Term
Alienation
(Title Transfer) |
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Definition
| Transfer of title to real property with owner's consent |
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Term
Involuntary Alienation
(Title Transfer) |
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Definition
Transfer of title to real property without owner's consent
Ex. operation of law, natural causes, or court action |
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Term
Accession
(Title Transfer) |
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Definition
| Process of taking ownership of something |
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Term
Increase / Creation of Land
(Natural Causes)
(Involuntary Alienation)
(Title Transfer) |
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Definition
Accrection:Creation of land through gradual build up by wind or water. the deposited material that creates a firm ground is alluvion/alluvium. Ex. ocean bring up sand
Reliction/Dereliction: the increase in land area that occurs when water recedes. Ex. during a drought |
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Term
Loss of Land
(Natural Causes)
(Involuntary Alienation)
(Title Transfer) |
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Definition
Erosion: gradual wearing away of soil by wind or water (ex. grand canyon)
Avulsion: A SUDDEN VIOLENT change (act of nature) in land mass due to a flood, earthquake, hurricane ect. |
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Term
Condemnation
(Transfer by operation of Law)
(Involuntary Alienation)
(Title Transfer) |
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Definition
governmental power of eminent domain process that requires the taking of land for a public purpose and that the owner receives just compensation.
Just compensation includes moving cost AND market value. Owner can request both proof of public use and just compensation |
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Term
Intestate
(Transfer by operation of Law)
(Involuntary Alienation)
(Title Transfer) |
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Definition
| Owner dies without a will and testament. estate will then be distributed to the heirs according to the laws of descent and distribution (laws of succession) |
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Term
Escheat
(Transfer by operation of Law)
(Involuntary Alienation)
(Title Transfer) |
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Definition
When no will or testament nor blood relatives/heirs/descendants can be found, the property goes to the county or state through a legal process through the process of escheat.
-PROBATE COURT decides who the rightful heirs are.
- Court appoints ADMINISTRATOR WHEN INTESTATE who oversees satisfying the decedent's debt, distributing the property and filing a final report with the court. |
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Term
Adverse Possession
(Transfer by operation of Law)
(Involuntary Alienation)
(Title Transfer) |
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Definition
Ownership is a privilege and a responsibility therefore it is not in the public interest to allow land to be neglected and unwanted.
Before court awards legal title to a "squatter", the claimant must prove that the possession was:
1. Actual: leaving no doubt. Moving in, making improvements, cultivating the land (mowing the lawn) and paying the taxes might establish actual proof.
2. Hostile: without the owner's permission. A tenant, for ex. has no claim of adverse possession permission was granted initially.
3. Open: obvious and visible to the rightful owner.
4. Notorious: so that the public could observe.
5. Exclusive: not shared with anyone else
6. Continuous: in an uninterrupted pattern for the statutory required period. GA=15 years OR 7 years paying taxes
Easement by prescription is NOT adverse possession. Easement by prescription is a PORTION of the land. Adverse possession is for the entire land. |
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Term
Tacking
(Adverse Possession)
(Transfer by operation of Law)
(Involuntary Alienation)
(Title Transfer) |
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Definition
| In order for the unauthorized occupancy to add up to the required years, one person might add their time to that of a previous occupant by a process called tacking. Can be done by successor relationship between occupants such as ancestor and heir, landlord and tenant, or seller buyer. |
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Term
Color of Title
(Adverse Possession)
(Transfer by operation of Law)
(Involuntary Alienation)
(Title Transfer) |
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Definition
Anything in writing that suggests some plausible appearance of ownership no matter how imperfect the instrument.
