TITLE BASICS
This document transfers ownership of real property from one party to another.
What is a deed?
This federal agency can place a lien on property for unpaid income taxes.
What is the IRS?
This legal process administers a deceased person's estate and transfers property to heirs.
What is probate?
In the movie "It's a Wonderful Life," George Bailey runs this type of business that helps people buy homes.
What is a Building and Loan (or savings and loan)?
This person or company acts as a neutral third party to facilitate a real estate closing.
Who is an escrow agent (or settlement agent)?
This type of title insurance protects the lender's interest in the property.
What is a lender's policy?
This court order requires a debtor to pay money and can create a lien against real property.
What is a judgment?
This document expresses a person's wishes for distributing their property after death.
What is a will (or last will and testament)?
his HGTV show features twins helping clients choose between three properties with the phrase "location, location, location."
What is Property Brothers?
This legal action is filed to resolve disputed ownership or remove clouds on title.
What is a quiet title action (or suit to quiet title)?
This is the legal process of researching public records to determine a property's ownership history.
What is title search (title examination)?
This is the typical timeframe after which a federal tax lien expires if not renewed.
What is 10 years?
When someone dies without a will, their estate passes according to these state laws.
What are intestacy laws (or laws of intestate succession)?
In "Breaking Bad," Saul Goodman suggested Walt and Jesse launder money by purchasing this type of business establishment.
What is a laser tag facility (or car wash)?
This occurs when someone occupies property openly and continuously, potentially gaining ownership after the statutory period.
What is adverse possession?
This term describes a title free from liens, encumbrances, or legal questions about ownership.
What is clear title?
This notice filed by the IRS gives public notice of a tax debt and establishes the government's claim against all of a taxpayer's property.
What is a federal tax lien?
This court-appointed person manages the estate when there is a will.
Who is an executor (or personal representative)?
This Tom Hanks film features a romantic subplot involving a houseboat on Lake Union in Seattle.
What is Sleepless in Seattle?
This clause in a mortgage allows the lender to declare the entire balance due upon sale of the property.
What is a due-on-sale clause (or alienation clause)?
This comprehensive examination traces property ownership back to the original grant or a specified number of years to establish a clear chain of title.
What is a title abstract?
This is the amount of time a homeowner has to satisfy a tax sale certificate before the purchaser can begin the foreclosure process.
What is 2 years?
This type of deed is used by an executor or administrator to transfer real property from an estate to heirs or buyers.
What is an executor's deed (or administrator's deed)?
In the board game Monopoly, this property on the orange color group shares its name with a real street in Atlantic City.
What is Tennessee Avenue (or St. James Place, or New York Avenue)?
This type of deed provides the most protection to a buyer, with the grantor warranting title against all defects.
What is a general warranty deed (or warranty deed)?