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27 Cards in this Set
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- Back
- 3rd side (hint)
Equitable Title |
A beneficial interest in real estate implying that an individual will receive legal title at a future future date |
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Equitable Title |
A beneficial interest in real estate implying that an individual will receive legal title at a future date |
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Alienation |
The act of transferring ownership title interest in Real Property from run person to another |
Maybe voluntary with the owners controlling consent or the transfer may be involuntary by operation of Law Without control and consent of the owner |
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Voluntary alienation |
An owner May transfer Title by making a gift or selling the property |
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Deed |
A written instrument used to convey an interest in real property conveys legal title |
Used to sell or gift real property to another person or entity during the owners lifetime |
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Will |
Illegal instrument used to convey title to real and personal property after the person's death |
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Testate |
The decedent deceased person prepared a will before death |
Conveyance of property according to a last will and testament is voluntary alienation because the person who left a will the testator test a strix intended to gift property to a particular individual |
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Bequest |
A gift of personal property the recipient is the beneficiary |
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Transfer by involuntary alienation |
Title to property may be transferred without the owner's consent transfers are usually carried out by operation of law |
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Descent |
When a person dies intestate without leaving a will all the property of the deceased person owned in the time of death descends to the deceased person's legal descendants the legal descendants are called heirs |
Transfer of property by descent is a form of involuntary alienation because the state not the deceased determines the disposition of the property |
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Escheat to the state |
Provides for a government normally a state government to take the property of an owner who dies intestate and who has no known errors in title to receive the |
The power is a practical solution to ensure that property is always owned by someone |
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Adverse possession |
Arises when the true owner of record fails to maintain possession and the property is seized by another |
If the true owner sleeps on his right and does not use legal means available to remove a hostile trespasser the owner will lose right to the property after period of time |
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Conditions for alienation by adverse possession hot can |
H hostile possession of the property o open possession with no attempt to conceal occupancy T taxes paid on the property by the adverse possessor during all the years of possession C claim of title even an imperfect one exists A adverse possession must contain for 7 or more consecutive years without the consent of the owner in Notorious and flagrant public possession of the property |
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Eminent domain |
Gives the government the power to take land away from an owner through the legal process called condemnation |
The taking must be for a public purpose the government must pay a fair price for any land taken |
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Actual notice |
A direct knowledge acquired in the course of a transaction |
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Constructive notice |
Accomplished by recording a document in the public records |
Also called Legal notice |
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Acknowledgement |
The formal declaration before a notary public declaring that the signing the document is a voluntary Act |
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Chain of title |
The complete successive record of a property ownership beginning with the earliest owner title may pass too many individuals each owner is linked to the next |
Traced through linking conveyance from the present owner back to the earliest recorded owner |
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Abstract of title |
A search of the recorded documents concerning a parcel of real property |
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Title opinion |
Some buyers will accept a title of opinion executed by an attorney who has studied the abstract of title |
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Title insurance |
a contract that protects the policyholder from losses arising in defects in the title |
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Owners policy title insurance |
Issued for the total purchase price of the property helps to protect the new owner against unexpected wrists such as Forge deed signatures and damages for any defect in the title |
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Lender's policy title insurance |
Issued for the unpaid mortgage amount protects the lender against title defects |
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Deed |
A written instrument that conveys title to real property |
An instrument of conveyance whereby title to real property is transferred from one party to another |
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Parties to a deed |
Grantor owner giving title grantee new owner receiving title |
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Statutory |
Format is defined by state law |
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Four types of statutory Deeds |
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