ex. GA=7 years paying property tax and insurance to show maintenance. |
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Term
Quiet Title Action
(Adverse Possession)
(Transfer by operation of Law & by Court Action)
(Involuntary Alienation)
(Title Transfer) |
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Definition
| Once a claimant has met all of the requirements for adverse possession, a quiet title action is filed. Forceful removal of a name on a title. Acquired through court action to acquire legal title. |
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Term
Forfeiture of Title
(Transfer by operation of Law & by Court Action)
(Involuntary Alienation)
(Title Transfer) |
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Definition
| A fee simple determinable estate, "for so long as", is conditioned upon the occurrence or non occurrence of a certain event. Violation of the condition, ownership will automatically terminate and revert back to the original grantor or the grantor's heirs. |
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Term
Partition Sale
(Transfer by Court Action)
(Involuntary Alienation)
(Title Transfer) |
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Definition
| If joint tenants-in-common cannot agree on a plan to sever their undivided interest, any of the owners, with or without the consent of the other(s), may file a partition suit in court seeking fair distribution of the property and to dissolves the co-ownership |
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Term
Foreclosure Sale
(Transfer by Court Action)
(Involuntary Alienation)
(Title Transfer) |
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Definition
| court-ordered procedure for sale of the property to satisfy the debts of the owner |
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Term
Patent
(Transfer by GOV. Patent of Public Grant)
(Voluntary Alienation)
(Title Transfer) |
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Definition
the document used when the gov. conveys land to a private individual.
ex. native americans receive land through a patent |
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Term
Transfer by WILL
(Voluntary Alienation)
(Title Transfer) |
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Definition
Testator=Person who makes the WILL
Last will and testament=document explaining how the testator wants his/her estate disposed of upon death
Devise=real property
Devisee=heir receiving the device or real property
Legacy or bequest=personal property
Legatee- recipient of personal property
Executor- person named to carry out the provisions of the will (executes will)
Testate- when a person dies with a valid will
Administrator- judge appointed if no will or intestate
Genuine assent=the person making the will (testator) was doing it in free will and not due to fraud or misrepresentation or menace or undue influence |
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Term
Formal Will
(Will Classifications)
(Transfer by Will)
(Voluntary Alienation)
(Title Transfer) |
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Definition
Formal Will:Can be typed or pre-printed and is an instrument prepared by an attorney and signed by and in the presence of 2 or more witnesses.IN GA REAL PROPERTY CAN ONLY BE TRANSFERRED BY FORMAL WILL WITH 2 WITNESSES
Attestation: After attorney prepares a formal will, testator declares in the presence of 2 or more witnesses that the instrument is his/her last will and testament and that he/she is signing it voluntarily the witnesses then signs the will and this entire process if attestation. A realtors only job at closing |
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Term
Holographic Will
(Will Classifications)
(Transfer by Will)
(Voluntary Alienation)
(Title Transfer) |
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Definition
| Entirely handwritten, dated, signed by the testator. GA does not recognize a holographic will. |
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Term
Nuncupative Will
(Will Classifications)
(Transfer by Will)
(Voluntary Alienation)
(Title Transfer) |
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Definition
ONLY used for personal property.
Made orally in expectation of impending death. Must be properly witnessed by those who heard it or recorded and reduced to writing within a specified time.
IS recognized in GA |
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Term
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Definition
| Making a modification to a will |
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Term
Gift Deed
(Transfer by Gift)
(Voluntary Alienation)
(Title Transfer) |
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Definition
title transfer by gift during the LIFE of the owner .
Side Note: ALL contracts must have a consideration whether it is $$$(valuable consideration) or "for love"(good consideration)
Side Note: It is better to gift property to avoid taxes than transfer by inheritance/will |
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Term
Dedication
(Transfer by Gift)
(Voluntary Alienation)
(Title Transfer) |
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Definition
| when a private party gives/gifts property to a gov. entity for a public use the conveyance is called dedication |
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Term
Transfer by Sale
(Voluntary Alienation)
(Title Transfer) |
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Definition
Title is usually transferred by a deed as a result of a sale.
Grantor(Deed): Person conveying the ownership interest of the property or person selling the property.
