.

Acknowlegment

A formal declaration made before an authorized person, a notary public, by a person who has executed an instrument stating that the execution was his or her free act

Devise

A gift or disposal of real property by last will and testament.

Chain of Title

A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner.

Legal Description

A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.

Grant Deed

A limited warranty deed using the word "grant" or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.

Adverse Possession

A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.

Grantee

A person to whom a grant is made

Grantor

A person who conveys title to real property by deed.

Grantee

A person who receives title to real property by deed.

Grantor

A person who transfers his or her interest in property to another by grant

Abstract of Title

A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.

Grant

A technical legal term in a deed of conveyance bestowing an interest in real property to another. The words "convey" and "transfer" have the same effect.

Certificate of Title

A written opinion by an attorney that ownership of a particular parcel of land is as stated in the certificate.

Opinion of Title

An attorney's written evaluation of the condition of the title to a parcel of land after examination of the abstract of title.

Consideration

Anything given or promised by a party to induce another to enter into a contract, such as money, personal services, or even love and affection

Uniform Commercial Code

Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.

Actual Notice

Express or implied knowledge of a fact.

Title Insurance

Insurance to protect a real property owner or lender up to a specified amount against certain types of loses, e.g., defective or unmarketable title.

Constructive Notice

Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.

Devisor

One who disposes of real property by will.

Testator

One who makes a will.

Devisee

One who receives a gift of real property by will.

Habendum Clause

The "to have and to hold" clause which may be found in a deed.

Probate

The official proving of a will. The legal process wherein the estate of a decedent is administered.

Recording

The process of placing a document on file with a designated public official for public notice. This public official is usually a county officer known as the County Recorder who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating the time of day and the date when it was officially place on file. Documents filed with the Recorder are considered to be placed on open notice to the general public of that county.

Marketable Time

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

Voluntary Alienation

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