Law - Unit 7 - How ownership is conveyed
Terms
undefined, object
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- alienation
- voluntarily or involuntarily transferring or conveying property to another
- deed
- written instrument used to immediately transfer title to real property from one person to another; a legal document signed and sealed and delivered to effect a transfer of property and to show the legal right to possess it
- granting clause
- words of purchase, such as grants, conveys, transfers, or sells
- quitclaim deed
- deed with no warranties; deed without warranty, which passes only that title which the grantor has
- gift deed
- deed whose consideration is love and affection
- involuntary alienation
- transfer of property against the wishes of the owner
- foreclosure
- legal procedure lenders use to terminate the trustor's or mortgagor's rights in real property to satisfy their liens
- trustee's sale
- foreclosure method taking approximately 4 months
- judicial foreclosure
- procedure lender uses to sell a mortgaged property with the involvement of a court
- deficiency judgment
- personal judgment against a borrower for the balance of a debt owed when the security for the loan is insufficient to pay the debt
- partition action
- court action wherein the co-owners of property may sue other co-owners for severance of their respective interests. Court can order a sale and divide proceedings
- quiet title action
- court proceeding to establish an individual's right to ownership of real property against one or more adverse claimants
- tax sale
- forced sale of real property by the county to satisfy delinquent taxes
- execution sale
- forced sale of property to satisfy a money judgment
- eminent domain
- power of the government to take private property for public use
- escheat
- property reverts to the state because the deceased owner left no will and no legal hairs, The reversion of property to the state or county, as provide by state law, in cases where a decedent dies intestate without heirs capable of inheriting , or when the property is abandoned
- holographic will
- will entirely in the handwriting of the testator; will written and signed entirely by the maker
- codicil
- later testamentary instrument that supplements validity or disposition of an earlier will;, supplement to the body of a will; later addition to a will
- probate
- legal process to prove that will is valid; the act of proving that an instrument purporting to be a will was signed and executed in accord with legal requirements
- executor
- person named in a will to administer it; a person appointed by a testator to carry out the terms of the will
- settlor
- person who sets up a trust on behalf of a beneficiary; The person who created the trust. They have legal title to manage the money, and the beneficiaries have equitable title to enjoy the distributions from the trust.
- inter vivos
- trust in which the settlor is still alive when the trust is established; between the living, frome one person to another
- intestate
- a person who dies without leaving a valid will; having made no legally valid will before death or not disposed of by a legal will
- issue
- descendants of the testator; an important question that is in dispute and must be settled
- per stirpes
- method of dividing property among the descendants of someone who has died intestate, distribution among heirs according to relationship to deceased.
- adverse possession
- obtaining title by occupying land for a statutory time period without the permission of the owner
- accretion
- gradual enlargement of land through the accumulation of sediment
- avulsion
- sudden, perceptible loss of land
- constructive notice
- notice given by recording a document; the legal presumption that information may be obtained by an individual through diligent inquiry, properly recording documents in public record