Real Estate and Wills Terminology

Flashcards covering key terms and definitions from real estate and wills terminology.

General Warranty Deed

Gives the best guarantee of title; guarantees title before and during the time the seller owned the property.

Special Warranty Deed

Guarantees the title only for the time the seller actually owned the property.

Quitclaim Deed

Makes no guarantee; the grantor simply states that he has no claim on the title.

Bargain and Sale Deed

Better than a quitclaim but not as good as a warranty deed; has no explicit guarantees but does imply title is good.

Bargain and Sale with Covenant

Ensures that the grantor has done nothing to encumber the title; this effectively turns it into a special warranty deed.

Involuntary Transfer

Transfer without the owner's consent.

Eminent Domain

The right to take private property for public use.

Condemnation

The action of taking private property for public use.

Escheat

When an owner dies with no will and no heirs, his property reverts to the state.

Adverse Possession

Claiming title by possession of the property for a statutory number of years.

Notarial Will

A formally prepared will, witnessed and signed.

Holographic Will

Entirely in the testator's own handwriting, dated and signed, but not witnessed.

Nuncupative Will

Made orally by testator who is near death.

Testate

One who dies having a will.

Intestate

When there is no will.

Legatee

One who inherits property in a will.

Probate

A court proceeding that establishes the validity of the will and allows the instructions of the will to be carried out.