Transferring Title
A written document that, when properly executed and delivered, conveys title to land.
What is a deed?
A formal declaration by a person that he/she, in fact, did sign the document.
What is acknowledgement?
This is the year the federal government banned lead-based paint.
What is 1987
A legally enforcable agreement between two or more parties to do (or not do) a particualr thing.
What is a contract?
Terms that include information regarding various conditions of a contract.
This person is the seller or gifter in a real estate transaction.
Who is the grantor?
Knowledge based on what one has seen, heard, read, or otherwise observed.
What is actual notice?
This meets all requirements of law and is binding upon its parties and legally enforceable in a court of law.
What is a valid contract?
A contract with contingency, which is not fully met or a contract with a minor.
What is a voidable contract?
A legal term that means the time limits set by the contract must be faithfully observed, or the contract is voidable by the non-defaulting party.
What is "time is of the essence"?
The transfer of land by a government body to a private party.
What is a public grant?
This is a chronology of successive owners of record of a parcel of real estate.
What is a chain of title?
Plausible appearance of ownership interest.
What is color of title?
A failure, without legal excuse, to perform as required by a contract.
What is a breach of contract?
This is money that accompanies an offer to purchase, which can show "good faith." It is not required for a valid contract.
What is an earnest money deposit?
This is the person or entity receiving legal ownership or title to a property from a seller.
Who is the grantee?
This is a complete historical summary of all recorded documents affecting the title of a property.
What is an abstract of title?
A party providing the wrong information, but not doing so to deceive another, for the purpose of reaching an agreement.
What is innocent misrepresentation?
Any change in the contract terms.
What is a counteroffer?
These are used to express the mutual intention to buy, sell, lease, develop, or invest, and they outline the terms of agreement.
This is the unauthorized occupation of another person’s land for a period of time as required by law.
What is adverse possession?
A title that is free from reasonable doubt about who the owner is.
What is a marketable title?
Notice given by the public records and by visible possession, coupled with the legal presumption that all persons are thereby notified.
What is constructive notice?
A document by which one person authorizes another to act on their behalf.
What is power of attorney?
A temporary purchase contract used to secure a real estate transaction until a more formal contract can be developed and executed.
What is a binder?