Grantee(Deed): person receiving the ownership interest or the buyer |
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Term
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Definition
| written instrument, when properly executed and delivered by the grantor during the grantor's lifetime, conveys an interest in the property to the person who accepts it (grantee) |
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Term
DEED Requirements for Valid Conveyance
(Deeds) |
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Definition
1. MUST BE IN WRITING PER THE STATUTE OF FRAUDS IN ORDER TO BE ENFORCEABLE IN A COURT OF LAW. A DEED IS NOT ASSIGNABLE AND CANNOT BE REVERSED
2. GRANTOR MUST BE NAMED AND MUST BE LEGALLY COMPETENT. MUST BE OF LEGAL AGE AND SOUND MIND AND HAVE GENUINE ASSENT. Guardians deed is court appointed on behalf of a legally incompetent GRANTOR such as a minor, habitual drunkard insane person or mentally challenged individual
3. Grantee MUST BE NAMED. Grantee must exist but can buy with a fake name. Grantee must be named and does not have to be legally competent
4. Contain consideration whether of value or good consideration
5. Legal Description: description of property being conveyed must be identified so that it is clearly distinguished from all other parcels of land. The deed is VOID if the description is vague or indefinite.
6. Granting Clause (WOrds of conveyance): must clearly express the grantor's intent to convey the title now and not in the future. Ex. "convey and warrant" or "grant, bargain and sell" are often used in warranty deeds. MUST specifically state granting clause or what is being transferred otherwise the whole thing is assumed to be given.
7. Signature of the Grantor(s): Only grantor needs to sign in order to be valid. Grantee signature is not required.
8. Deliverance and Acceptance: Title to real estate is conveyed when a properly executed deed is delivered and accepted by the grantee or grantee's agent during the grantor's lifetime whether is be delivered by the grantor or person empowered by the grantor.
Recording a deed is NOT required for it to be valid. |
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Term
Typical Deed Provisions Not Essential
(Deeds) |
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Definition
1. Date: not essential but it is customary
2. Habendum Clause: Granting Clause only applies to granting for a certain amount of time. Describes the quantity and duration of the estate being granted. It should be consistent with the granting clause, but if not, the granting clause would control.
3.Reservations and Exceptions: When a grantor is conveying a property, but reserving a life estate for himself or herself, or is conveying some frontage land, but reserving an easement of access to another parcel, the deed will contain a reservation clause. An exception in a deed excludes from the conveyance some physical portion of the property being granted. |
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Term
Covenants of Title
(Deeds) |
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Definition
| A promise by the grantor that certain conditions of title exist. |
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Term
Covenant of Seisin/Seizen
(Covenants of Title)
(Deeds) |
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Definition
| A promise that the grantor does own the property and has a right to convey it. "I own the Property" |
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Term
Covenant against Encumbrances
(Covenants of Title)
(Deeds) |
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Definition
| A promise that there are not encumbrances except those specifically mentioned in the deed. |
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Term
Covenant of Quiet Enjoyment
(Covenants of Title)
(Deeds) |
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Definition
RENTERS ONLY/Leasehold Estate
This promise that the grantee will not suffer interference from others having a superior claim to the title. |
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Term
Covenant of Warranty Forever
(Covenants of Title)
(Deeds) |
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Definition
Provides financial protection to the title.
Obligates the grantor to compensate the grantee for any loos suffered in defending the title against anyone asserting a rightful claims to the property from any time in the past. |
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Term
Covenant of Further or Future Assurances
(Covenants of Title)
(Deeds) |
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Definition
| Obligates the grantor to produce any documents that might be needed to perfect the title. Ex. it may be necessary to execute a correction deed (deed of reformation) if an error is found in the deed of record or to obtain a quitclaim deed from a spouse who failed to relinquish marital rights. In other words, this covenant requests the provision of documentation. |
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Term
Legal Aspects of a Deed
(Deeds) |
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Definition
1. Seal: An actual seal is no longer required in most states. When it is required it is acceptable to use the word "Seal" or the initials "L.S." which is Latin for "under seal" after a signature.
