Real Estate Unit 6*

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Transfer of Title

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37 Terms

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Title

The right of ownership of land, and can also be evidence of that ownership.

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Voluntary alienation

The transfer of title to real estate by gift (the owner's free will) or sale during one’s life, often through a deed.

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Gift

A voluntary transfer of property ownership without compensation, typically given to a recipient without expectation of repayment or return.

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Sale during one’s life

The process of transferring ownership of real estate in exchange for monetary compensation, occurring while the seller is alive.

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Deed

A legal document that formally conveys ownership of real estate from one party to another, typically requiring signatures and recording.

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Grantor

The individual or entity that transfers property rights or interests through a deed to another party, known as the grantee.

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Minor

An individual under the age of majority who may have limited capacity to enter into legal contracts, including real estate transactions.

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Voidable

Refers to a legal contract that may be invalidated or confirmed by one of the parties involved, often due to factors such as misrepresentation or incapacity.

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Grantee

The individual or entity that receives property rights or interests from a grantor through a deed.

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Consideration

Something of value exchanged in a contract, necessary for its validity.

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The Granting Clause

A part of a deed that states the intention to convey property rights from the grantor to the grantee.

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Habendum Clause

The part of a deed that defines the type and extent of the interest being granted, typically following the granting clause.

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Legal Description

A precise description of real estate that identifies the property boundaries and location, often using metes and bounds, lot and block, or government survey methods.

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Exceptions

Conditions or limitations that reserve certain rights or grant exclusions in a property conveyance.

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Reservations

Conditions or limitations placed in a deed that retain ownership rights for the grantor, while allowing the grantee to use the property.

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Acknowledgement

The legal process by which a person signing a document declares that they are doing so voluntarily and that they understand the contents of the document, often required for documents to be valid in real estate transactions.

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Adverse Possession

a legal doctrine that allows a person to claim ownership of land under certain conditions, typically involving continuous and open use without permission from the original owner.

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Bargain and sale deed

A type of deed that conveys the property from the seller to buyer without warranties against encumbrances, implying that the seller has the right to sell but not guaranteeing clear title.

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Deed

A legal document that transfers ownership of real estate from one party to another, detailing the rights being conveyed.

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Deed of trust

A legal document that establishes a third-party trustee to hold the title of a property until the borrower repays the loan, commonly used in real estate financing.

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Devise

To leave real property to someone through a will.

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General warranty deed

A type of deed that provides the highest level of protection to the buyer, guaranteeing that the seller holds clear title to the property and has the right to sell it. It also ensures that the buyer is protected against any future claims to the title.

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Granting Clause

A statement in a deed that specifies the intention to transfer ownership of the property from the grantor to the grantee, outlining what is being conveyed.

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Intestate

Referring to the condition of an individual who dies without having made a valid will, resulting in the distribution of their estate according to state laws.

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Involuntary Alienation

The transfer of property ownership without the owner's consent, often through legal processes such as foreclosure or bankruptcy.

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Probate

The legal process through which a deceased person's will is validated, and their assets are distributed among heirs or beneficiaries.

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Quitclaim Deed

A legal instrument used to transfer one's interest in a property to another party without any warranties or guarantees regarding the title.

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Reconveyance Deed

A legal document used to transfer property title back to the borrower after a mortgage has been paid off, thereby eliminating the lender's claim on the property.

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Special Warranty Deed

A type of deed in which the grantor provides a limited warranty of title, assuring that they have not encumbered the property during their ownership but not guaranteeing against claims prior to their ownership.

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Testate

Refers to a person who has died leaving a valid will. A testate individual has designated how their assets should be distributed after death.

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Testator

A person who creates and executes a will, outlining the distribution of their assets after death.

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Title

A legal document that demonstrates a person's right to own, use, or sell a property. It serves as proof of ownership and typically includes details about the property.

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Transfer Tax

A tax imposed by the government on the transfer of real estate ownership, usually calculated based on the sale price or value of the property.

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Trustee’s Deed

A legal document used to transfer property from a trustee to the beneficiary, typically following the terms of a trust.

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Voluntary Alienation

The transfer of property ownership willingly by the owner, often through sale or gift. It usually requires a legal document to formalize the transfer.

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Will

A legal document that expresses a person's wishes regarding the distribution of their assets and the care of their dependents after their death.

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