Term
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Definition
| A document that conveys an ownership in real property and is evidence of title to that property |
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Term
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Definition
The first of four portions of a deed. It contains:
1) the date and identification of the parties
2) the granting clause
3) the legal description
4) the recital
5) the under and subject clause
6) the appurtenances clause |
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Definition
| states that the grantors have granted and conveyed the property to the grantees in exchange for the consideration paid to the grantor by the grantee |
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| describes the property being transferred |
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| describes how the grantor of the deed obtained the title |
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| lists encumbrances, covenants, and easements or restrictions |
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| states that the grantor transfers not only the land, but also all the buildings, improvements, and rights associated with the ownership, possession, and use of the land. |
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| defines teh nature of the estate that is being transferred |
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| contains promises made by the grantor with regard to the title that has been transferred |
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Definition
| Contains promises made the grantor with regard to the title that has been transferred |
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Definition
| statement that preceds the grantor's signature |
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Definition
| Evidence that the deed was signed in the presence of an official who has the authority to take oaths. |
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| The grantor warrants or guarantees to the grantees that the property is being transferred and conveyed without any reservation and is free and clear of any encumbrances or defects, including those from prior owners. |
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| covenant of quiet enjoyment |
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Definition
| the grantor promises that the grantees' ownership, use, and possession will not be challenged by anyone past, present, or future |
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| the grantor assures the grantee only of his or her interest in the property- there is no assurance with respect to the previous owners in the chain or title. |
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Definition
| the grantor makes no assurances concerning the quality content of title |
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Definition
| Used to transfer property sold at a judicial sale |
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| Used when real estate has been in the possession of a trustee, guardian, executor, or administrator |
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| One who holds or controls assets for the benefit of another |
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Definition
| A special form of deed used when a corporation transfers real estate |
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Definition
| (also called an escrow jurisdiction) the lender or a third party holds equitable title to the real estate in the name of the borrower under the terms of a deed of trust. |
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Definition
| the borrower holds title to the property, and the lender places a lien on the property through use of the mortgage document. |
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Definition
| Used to define the terms and relationships of the parties to the loan agreement in a title theory state. |
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Definition
| a docuement used to relase ownership to the borrower, thereby removing any cloud on the borrower's title |
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Definition
| a personal obligation in writing to repay the sume of money that has been borrowed |
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Term
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Definition
| clause in a promissory note that delcares the entire amount owed due upon default |
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