Term
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Definition
| Indicates ownership of real property. Evidenced by a deed |
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Term
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Definition
voluntary conveyance or transfer of title
transfered by deed if the owner is alive
transfered under direction of a will by administrator or executor who is appointed by a judge if the owner is dead |
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Term
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Definition
| Requires that deeds must be in writing, etc. (see page 81 & 82) |
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Term
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Definition
| transfer of ownership without the permission of the owner |
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Term
| Four methods of Involuntary Alienation |
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Definition
(1.) Adverse Possession
(2.) Foreclosure
(3.) Eminent Domain
(4.) Escheat |
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Term
| Adverse Possession (Squatter's Rights) |
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Definition
| a claim on property by an individual who has occupied the property for a legally established number of years (in Arkansas--7 years) |
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Term
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Definition
5 requirements to satisfy Adverse Possession
(1.) Notorious, known by others
(2.) Adverse to the registered owner's possession
(3.) Conntinuous, no breaks in its use
(4.) Hostile, without the owner's consent
(5.) easily seen by inspection |
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Term
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Definition
Four methods for Involuntary Alienation
Adverse Possession
Foreclosure
Eminent Domain
Escheat |
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Term
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Definition
| Adverse Possession does not have to be by the same person to satisfy the term requirement |
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Term
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Definition
Provides the greatest protection for the buyer
Usually used for residential real estate sales and transfers |
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Term
| Convenant of Seisin (possession) |
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Definition
| Garantor warrants the title being conveyed. If proved invalid, the garantee can sue for the full purchase price |
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Term
| Convenant of Quiet Enjoyment |
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Definition
| Grantor guarantees the title is superior to any other claims |
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Term
| Convenant of Warranty Forever |
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Definition
| guarantees the title will always be good |
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Term
| Convenant of Further Assurance |
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Definition
| Grantor to provide any document necessary to make the title good |
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Term
| Convenant against Encumbrances |
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Definition
| garantees that their are no additional encumbrances |
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Term
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Definition
| Provides less than General Warranty Deed |
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Term
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Definition
transfers the interest to the deignated grantee(s) or successor grantee(s) effective upon the death of the owner.
Can be changed by the grantor but
cannot be changed by a will |
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Term
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Definition
| has no express warranties the land being sold is free of encumbrances--it implies the grantor has possession of the property and title, but is not necessarily free of defects |
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Term
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Definition
| carries no warranties or convenants. Only conveys the interest the grantor had in the property |
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Term
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Definition
| used to convey title from a trustor to the trustee for the benefit of the beneficiary |
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Term
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Definition
| conveys title from the trustee back to the trustor, when the trutor pays off the loan that was secured by the real estate |
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Term
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Definition
Deeds by
administrators
executors
sheriff's deeds |
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Term
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Definition
| Usually held at county courthouse |
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Term
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Definition
| Works like Adverse Possession except it is just an easment. |
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Term
| List the Priority of Leins |
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Definition
(1.) Tax Liens
(2.) Mechanics and materials liens (have up to 120 days)
(3.) Mortgage
(4.) Unsecured liens |
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Term
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Definition
| legal presumption that anything recorded in a public record can be known by anyone who wants to know it ...individual should have known |
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Term
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Definition
| becoming aware of facts that would make a reasonable person investigate further |
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Term
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Definition
| Conveying facts to a person with the intention to inform that person of a proceeding of interest to the person or informing a person of a fact the person has a right to know and the informer has a legal duty to communicate |
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Term
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Definition
| given when an individual hears or reads the information |
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Term
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Definition
| deduced or inferred (logical conclusion) from the circumstances rather than the direct or explicit words. |
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