Chapter 7 Real Estate U

Devise

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

Actual Notice

Express or implied knowledge of a fact

Testator

One who makes a will

Escheat

The reverting of property to the state when someone dies and no heir is found

Statutory Lien

A charge or claim upon property that arises by virtue of specific statutes that address the relationship between the property owner and the party given the ability to place the lien.

Cloud on 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 judgment.

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.

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.

Acknowledgment

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

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.

Involuntary Lien

A lien imposed against property without consent of an owner; example - taxes, special assessments, federal income tax liens, etc

General Lien

A lien on all of the property of a debtor

Equitable Lien

A lien on property imposed by a court in order to achieve fairness, particularly when someone has possession of property which he/she holds for another

Specific Lien

A lien that attaches to one specific property only

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.

Intestate

A person who dies having made no will or one which is defective in form, is said to have died intestate, in which the estate descends to the heirs at law or next of kin

Grantor

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

Mechanic's Lien

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property

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.

Deed

A written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee)

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

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.

Voluntary Lien

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.

Consideration

Anything given or promised by a party to induce another to enter into a contract, e.g., money or personal services

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.

Testate

Having made a valid will before one dies

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

Devisee

One who receives a gift or real property by will

Habendum Clause

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

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

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 fi le with a designated public offi cial for public notice. This public offi cial is usually a county offi cer 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

Eminent Domain

The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated

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.

Marketable Title

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