ACC 296 Lecture Notes - Lecture 5: Real Estate Settlement Procedures Act, Escrow, Escheat
A list of all owners of a property from the first to the present
Abstract of Title
A complete history of all recorded events affecting title to the property
Title Report
A report outlining the current condition of the title - title commitment
Title Commitment
A report outlining the current condition of the title - title report
RESPA
Real Estate Settlement Procedures Act
HUD 1
The hud uniform settlement statement-the closing statement dividing charges and expenses between
the buyer and seller-for most closings this form has been replaced by the CD-Closing Disclosure Form
Escrow Agent
The person responsible for closing the transaction as set forth in the sales contract, or preventing closing
unless both the buyer and the seller agree to any changes in the contract terms
Alienation
A change of ownership of real property
Voluntary Alienation
An owner transfers title to another, usually with a written document, such as a deed, will, or power of
attorney
Involuntary Alienation
A transfer of ownership usually through the court as in foreclosure, bankruptcy, condemnation, escheat,
adverse possession or inheritance without a will-also a change of ownership through acts of nature
find more resources at oneclass.com
find more resources at oneclass.com
Accretion
Soil is deposited on land as a result of the action of water, causing a change in land boundaries - the soil
is called alluvion
Avulsion
The change in direction of a river or stream often resulting in a change of land boundaries
Erosion
Soil is washed away from land causing a change in land boundaries or size
Reliction
Existing water, as in a river, dries up and land appears
Conveyance
Any document or instrument that transfers an interest in real property from one party to another -
deed, patent, will, lease, etc.
Deed
A written document used to transfer an ownership interest in real property to another
Grantor
The party in a deed who is selling or transferring ownership to another
Grantee
The party in a deed who is receiving an interest in real property
Legal Consideration
In a deed, something of value given in exchange for an interest in real property - legal consideration can
be "good" or "valuable"
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
A list of all owners of a property from the first to the present. A complete history of all recorded events affecting title to the property. A report outlining the current condition of the title - title commitment. A report outlining the current condition of the title - title report. The hud uniform settlement statement-the closing statement dividing charges and expenses between the buyer and seller-for most closings this form has been replaced by the cd-closing disclosure form. The person responsible for closing the transaction as set forth in the sales contract, or preventing closing unless both the buyer and the seller agree to any changes in the contract terms. An owner transfers title to another, usually with a written document, such as a deed, will, or power of attorney. A transfer of ownership usually through the court as in foreclosure, bankruptcy, condemnation, escheat, adverse possession or inheritance without a will-also a change of ownership through acts of nature.
