Transfer of Property Flashcards
Acknowledgement
declaration to notary that a signature is a free and voluntary act.
verification of a signature
Quitclaim Deed
A deed with no guarantees or warranties
Offers buyer least protection
Can be used to correct or cure a defect or cloud on title
Delivery and Acceptance
The legal requirement that must be met for a deed to transfer title from grantor to grantee
Intestate
A party who does not have a valid will
Dedication
Act of a developer turning over the streets of a subdivision to the local government
Laws of Descent and Distribution
Rules for distributing the property of an intestate
Title report
Report outlining current condition of title
Title commitment
Foreclosure
Legal process instituted by lender after debtors default on his payments
Chain of Title
A list of all owners of a property from first to the present
Abstract of Title
Complete history of all recorded events affecting title to the property
Deed in Lieu of Foreclosure
Alternative to foreclosure where lender accepts deed rather than funds to settle the debt
Friendly foreclosure
Voluntary deed
Deficiency Judgment
Suit filed by lender against borrower whose debt was not completely satisfied by foreclosure sale
Equity of Redemption
Borrowers right, up to the moment of foreclosure sale to step in and pay what he owes and reclaim property forfeited due to mortgage default
Equitable redemption
Lis Pendens
Recorded notice that a lawsuit affecting a particular property has been filed and is pending
