Unit 6: Transfer of Title Flashcards

Vocabulary terms and definitions covering the concepts of voluntary and involuntary alienation, types of deeds, and conveyance of property after death based on Modern Real Estate Practice 21st Edition.

Title

The right to and evidence of ownership of land.

Voluntary alienation

The owner intentionally conveys the ownership of property using some form of deed, such as a gift or a sale.

Grantor

The owner of the property who is conveying the title.

Grantee

The person receiving the title to a property.

Granting clause

Words of conveyance contained within a deed.

Habendum clause

The ‘to have and to hold’ clause that defines the ownership taken by the grantee.

Acknowledgment

The notarization of the signature of the grantor, sometimes with a seal or before a notary public or other officer of the court.

General warranty deed

A deed that may contain express or implied warranties where the grantor defends the title against defects created by themselves and all previous owners.

Covenant of seisin

A basic warranty stating the owner has full ownership and the legal right to convey the title.

Covenant against encumbrances

A warranty that the title is free from all liens and encumbrances except those specifically stated in the deed.

Covenant of further assurances

A warranty that the grantor will furnish whatever is needed to make the title good.

Covenant of quiet enjoyment

A warranty where the grantor assumes responsibility for protecting the title against the claims of third parties.

Covenant of warranty forever

A warranty where the grantor is liable for reimbursing the grantee for any loss sustained in the future.

Special warranty deed

A deed warranting only that the title was not encumbered while the grantor held it, except as noted; often contains the clause ‘Grantor remises, releases, alienates, and conveys’.

Bargain and sale deed

A deed that implies the grantor holds title and possession but contains no warranties against encumbrances unless specifically stated.

Quitclaim deed

A deed providing the least protection, carrying no covenants or warranties, and often used to cure a ‘cloud on the title’.

Reconveyance deed

A deed executed by a trustee to return title property held in trust back to the trustor.

Trustee's deed

A deed used to convey property out of a trust to anyone other than the trustor.

Transfer tax stamps

Taxes usually payable when a deed is recorded, with rates varying by jurisdiction.

Involuntary alienation

The transfer of property without the owner's consent through operation of law, such as eminent domain, escheat, or foreclosure.

Adverse possession

Possession by a trespasser that is Open, Notorious, Continuous, Hostile, and Adverse (ONCHA).

Tacking

A process that permits combining successive periods of adverse possession by different persons.

Devise

The transfer of title to real estate by a will; the person dies testate.

Intestate

The condition of dying without a will, where state laws of descent determine who receives ownership.

Codicil

A modification of or an amendment to a will.

Holographic will

A will written in the maker's own handwriting.

Nuncupative will

A will given verbally by its maker.

Probate

A legal process that confirms the validity of a will, determines assets, and identifies the people to whom assets are to pass.