Chapter 6 - Deeds Flashcards Preview

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Flashcards in Chapter 6 - Deeds Deck (30)
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1
Q

Acknowledgement

A

Party has signed in front of a public official (notary public or judge) signifying that the document was signed voluntarily and that signature is genuine

2
Q

Adverse Possession

A

Open, hostile, notorious, adverse possession of land that leads to conveyance of title. 10 years of continued use required under NY State Law.

3
Q

Bargain and Sale Deed

A

Provides limited warranty and guarantee of title. Requires title insurance. Most common type of deed in NYC.

4
Q

Block and Lot

A

Legal description in subdivisions broken up into blocks and lots.

5
Q

Consideration

A

Anything of value inducing another person into a contract

6
Q

Conveyance

A

Act of transferring interest from one person to another

7
Q

Dedication

A

Dedication of private property for public use - land for streets within new subdivision development, dedicates land for park to municipality

8
Q

Deed

A

Document conveying interest in real property - land, improvements, and bundle of rights

1) competent grantor
2) identifiable grantee
3) conveyance
4) consideration
5) legal description
6) Habendum clause
7) limitations
8) exceptions and reservations
9) signatures - acknowledged by notary/attorney/judge
10) delivery and acceptance from grantor to grantee

9
Q

Devise

A

Transfer of title through will when a person dies testate (with a will)

10
Q

Delivery and Acceptance

A

In deed, the delivery of the deed from grantor to grantee and their acceptance of it. Final step in conveying title.

11
Q

Executor

A

Person named in will designated to carry out the provisions of the will. Property is distributed in probate, which is supervised by surrogate court.

12
Q

Foreclosure

A

Process of involuntary transfer of property when landowner defaults on debts secured by real property.

13
Q

Full Covenant and Warranty Deed

A

Full warranty and guarantee of title, greatest protection.

14
Q

Grant

A

Act of transferring interest in real property by a written instrument (deed)

15
Q

Grantee

A

Buyer

16
Q

Grantor

A

Seller

17
Q

Habendum Clause

A

To have and to hold - describes the type of estate granted.

18
Q

Involuntary Alienation

A

Transfer of title against the will of/without action by the owner. EX: eminent domain, foreclosure, adverse possession.

19
Q

Metes and Bounds

A

Legal description of property. Licensed surveyor describes property in distance (metes) and compass direction (bounds). Relative to fixed, easily identifiable Point of Beginning (POB) and working clockwise.

20
Q

Plat

A

Survey map of a subdivision recorded in the county where it is located.

21
Q

Quitclaim Deed

A

Provides no warranty.

22
Q

Referee’s Deed

A

Judicial deed. Provides no warranty. Used in foreclosure or bankruptcy proceedings.

23
Q

Sheriff’s Deed

A

Judicial deed. Provides no warranty. Used in sheriff’s sale at foreclosure.

24
Q

Survey

A

Process of locating and measuring the boundaries of a property, identifying encroachments, easements, and improvements associated with it.

25
Q

Voluntary Alienation

A

Transfer of land ownership that property owner undertakes with free will - sale, gift, dedication of private property for public use, or grants of land from the government.

26
Q

Descent

A

Transfer of title to natural heirs when person dies intestate (without will).

27
Q

Escheat

A

Government power allowing the state to seize property when a person dies intestate (without will) and without natural heirs.

28
Q

Avulsion

A

Land lost due to sudden acts of nature like floods and earthquakes

29
Q

Reliction

A

Body of water recedes and exposes land that was previously underwater

30
Q

Accretion

A

Gradual addition to dry land by forces of nature - added land is alluvion