Transferring Title
What is the person who receives ownership of property called?
Grantee
What is notice based on what someone has actually seen, heard, or read?
Actual notice
What is a legally enforceable agreement between two or more people called?
Contract
What is money that accompanies an offer to purchase called?
Earnest money
What is the legal document used to transfer title to land?
Deed
What is the person who transfers ownership of property called?
Grantor
What type of notice comes from public records?
Constructive notice
What is it called when one party changes the terms of an offer?
Counteroffer
Is earnest money required for a valid real estate contract?
No
What type of notice means you are expected to investigate something you see on a property?
Inquiry notice
What document is used to transfer ownership of real estate?
Deed
What is the history of the previous owners of a property called?
Chain of title
What must a real estate contract generally be in to be enforceable?
Writing and signed
What document expresses an intention to buy or sell but creates no obligation?
Letter of intent
What type of deed is commonly used to remove a cloud on title?
Quitclaim deed
Which deed provides the most protection to the buyer?
General warranty deed
What document gives a history of all recorded documents affecting a property's title?
Abstract of title
What law requires land sale contracts to be in writing and signed?
Statute of Frauds
What is a short, temporary purchase agreement called?
Binder
What type of agreement gives a renter the option to purchase the property?
Lease-option
Which deed has no covenants or warranties?
Quitclaim deed
What type of title is free from reasonable doubt about who owns the property?
Marketable title
What is it called when a contract is broken?
Breach of contract
What phrase means that the deadlines in a contract must be followed?
“Time is of the essence”
What is the process of gaining ownership by occupying someone else's land for the required period of time?
Adverse possession