2. Attestation: the act of a person witnessing the grantor's signature and signing the deed as a witness
3. Acknowledgment: a formal declaration made by the grantor in the presence of an unauthorized official, usually a notary public, that the deed is being signed voluntarily. GRANTOR acknowledges the deed. Not a requirement for a valid deed but is if the deed is to be recorded. |
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Term
Warranty Deed
(Types of Deeds)
(Deeds) |
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Definition
guarantees good title to the property.
Grantee is also protected by the DOCTRINE OF AFTER ACQUIRED TITLE a principle that provides that the grantee will obtain the title even if the grantor does not actually possess title at the time of the conveyance but acquires it later. |
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Term
General Warranty Deed
(Warranty Deeds)
(Types of Deeds)
(Deeds) |
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Definition
| Grantor is promising to guarantee the title "forever" and that word in the granting clause identifies it as a general warranty. Protects against defects arising BEFORE AND WHILE the grantor owned the title. |
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Term
Special Warranty Deed (limited warranty deed)
(General Warranty Deed)
(Warranty Deeds)
(Types of Deeds)
(Deeds) |
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Definition
This protects the grantee's title under the same covenants as found in the general warranty deed, except for the warranty "forever".
COVENANT AGAINST GRANTORS ACTS: it only protects against defects arising while the grantor owned the property. |
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Term
Grant Deed
(Types of Deeds)
(Deeds) |
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Definition
| Grantor Promises that he/she owns the property and has a right to convey it (covenant of seisen/seizen). There is also a promise that no encumbrances exist except as noted (covenant against encumbrances) |
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Term
Bargain and Sale Deed
(Types of Deeds)
(Deeds) |
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Definition
| Promises that title to the property is being conveyed but contains no warranties about the condition of title, either expressed or implied. |
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Term
Quitclaim Deed
(Types of Deeds)
(Deeds) |
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Definition
| PEACEFUL removal of ownership. Ex. a name change due to marriage would require a quitclaim deed. It does not contain any promises or warranties of title in fact it does not even promise that the grantor has any interest to convey. |
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Term
Gift Deed
(Special Purpose Deeds)
(Deeds) |
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Definition
| A conveyance for love and affection without valuable ($$$) consideration. a quitclaim deed is often used for this purpose |
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Term
Deed of Trust (Trust Deed)
(Special Purpose Deeds)
(Deeds) |
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Definition
| Used in some states in place of a mortgage lien. When a loan is made, the borrower deeds the property to a trustee, who holds the title as security until the loan is paid. When the loan is paid, a DEED OF RECONVEYANCE is signed returning the title to the borrower. |
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Term
Deed of Reformation (Correction Deed)
(Special Purpose Deeds)
(Deeds) |
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Definition
| Done ONLY if there is a mistake such as a typo in legal description, misspelled name etc. |
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Term
Court Ordered Deed
(Special Purpose Deeds)
(Deeds) |
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Definition
| Used when an officer of the court is directed to convey title. Ex. Sheriff's deed/deed in foreclosure is used to convey title after a sale to satisfy a mortgage, judgement, or tax lien. |
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Term
Deeds executed by court appointed representatives
(Special Purpose Deeds)
(Deeds) |
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Definition
Guardians Deed: one executed by someone's acting on behalf of another who is not legally competent.
