Acknowledgment
Formal statement that a signature is voluntary and not forged. (i.e. Deeds are typically acknowledged by a Notary Public.)
General Warranty Deed
Deed in which the grantor offers the grantee the greatest assurances that the title conveyed is free and clear of all liens and encumbrances except as noted.
Adverse Possession
AKA squatter's rights Process by which a claimant in possession of another's land may acquire title if their possession continues for the statutory period in an open, notorious way and without permission of the owner.
Grantee
Party that receives title through a deed.
Deed
Instrument by which ownership is conveyed from the grantor to the grantee.
Grantor
The party who conveys title to the grantee through a deed.
Devise
A gift of real property through a will.
Habendum Clause
Clause used in deeds where less than fee simple title is being conveyed. Defines the limits of the title conveyed. (Begins with the words "to have and to hold…") (used to convey a time share interest or create a life estate).
Intestate
When a person dies without a will. State law would then determine who inherits what.
Probate
Judicial process to determine the validity of the will, identify heirs, and reconcile all of the decedent's assets and liabilities.
Title
Ownership of real property.
Transfer Tax
Used in some states to make the transfer of real property ownership a taxable event.
Quitclaim Deed
Deed in which the grantor makes no promises or representations regarding quality of the title conveyed or even if the grantor has title. (But whatever interest the grantor has, would convey).
Will
Instrument by which a person states their wishes as to the disposition of their assets upon their death. Person making the will is known as the testator.