Acknowledgment in real estate refers to a formal declaration made before an authorized official by the person who signed a document, stating that it is their voluntary act.
An acknowledgment is a formal declaration by the person who has signed a document, stating that the signature is their voluntary act made in the presence of an authorized official, typically a notary public.
An Administrator’s Deed is a legal document used to transfer property of an individual who died intestate, meaning without a will. The deed is executed by an estate administrator appointed by the court.
An assignee is the person or entity to whom an agreement, contract, or property is sold, transferred, or assigned, assuming the rights and obligations originally held by the assignor.
The term 'attorn' refers to the legal act of transferring or turning over money or property to another party, often used to describe a tenant recognizing a new property owner as their landlord. This can occur during the sale or transfer of leased commercial or residential properties.
An auctioneer is a professional who conducts auctions, manages bidding processes, and finalizes sales or transfers of property through public competition.
A Buy-Back Agreement is a contractual provision where the seller commits to repurchasing the property at a predetermined price upon the occurrence of a stipulated event within a specific timeframe.
The closing date is the date on which the seller delivers the deed and the buyer pays for the property. This is a critical day in real estate transactions as it finalizes the transfer of ownership.
The closing date in real estate is the date upon which the sale of a property is finalized and ownership is officially transferred from the seller to the buyer through the execution of associated legal documents.
A Contract of Sale, also known as an Agreement of Sale, is a legal document that outlines the terms and conditions under which a sale of property will be completed between a seller and a buyer.
To convey means to transfer ownership or interest in a property from one party to another, typically through the execution of a deed or other legal document.
A correction deed is a legal document used to amend or correct an error or omission in a previously recorded deed, ensuring the property's title is accurately represented and legally sound.
A deed in lieu of foreclosure is a legal process where a borrower voluntarily transfers ownership of the property to the lender to avoid foreclosure proceedings.
Descent refers to the acquisition of property by an heir when the deceased leaves no will.
In real estate, a donor is an individual or entity that gives real property or assets without receiving equal value in return. This term often refers to gifts or philanthropic contributions where the donor voluntarily transfers ownership to another party, such as a charity or a public institution.
Equitable Conversion is a legal doctrine in certain states where, under a contract of sale, buyers and sellers are treated as though closing has already occurred. The seller in possession remains obligated to maintain the property until formal transfer.
A legal document transferring real estate from one party to another as a gift, with no monetary consideration involved.
The term 'Grant' in the context of real estate refers to the act of transferring ownership or a property interest from one party to another. This technical term is commonly used in deeds of conveyance.
An incumbrance (or encumbrance) is a claim, lien, charge, or liability attached to and binding real property. These claims often affect the property's use, transferability, or value.
A legal document indicating that a tenant recognizes a new owner of the property as their landlord, effectively transferring tenancy.
Loan closing, often simply referred to as closing, is the final step in the mortgage process where the borrower and lender finalize various agreements and settle necessary payments to transfer ownership of a property.
A Mineral Deed is a legal document used to transfer mineral rights from one party to another. This can include the right to explore, extract, and sell the minerals found beneath the surface of a property. Mineral Deeds can significantly impact property rights, land value, and taxation.
Muniments of Title are documents that serve as evidence of ownership, facilitating the transfer of property rights by clearly demonstrating the chain of ownership.
A nominee is an individual or entity acting on behalf of another person for specific purposes, generally to hold property rights temporarily.
Recording fee closing costs are charges incurred during the real estate transaction to record documents, such as the deed or mortgage, in public records. These fees are mandatory and generally paid to local government offices to ensure the transaction is officially noted and legally recognized.
A formal process that frees real estate from a mortgage or other lien, indicating that the debt has been fully paid off. This is crucial in ensuring that the property is clear of legal claims and can be sold or transferred without encumbrances.
Restraints on alienation refer to conditions placed on property ownership that limit the owner's ability to transfer or sell the property. Such restraints are generally scrutinized under laws governing property rights and public policy considerations.
The settlement date, often referred to as the closing date, is the date when the sale of a property is officially finalized, and ownership is transferred from the seller to the buyer.
A Special Warranty Deed is a type of deed in real estate where the grantor warrants only against title defects or claims that arose during their ownership of the property, not for previous owners.
A Trustee's Deed is a legal document that conveys property ownership from a trustee to a buyer, commonly used in real estate transactions involving foreclosed properties.
Voluntary Alienation is a legal term that describes the transfer of property rights through the free will of the property owner, typically by sale or gift.
A Warranty Deed is a legal document that ensures that the seller (grantor) of a property has a clear and marketable title to transfer to the buyer (grantee) and guarantees to defend the buyer against any claims to the property.