Executor's Deed: conveys property of someone who dies leaving a will (testate)
Administrator's Deed: is executed to convey property for someone who dies intestate
In many cases, a quitclaim deed form will be used for these purposes. |
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Term
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Definition
| Title is the right to or ownership of land and it is also the evidence of that ownership as shown by the public records. If there are defects in the title, that might limit the rights of ownership. While some encumbrances are noted in the deed, others are not. For this reason, a process called title examination, a process usually undertaken by someone professionally skilled in title searches is performed. Performed at the county. |
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Term
Constructive Notice/Actual Notice
(Title Protection) |
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Definition
Constructive Notice: The buyer telling the world "I own the property" either by recording the deed, moving on the property, or cultivating the land
Actual Notice: Knowledge acquired from what has been heard, seen, read or observed by making a reasonable and diligent inquiry into all logical sources of information. Ex. Searching public records, driving by and seeing the buyer moving in or seeing the lawn being mowed. |
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Term
Recording
(Title Protection) |
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Definition
| Giving Title protection by recording with the county's public records. |
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Term
Purpose of Recording
(Recording)
(Title Protection) |
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Definition
Process of recording a document gives the whole world notice of the interest the document represents and protects existing rights.
Liens take precedence in the order that they are recorded with the exception of property tax liens.
PROPERTY TAX LIENS AUTOMATICALLY TAKE FIRST PLACE WHENEVER THEY OCCUR AND IN SOME STATES MECHANICS LIENS HAVE A DEGREE OF PRIORITY. |
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Term
Requirements of Recording
(Recording)
(Title Protection) |
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Definition
| an acknowledgement (by person signing it) is essential in most states and some states al require attestation (by witness) |
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Term
Tract Index
(Requirements of Recording)
(Recording)
(Title Protection) |
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Definition
| Provides a map in which each parcel of land is given a number. The number refers to a page in a reference book that lists the books page and page numbers of all documents relating to that particular parcel. Based on the address. |
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Term
Grantor-grantee Index
(Requirements of Recording)
(Recording)
(Title Protection) |
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Definition
| an alphabetical list of all grantors and grantees for each calendar year. By name for each year title was conveyed. |
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Term
Chain of Title
(Title Reports)
(Methods of Title protection)
(Title Protection) |
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Definition
| recorded instruments revealing a continuous ownership from the original grant to the present owner. It is used to demonstrate how the current owner came to possess the property. A complete title search in GA must encompass a min. of 50 years. |
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Term
Abstract of Title
(Title Reports)
(Methods of Title protection)
(Title Protection) |
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Definition
| A condensed history of the title, including the chain of title, a statement of all liens, judgements, wills or other recorded documents that affect the title. The attorney is responsible for using diligence and reasonable care, but the opinion is based upon the facts in the abstract and attorney makes no assurance or guarantees. |
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Term
Cloud on the title
(Title Reports)
(Methods of Title protection)
(Title Protection) |
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Definition
| Title defect. It may be a break in the chain of ownership. Can be corrected with a quiet title action or a quitclaim deed. |
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Term
Quiet title action
(Title Reports)
(Methods of Title protection)
(Title Protection) |
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Definition
| a court action undertaken to remove a clous on the title when it cannot be removed by having people with a possible claim sign quitclaim deeds., relinquishing their interests. The court will recognize genuine claims and clear title of those that are not genuine so that a purchaser mar acquire marketable title. |
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Term
Title Insurance
(Methods of Title protection)
(Title Protection) |
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Definition
a title policy protects against what may have happened in the past, not against what may happens after the policy is purchased.
Both recorded and unrecorded title defects are covered. |
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Term
Lender's policy
(Title Insurance)
(Methods of Title protection)
(Title Protection) |
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Definition
| Protects lenders from loss due to title defects and it is valid as long as there is an outstanding balance on the loan. covers the LOAN BALANCE. Covers what happened in the past. Only good for the life of the loan. |
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Term
Owners Policy
(Title Insurance)
(Methods of Title protection)
(Title Protection) |
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Definition
protects the owner's equity in the property. Last as long as you own or your heirs own the property. It is not transferable.
Ex. you have a home, pay $50k. the total loan is $200k. You find out the deed was forged 10 years ago therefore the deed is void. The lenders policy pays the lender the remaining $150K and the owners policy pays you your equity of $50k. If you didnt have the owners policy, you would be STILL be responsible for the $150k AND Lose the home due to the voided deed. |
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