ACC 296 Lecture 4: acc 296 course notes (4)
To seperate yourself from the property; to sell May activate the due on sale clause, which will accelerate
the loan balance, requiring it be payed in full
accesion
Increase in the property owned by natural or human-made additions. These can occur by construction,
accretion, or reliction
Bequest
personal property given by the terms of the will
Certificate of sale
Instrument given to the highest bidder for defaulted property sold under the laws of mortgage. It is not
legal title and the mortgagor may redeem the property for a certain period of time
Chain of title
The history of conveyances and encumberances affecting the title from the time of the original land
patent
Color of title
A situation in which title appears to be a good title but is in fact not valid. Has an impact on potential
adverse possession
Claim of Right
When one has no legal right to a property but nevertheless claims the property. May be used in an
adverse possession claim
Adverse Possession
A method of acquiring title to land through possession of the property for a stuatory period (5 years)
without consent of the true owner. Must pay taxes for the 5 years. To gain title you must win a quiet
title actions
Dedication
The giving of land by its owner to a public use. Public shows acceptance by signing a certificate of
acceptance. Frequently used by developers, who give the land to the government by roads
Deed
instrument used to convey title to real property. A bill of sale is used to transfer personal property.
Devise
To pass real property by means of a will
Accretion
The gradual build-up of land by natural causes (generally by water)
Executor
A man named in a will to carry out its provisions as to the wishes of the deceased. A woman named to
this is a executrix
Holographic Will
A will created entirely in your own handwriting
Grant Deed
Most common deed used to convey title in California. It has two implied warranties, That the grantor
has not previously tranferred title to another, and that there are no undisclosed encumberaces. Has a
provision for "after-acquired" title, requiring grantor to convey any title to property that may be
acquired later
Grantee
Receiver of that which is being transferred. Must show acceptence by actions, words or conduct. Can be
an infant or incompetent person. Commonly refers to a buyer
Grantor
A person who transfers his or her interest in property to another use of a deed. Must be competent and
of legal age. Commonly refers to as the seller
Will
A written, legal declaration expressing desires for the disposition of their property after death
intestate
Dying without a will
Intestate Succession
Legal process created by California Law that disperses your property according to your lineal heirs.
Legatee
A receiver of personal property by will
Acknowledgment
Another word for notarization. A notary public assures that signatures on a document are by the person
signing and that the signing is done voluntarily
probate
The legal proceeding to distribute the assets of a deceased person. Superior Court has jurisdiction over
the administration of the estate of all deceased persons in california, whether they die testate or
intestate. Holding title as a joint tenant allows you to avoid this legal process with regard to that
property only
Quitclaim Deed
A deed that will relinquish any interest in property which a grantor MAY have, without any warranty of
title or interest.
Reconveyance Deed
This instrument is used when the trustor has paid the debt in full and the beneficiary instructs the
trustee to reconvey or give back the borrowers title. When recorded it removes the trust deed lien on
the property.
Recording
Document Summary
To seperate yourself from the property; to sell may activate the due on sale clause, which will accelerate the loan balance, requiring it be payed in full accesion. Increase in the property owned by natural or human-made additions. These can occur by construction, accretion, or reliction. Bequest personal property given by the terms of the will. Instrument given to the highest bidder for defaulted property sold under the laws of mortgage. It is not legal title and the mortgagor may redeem the property for a certain period of time. The history of conveyances and encumberances affecting the title from the time of the original land patent. A situation in which title appears to be a good title but is in fact not valid. When one has no legal right to a property but nevertheless claims the property. May be used in an adverse possession claim.
