Chapter 32-33: Transfers and Charges

Flashcards based on key concepts from Chapters 32 and 33 concerning property transfers and mortgages.

Teraview/E-Reg

A system used for quick title searches, document creation for registration, and checking executions in the Sheriff's office.

Transfer

The official process by which title to real property is taken when it changes hands to the new owner.

Deed

Another term for a Transfer; an interchangeable term often used in property transactions.

Consideration

The cost of chattels or the purchase price of the land and building specified in the Agreement of Purchase and Sale.

Chargor

The party borrowing money in a mortgage agreement.

Chargee

The party lending money in a mortgage agreement.

Power of Sale

Allows the Chargee to sell the property without court intervention, following certain terms and conditions.

Foreclosure

A legal process by which the Chargee becomes the registered owner of the property after obtaining a court order.

Judicial Sale

A sale performed by the Sheriff under court authority, often due to an unpaid judgement.

Standard Charge Terms

The clauses that are required in mortgage agreements to outline rights and responsibilities.