Transfer and Recording of Title - Flashcard Set

Acknowledgment

An oath of a subscribing witness, such as a notary public (e.g., acknowledgment occurs when the

grantor states to the notary that the signing of the deed is a voluntary act)

Actual notice

Notice that has been expressly given and is known to a party (contrast this with constructive notice)

Bargain and sale deed

A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title (the grantor may add warranties to the deed at his or her discretion)

Consideration

The exchange of things of value

Constructive notice

Notice given to the world by recorded or public documents (contrast with actual notice)

Conveyance

Transfer of ownership (e.g., by deed)

Dedication by deed

When a developer prepares a deed that grants property to the municipality (e.g., for a public park)

Deed in trust

An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate (the beneficiary controls the trustee's use of these powers under the provisions of the trust agreement)

Deed of gift

A deed conveying property without consideration

Delivery and acceptance

Actual delivery of the deed by the grantor and either actual or implied acceptance by the grantee

Executor's deed

Deed used by the executor to an estate to sell property held by the estate

Foreclosure

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default (usually default in payment of mortgage note)

Full covenant and warranty deed

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (contains the strongest guarantee of title)

Grantee

The one to whom a deed is given

Grantor

The individual who conveys the ownership rights of real property

Habendum clause

That part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying

Quitclaim

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest

Referee's deed

Awarded by auctioneer (referee) when property is bought at auction; carries no warranties but implies grantor has legal title

Short sale

A sale of real estate in which the sale proceeds fall short of the balance owed on the property's mortgage loan

Special warranty deed

A deed which promises only that the seller has not done anything to lessen the value of the estate

Title insurance

A policy that protects the insured against loss or damage due to defects in title

Title search

The examination of public records relating to real estate to determine the current state of the ownership