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