Real Estate Principles - CH 4 Transferring Real Estate

abandonment

more than simple nonuse; happens when a lessee abandons the leasehold interest by leaving the premises and acting in a way that is inconsistent with continuing possession, such as by failing to make rent payments when due, removing one's property from the

accessions

refers to an increase in the property owned; manmade or natural additions to property may extend the owner's title to include those additions; can occur by the construction of improvements or by the process of accretion or reliction

accretion

the process by which land adjacent to a flowing body of water accumulates new soil

acknowledgement

a document; may be made anywhere within California before an authorized official, typically a notary public, can't be a party to the transaction or related to a party to the transaction

action for declaratory relief

the parties petition the court for a determination of their respective rights before a controversy arises

action to quiet title

brought to force others who have claims to the property to provide those claims or have the claims ruled invalid by the court; the usual method of establishing title by adverse possession and of clearing tax titles or title acquired on a forfeited contrac

administrator

court appointed person to handle the estate

adverse possession

one of the ways in which property can be acquired by occupancy; taking over someone else's property and occupying it long enough to actually acquire ownership of it; follow these five steps:
1. you must occupy the property openly and notoriously - that is

after-acquired title

brought to force others who have claims to the property to prove those claims or have the claims ruled invalid by the court

alienation

transfer of title; may be involuntary

alluvion

buildup of new soil

alluvium

buildup of new soil

avulsion

the natural force of a moving body of water acting gradually or suddenly may wash away or tear land

bequest

the transfer of property by will, particularly personal property is also referred to as this of a legacy

certificate of sale

buyer receives this if they bought personal property at an auction

chain of title

if the grantor's name is not given exactly as it appears in the conveyance to the grantor, it may not be possible to complete that "link" in this

codicil

during life, the testator has the right to make a new will or to change a will by adding new or amended provisions through this document

color of title

the possession of a document erroneously appearing to convey title to the occupant

common-law dedication

occurs when a landowner devotes land to a public use, as when a roadway is opened to public use or described as such in the deeds to adjoining parcels

condemnation

a process that gives notice to the property owner that the property is being taken; the property owner receives compensation based on an appraisal, which usually is the property's fair market value

decedent

the person who died

deed

method of transfer of fee simple ownership; becoming the preferred method of public acquisition

devise

the transfer of title to real estate by a will

devisee

person receiving property by will

devisor

deceased owner (property owner)

easement

the right to use or to travel over someone else's land

easement by prescription

if an easement is without permission and the user fulfills all the other requirements for adverse possession, except for paying property taxes, this will be created

eminent domain

the federal and state governments have the right to acquire title to property through this method

equitable estoppel

a common-law theory meant to prevent unjust enrichment; prohibits a refusal to make the transfer of title; prevents fraud or misrepresentation by the present owner of property; if a property owner misrepresents his or her ownership (whether by act or omis

erosion

the process by which precipitation (rainfall) wears away the surface of the soil

escheat

the process of an attorney general acting on behalf of the state to bring a claim against the estate and, if no claimant comes forward within five years, title to the property vests in the state; happens when it's impossible to find a decedent's property

executor

a will names this person to act as the decedent's representative in ensuring that the terms of the will are carried out

forfeiture

occurs if a condition subsequent in a deed is breached; the grantor (or the grantor's successor) then has the right to reacquire title

gift deed

although the grant deed form leaves space for the consideration paid by the grantee, it may be used to convey property as this by supplying the words "love and affection" as the condsideration received

grant

transfer

grant deed

a private grant; written instrument giving the names of both parties and a legal description of the property

grantee

the person the grantor transfers title to

granting clause

transfer of title by deed; may be the voluntary or involuntary act of the parties, as in the case of a foreclosure sale when title is transferred by operation of law

grantor

the property owner

holographic will

written entirely in the handwriting of the testator

intestate

a person who dies without having made a will is said to have died (this); all states make provision by law for distribution of the property of intestate persons

intestate succession

provides for distribution of the property of a person who dies without leaving a valid will

inverse condemnation

sometimes, property that hasn't been condemned is damaged or its use is affected by a nearby public activity - when that happenes, the affected property owners may seek money damages in a legal action claiming this

judgement

the party who wins a legal action may receive this from the court that includes the award of money damages against the losing party; the holder can file it in any county in the state in which the debtor owns property and then seek a writ of execution

judicial foreclosure action

the holder of a turst deed, a mortgage, or other lien on property requests a court-supervised sale of the property to cover the unpaid balance on the delinquent debt

legacy

can be transferred to a legatee

legatee

recipient of property

partition action

brought by a co-owner of property to force a severance of the co-owners' respective interests

power of sale

gives the trustee under a trust deed the ability to sell the property to satisfy the unpaid debt if the debtor defaults; a mortgage or another lien document also may provide this for the mortgagee or lienholder

probate

the name of the court process that determines the decedent's heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decedent to the decedent's heirs

Probate Code

governs the sale of real property that's part of a probate proceeding; the executor or administrator may sell real property if it's in the beset interests of the estate to do so (such as to pay debts or make specific bequests); the real property may be of

quitclaim deed

gives no such warranties and cannot convey after-acquired title, but it may clear a cloud on the title

Real Estate Fraud Prosecution Trust Fund

help district attorneys and law enforcement agencies deter, investigate, and prosecute real property fraud crimes

reconveyance deed

if the debt is paid, this put title back in the trustor

recording

the safest way of ensuring that one's title to property is unquestioned

reliction

waters of any moving body of water may permanently recede, uncovering new land that was once under the water; increases the adjacent owner's property

request for reconveyance

the beneficiary notifies the trustee that the debt has been cleared by sending the trustee this document

sheriff's deed

buyer receives this if they buy real property at an auction; the officer who conducts the sale must record a duplicate of the sheriff's deed in the office of the county recorder

satutory dedication

generally transfers an easement for the intended public use

tack

periods of occupancy

tax deed

issued by the county tax collector if property is sold because of nonpayment of taxes

testate

when the testator dies, it is said they die testate

testator

property owner; the person making a will

trust deed

enables a trustee to hold title until a debt is paid to the beneficiary by the trustor

trustee in bankruptcy

carries out the sale, and the buyer receives a trustee's deed

trustee's deed

used when property serves as security for a debt

warranty deed

gives express (stated) warranties

will

a person who dies leaves this

writ of execution

a court order directing the county sheriff or another officer to satisfy a judgment out of the debtor's property; property available to satisfy the judgement includes any nonexempt real property owned by the debtor; the property is sold at an auction, and

fair market value

the price a property should bring on the open market