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Details Title: Chapter 4 Description: Chapter 4 Vocab Total Flash Cards: 27 Created: 08/26/2006 11:47:54	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Voluntary Alienation (transfer) Definition transfer of title made by either gift or sale with the wishes and consent of the property owner Term deed Definition written instrument by which an owner of real estate intentionally conveys his or her right, title, or interest in the parcel of real estate to another. Evidence of a title. Term grantor Definition the owner of a deed Term grantee Definition person receiving the deed Term requirements for a valid conveyance Definition 1. Must be in writing. 2. grantor must have legal capacity to execute a deed. 3. both the grantor and the grantee must be identified. 4. must be adequate words of conveyance. 5. must be an accurate legal description of the property conveyed. 6. deed must be signed by the grantors. 7. deed must be delivered and voluntarily accepted. Term granting clause Definition words of conveyance Term delivery and acceptance Definition actual delivery of the deed by the grantor and actual or implied acceptance of the deed by the grantee Term general warranty deed Definition provides greater protection than any other deed. The best deed for the grantee but gives the grantor the greatest degree of liability. Grantor is legally bound by certain basic covenants or warranties Term general warranty deed covenants Definition 1. Covenant of seisen and the right to convey. 2. Covenant against encumbrances. 3. Covenant of quiet enjoyment. 4. Covenant of warranty forever Term special warranty deed (limited warranty deed) Definition a conveyance that carries only two covenants 1. warranty that the grantor received title 2. warranty that the property was unencumbered by grantor Term Quit Claim Deeds (non warranty deeds) Definition provides grantee with least protection of any deed. Carries no covenant or warranties and conveys only such interest in the property, if any, that the grantor may have when the deed is delivered. Uses: primarily to convey less than fee simple or to cure a title defect. Term excise tax or deed transfer tax Definition based on the purchase price of the property Term revenue stamps Definition Prior to 2000 affixed to to each deed to prove that excise tax was paid Term adverse posession Definition aonther means of involuntary transfer. claim of ownership under adverse posession must have some reason to believe the land is theirs. An owner who does not use or inspect their land for a number of years may lose their land to another person who makes a claim to the land. O - Open (well known to others). C - Continuous (uninterrupted for the required period). E - Exclusive (not shared with others). A - Adverse to the true owner's posession (the adverse posessor must intend to claim that the land occupied is his or her own. N - Notorious/hostile (without the permission of the owner). Required period with color of title - 7years. Without color of title - 20 years. Term intestate Definition Having died without leaving a will. Property title passes to the deceased person's heirs. Term marketable title Definition Five Criteria: 1. be free from any significant leins and encumbrances; 2. disclose no serious defects; 3. be free of doubtful questions of law or fact to prove its validity; 4. protect a purchaser from the hazard of litigation or any threat to quite enjoyment of the property; 5. convince a reasonably well-informed and prudent person, that the property could be resold at fair market value Term chain of title Definition shows the record of ownership of the property over a period of time Term title insurance Definition contract by which a title insurance company agrees, subject to the terms of its policy, to indemnify (to compensate or reimburse) the insured against any losses sustained as a result of defects in a title that existed at the time the policy was issued Term abstract of title or certificate of title Definition condensed history of a title to a particular parcel of real estate; summary of orignal grant and all subsiquent conveyances; encumbrances affecting the property; certification by the abstractor that history is complete and accurate Term ALTA (American Land and Title Association) Policy Definition title insurance policy that protects the interest in a collateral property of a mortgage lender that originates a new real estate loan Term Conner Act Definition a state law that provides that many types of real estate documents are not valid as to third parties unless they are recorded. Term Marketable Title Act Definition porvides that if a chain of title can be tracked 30 years without a problem, it becomes a marketable title. Term actual notice Definition physically taking posession of the property Term constructive notice Definition public notice of interest in real estate Term involuntary alienation Definition without the owner's wishes or consent. Usually carried out by operations of law. EX: condemnation of land for public use; sale of property to satisfy delinquent tax or mortgage liens. Term recording Definition making documents that affect property ownership readily available as matters of public record Term will Definition an instrument made by a mentally competent owner to convey title to real and personal property on the owner's death.